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Episode 270 - Why 80% of New Products Fail - & Top Product Launch Blunders
Why Do 80% of New Products Fail?
Why do new products suffer from such a high failure rate?
Even multi-billion dollar companies agonize over product failures. What is going on? It comes down to either too much logic or too much emotion.
I want to Share with you some examples of when all the sound, logical reasoning and research in the world was used to predict the future, but it was still no match for people's emotions and instinct.
Large corporations spend millions of dollars on focus groups to see if their product or service is viable. Then, even after focus group participants are sold on the idea, the follow-up research shows that only a small minority of those in the focus group actually bought the product. Logic made it sound like a good idea to the focus group participants, but emotion ruled the day.
Let's look at some specific business blunders. Some of the strangest products ever released – you will see from their mistakes, how to change your product launch to be more successful. Listen to the podcast and get the solutions to a perfect product launch.