20+ Product Launch Statistics You Should Know in 2024

Ever noticed how people stick with their favorite brands for ages? Launching a new product in such a world is like a big puzzle, needing a mix of creativity, motivation, precision, and a sprinkle of luck.

But wait, creating that new product? It's no picnic! Think tight budgets, team clashes, and the constant battle for investors' attention. Thank goodness for reliable product management software to keep things on track.

When the product is ready, it's time to introduce it to the market. This is your opportunity to attract target consumers, grow your enterprise, and watch your sales skyrocket. But let's be real, many new products flop, sometimes before they even begin. 

Need more motivation to plan carefully? Check out these  statistics.

Key product launch statistics

• Over 30,000 new consumer products are launched annually.
• Only 40% of developed products reach the market. Among those that do, only 60% generate revenue.
• 56% of consumers learn about new products from friends or family.
• It takes an average of 28 weeks for a new product to reach 75% of its highest distribution.
• Product launches can cost from $10,000 to over $10 million.
• Only 3% of new products sell for over $50 million in the first year.

Product launch failure statistics

• A staggering 95% of newly launched products face failure.
• "Lack of preparation" is a common issue during product launches.
• 2% of shutdown business ventures that launched a new product failed to solve any good customer problem.
• Only 20% of new products survive longer than 2 years after being launched

Product launch statistics on customer preferences

• 1 in 5 consumers buy new products immediately upon launch.
• 63% prefer established products, while 21% buy new ones immediately.
• Only 11% of new product consumers remain engaged after 52 weeks.
• 76% of franchise buyers never try the brand's new products.
• 65% of early product adopters are men, while 59% of late adopters are women.
• 63% of testimonials express a liking for being introduced to new products.
• 57% of people bought new products on their last trip to a simple grocery store.

Product launch statistics on sales and development

• Business executives see innovation as crucial for successful launches (43% agree).
• 63% of respondents like when manufacturers introduce new products.
• 1 out of 5 product marketers don’t liaise with their target audience.
• 77% of buyers demand different content to be available at each stage of product research processes.
• 47.9% of product marketers don’t have a professional sales enablement team.

Pave the way for a successful debut

Developing products that skyrocket to massive success isn’t easy. Do your research, plan accordingly, and know your audience. 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.

Discover the best social media monitoring software to tap into the market, gather relevant audience information, and identify what’s missing in your product.