Fabulous or Forgettable?
Millions are spent every year developing new consumer packaged goods products. In Canada alone last year, 55,000 new items were launched, accounting for an impressive $3.7 billion in retail sales. Of course, we all know that most new products don’t last. An estimated 80 per cent exit the market quickly or soon become vulnerable to being delisted due to poor sales performance. Nielsen examined 600 product launches. Based on these and the testing of 20,000 initiatives, we’ve identified 12 criteria in five different categories that every product must meet to be successful. Use our checklist to rate your own new product launch.