Here’s the thing, people have deep relationships with certain brands.
In some cases, consumers fall in love with one brand and will exclusively buy their product for years. You’ll meet someone who will only buy Evian water when given the choice. This is why new companies that are planning a product launch may be nervous to do so. To develop, launch, and have the public welcome your product requires a delicate mix of innovation, motivation, precision, and luck.
It’s no wonder why a great product marketing strategy is essential throughout every stage of a launch. This isn’t to say that pulling off a successful product launch is just about the strategy. Developing a product is so difficult because of a variety of reasons. It can be because of a lack of resources, poor communication across the team, and even a failure to gain investors.
A product launch is a critical part of your company’s success, especially if you expect to source new clients, expand your reach, and increase revenue. It’s not uncommon to see new product launches fail, sometimes before they take off in the first place. Check out 31 statistics about the reality of product launches.
Product launch statistics to inform your next campaign
Every company and product will achieve different levels of success so it’s best to do your research on how competitors are doing before you launch a product. The following 32 statistics will give you insight into the complications and obstacles that come with launching a new product.
31 product launch statistics for 2019
According to Harvard Business School professor Clayton Christensen, each year more than 30,000 new consumer products are launched and 95% of them fail. (Harvard Business School)
On average, the cost of launching a new product is in the neighborhood of $15 million. (Forbes)
84% of customers say it is somewhat or very important that the company they buy from is innovative. (Lab42)
Customers are willing to pay more for innovative products. For instance, 83% of customers indicate that they would pay more for innovation in electronics. (CustomerThink)
69% of customers expect brand innovation to improve society. (Forbes)
43% of business executives agreed that innovation is a “competitive necessity” in a product launch. (PWC)
65% of consumers who purchase products as soon as they come out are men. (Lab42)
59% of consumers who are more likely to purchase a product once it has been out for a long time are women. (Lab42)
Are you ready for takeoff?
As you develop a new product, your marketing team should consider a few things:
Why you’re launching your product
Who the competitors are within the market
How your product differs from theirs
Who the product is made for
If there’s an actual need for the product
How you’ll get customers to buy the product
How you'll measure success
Keeping track of this list while you develop, launch, and promote your new feature will help you stay on track throughout the product management process. Take time to research the landscape of the industry to determine if the launch is a good investment or not. You can also run trials with a panel of customers to get their feedback. After all, their opinion is the one you need most.
Developing products that skyrocket to massive success isn’t easy. Do your research, plan accordingly, and know your audience. Social media monitoring listens, tracks, and gathers relevant audience information across accounts. It can be the best way to tap into the market and see what’s missing. Check out the best social media monitoring software and try one out today. Eager to start planning for your launch? Discover how to launch a product and how to throw an unforgettable launch party.
Alexa is a former content associate at G2. Born and raised in Chicago, she went to Columbia College Chicago and entered the world of all things event marketing and social media. In her free time, she likes being outside with her dog, creating playlists, and dabbling in Illustrator. (she/her/hers)