Do you know why 80% of product launches fail?
According to professor Clayton Christensen (Harvard Business School ), each year more than 30,000 new consumer products are launched but 80% of them fail. Responsible for this are various reasons: the setup of the company, the changing markets, but the product as well.
HRB shows the example of Windows Vista with the advice to wait for the launch “until the product is really ready.” But what if companies do not have the time to wait until the product is really ready? What if the product life cycles increase and do not allow extensive development and research?
The phenomenon of “fast fashion” or the computer industry shows, that the variety of products increases and the pressure to produce faster.
So what can be changed to allow a fast and customer centric design of products? Customer Centricity is definitely a core competence for companies, as the Kaizen institute explains.
What do customers in the future expect? For sure not only state of the art design but personalised and individualised products. To do so, companies need to digest and understand a lot of feedback on their products and services. It is not enough to understand the performance of the brand. Product experts, marketers and sales have to understand the performance of the single product.
Our team believes it is time for an automated approach to research and prepare customer insights. In addition to classical customer research Insaas collects customer voices of various channels and provides insights on the features: what did the customer like about the product or even dislike? If companies knew what customers expect, they could save time and money on the production and the fail rate of 80% could be decreased as well.
What do you think?
Is automation the answer to the fail rate of 80%? Please leave your comments here! We would love to discuss with you.