Navigating the Uncertain Seas of New Product Launches: Insights from Data and Technology
New Product Introduction is a complete science in itself.
We need to learn from every new introduction what worked and what did not.
Only then can we be on the path of ongoing improvement?
When a company comes out with a new product, it’s not always a sure thing that it’s going to be a hit.
Most of the time (70%), new products don’t do as well as companies hope they will.
It’s kind of like when you try a new restaurant for the first time and you’re not sure if you’ll like the food.
One way companies try to make sure their new products do well is by looking at data.
They try to predict how many people will want to buy it. But, even with all the data in the world, it’s not always easy to know what people will like.
For example, a company might think that a new type of toothbrush is going to be popular, but then it turns out that most people don’t want it.
๐๐ป๐ผ๐๐ต๐ฒ๐ฟ ๐๐ฎ๐ ๐๐ผ ๐ถ๐บ๐ฝ๐ฟ๐ผ๐๐ฒ ๐๐ต๐ฒ ๐ฐ๐ต๐ฎ๐ป๐ฐ๐ฒ๐ ๐ผ๐ณ ๐๐๐ฐ๐ฐ๐ฒ๐๐ ๐ณ๐ผ๐ฟ ๐ป๐ฒ๐ ๐ฝ๐ฟ๐ผ๐ฑ๐๐ฐ๐๐ ๐ถ๐ ๐๐ผ ๐ณ๐ถ๐ป๐ฑ ๐ผ๐๐ ๐๐ต๐ฎ๐ ๐ฝ๐ฒ๐ผ๐ฝ๐น๐ฒ ๐ฎ๐ฟ๐ฒ ๐ฏ๐๐๐ถ๐ป๐ด ๐ฎ๐ ๐๐ผ๐ผ๐ป ๐ฎ๐ ๐ฝ๐ผ๐๐๐ถ๐ฏ๐น๐ฒ.
This way, the company can make sure it has enough of the product to sell.
But, sometimes this information takes a long time to get from the store to the company.
This can be frustrating, especially if the company runs out of the product before it knows it’s popular.
But, companies can work on these challenges by using new technologies.
This can help them to get this information faster, and make better decisions.
This way they can keep up with what people are buying and make sure they have enough product to sell.
It’s important to think about these things when a company is launching a new product. Because something is new, it doesn’t mean it will be a success. But, by using the right tools, companies can make sure to make their new products a hit.