Product launches are an expensive business but brands can limit costly mistakes by using a systematic market research process that looks at viability from initial idea to post-launch.
You would maybe remember when Coca Cola brought out the ‘New Coke’ which was sweeter like Pepsi… They spent over $4 million developing the new product based on extensive market research using over 200,000 volunteers to blind taste the product. Even though a clear majority preferred the taste of the ‘New Coke’ during these tests, it was doomed to complete and utter failure.
They assumed that taste was the only reason people bought Coca Cola.
There was a huge loyalty and attachment globally … Read More »