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Expert Column: What Makes New Products Succeed?

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First published on http://www.progressivegrocer.com/


New product innovation is exciting; it breathes new life into existing categories, sometimes creates entirely new categories, and drives the industry forward by uncovering and then fulfilling unmet consumer needs. However, the harsh reality is that literally thousands of new product launches fail within their first year, and those failures cost manufacturers millions of dollars.

The stats are staggering: Nielsen’s Breakthrough Innovation Project examined tens of thousands of new FMCG/CPG launches across the globe from 2008 to 2012 and found that 76 percent of new product launches failed and two-thirds never even achieved 10,000 unit sales.

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