Digital Marketing Analytics: Making Sense of Consumer Data in a Digital World

14. Launching a New Product

Launching a new product is not an easy task for any company, even for the big brands like P&G and Coca-Cola. In most cases, the market, regardless of category, is saturated, and consumers are creatures of habit. According to strategic brand positioning expert and consultant Jack Trout, consumers repeatedly buy the same 150 items, which constitute as much as 85% of their household needs. In addition, only 3% of new consumer packaged goods meet or exceed their first-year sales goals. Product launches fail for a variety of reasons, but a large percentage of them can be attributed to lack of preparation by the company.

Some of the reasons product launches fail are internal issues within a company, such as the inability ...