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.
Customer amnesia is very common in companies today. In fact, between 70-90% of new product fail every year. Why is this? Simple answer: they’ve forgotten how to have routine development conversations with their customers. Companies who suffer from customer amnesia assume that they know what customers need. The finished product (based on those assumptions) …
Dare to assume during market research – a ridiculously risky thing to do! 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 …
