15 Nov 2019 | 0
A new product launch is always a cheerful news for both the customer and the marketer, alike. The amount of efforts and hard-work required in launching a new product is humongous. In some cases, it could take years between the planning and execution of a new launch.
However, not all new launches are successful! History is testimony that there have been products that have failed to make even an initial impact in the market that they’ve been launched in. This could be devastating for the company, its resources and its brand image.
According to research, the failure rate of newly launched products in India is between 25-45%. Now, this is a huge a number considering the amount of resource and time deployed between product ideation to building a prototype and finally launching. So why do product fails?
Top Reasons as to Why Products Fail in India?
While different people have varying reasons for the failure of a newly launched product in India, the most important ones can be summarized as following:
Clearly, you’ve not had your ear to the ground!
The key to a successful product is to involve the target users during the development phase. Asking them the right set of questions at right times can give a brand the much needed direction for developing and launching their most effective product. It is important to remember here that this has to be multiple-interaction process and not just a one-time chat.
The Final Word
While there could be more reasons for a product’s failure, these top three reasons could account for most of the failures of new products launched in Indian market.
It is time that Indian companies understand the value of 'Unbiased Feedback' and adopt 'Inclusive & Agile Market-Research' if they want to build world-class products that sell for a long time to come.