Magnus thinks about how most new product launches end in failure, and how you should go to market

We’ve been thinking about how most new products and solutions fail. In the technology industry the failure rate sits between 40 and 80%, and Ehrenberg-Bass research highlights 70% of new consumer products fail within 3 years of launch.

Are B2B brands linking new launches to a longer term strategy? Are you properly investing in a go to market strategy that sets a new solution up for success?

If not, the marketing team is likely caught in a cycle of developing new products to compensate for the failure rate of the previous wave.

Teresa thinks

The key to not failing completely, is being comfortable to failing fast, iterate, course correct and try again. This requires agile teams, not just within product development, but marketing, sales and customer service that can all contribute to a deeper understanding of what is and isn’t working. They need to be connected, communicate regularly and be ready to pivot. Product testing and customer feedback combined with external audience insights, and market behaviour will build a more robust product. The need to look externally at factors outside of your control (competitors, market disruption etc..) is as important as looking at what you have and improving it. It's not usually one factor that leads to failure, it’s the combination of many internal and external variables that were not identified before it’s too late. ?

Danny thinks

When positioning a new offering many B2B brands focus solely on product attributes and functional benefits. This often results in comparison on capability alone, a race to the bottom, or with the most well-known brand that was thought of first being chosen. By developing a proposition that focuses on the emotional or transformational benefit instead, you act differently to most of your competitors and are more likely to resonate with your audience.

The data on what drives B2B purchase decisions supports this, with emotions being of equal or greater importance than rational ones in 70% of cases (The B2B Institute). My advice would be to develop a proposition that speaks to your audience’s needs and emotions – whether that’s joy, comfort, self-confidence, stability.

Lindsay thinks

Often, new products fail because we’ve spent more time perfecting the product than we do understanding the people who might use it. It’s so easy to fall into this trap when you’re passionate about a new idea – but it’s important not to keep it behind closed doors for too long. Sharing a concept or an early iteration for feedback and honest opinions is hard, because it means we can’t just run with our idea without interruption! Show it to your customers. Ask them to use it. What do they really think? The lean approach will stop us from over-investing in the wrong things and guides our decisions as marketers to create something that’s genuinely customer-centric.

Charlotte thinks

Research is the foundation of a successful marketing strategy. It provides the essential, data-driven insight for companies to launch their products and solutions successfully, making sure they meet the needs of their target audience and deliver value. Research helps identify trends and shifts in the market, understand the priorities and challenges of your audience, develop a unique value proposition by uncovering the gaps in the market as well as helping test your message or concept so you can determine what resonates and how to effectively communicate with your audience. But it isn’t just a one-off job, research is an ongoing process that needs to be re-visited so you can anticipate and identify any changes that might impact your audience and their behaviour. By having up-to-date, data-driven insight, you can engage your audience in a more meaningful way and continually deliver value to them.