How to Create a Successful New Product When 85% in the Market Fail

If you have taken the time to innovate a new product, obtain a patent and prepare for the mass production of your product, you understandably want your new product to be a raging success in the marketplace. However, approximately 85 percent of new products fail. Your goal may be to be to have one of the 15 percent of new products that turns into a fabulous success. While you have steep competition and many challenges in front of you to achieve this goal, you can easily position your product for the highest level of success possible by following these important tips.

Understand the Needs and Wants of Your Target Audience

Customers will only buy your product if they have a true need or desire for it. You need to determine who your target audience is as well as what they need or want. Will your product improve their life in some way? Will it save them time or money? Understand your target audience’s primary goals and objectives, and ensure that your product is suitable for them before you fully launch it. If necessary, adjust who your target audience is so that you have a better chance of success with your new product.

Conduct Thorough Market Testing

It is not enough to simply assume that a specific target audience would benefit from your product. You need to take this a step further and conduct market testing. Through a substantial market test with focus groups, you can get excellent feedback from your target audience. For example, if a feature is too complicated or is simply unnecessary, the focus group can provide you with this information. Market testing may also help you to determine if you should even try to mass produce the product at all. In some cases, a focus group will tell you that they see no reason to buy the product, or they may tell you that there are better products available in the market currently.

Develop Protective Yet Appealing Packaging

If your test group results were promising, you may next spend time developing great packaging. Packaging should be protective of your product, such as with the use of a foam fabricator from Salt Lake City, Utah or wherever you can find one. Your product needs to be delivered to your target audience in great condition, or it could negatively impact sales and the reputation of your brand. While packaging should be protective, it also needs to have an eye-catching design. This is particularly important if your product will be sold in local stores rather than online. When sold in a store, a product must directly compete for the attention of customers on store shelves. Because of this, the design of your packaging is critical.

Establish a Reasonable Price

A common reason why some products fail is that they are simply not priced appropriately. When a product is priced too low, there may be a perception that the product is shoddy compared to similar options on the market. On the other hand, a very high price could deter customers from buying it. They may simply not see the value in your product for the high price that you have established. As part of your market research and testing efforts, pay close attention to the price. Consider testing the product in small batches at different price points.

Innovators believe wholeheartedly in their products. As an innovator, you may be excited about the possibility of bringing your product to market and selling it to consumers. With so many new products failing, however, you can see the importance of walking through the development and launch steps with due diligence and care. When you spend a reasonable amount of time focusing on these steps, you may considerably increase the likelihood of having a successful product.