NEW PRODUCT/SERVICE DEVELOPMENT: Why New Product Initiatives Fail

If you attended my speech at a past IFAI EXPO business track on "Growing Your Business Through New Product Development" at the Orlando Convention Center, or not for that matter, consider this..

Only about 54%* of New Product Development (NPD) Initiatives and 65%* of New Product Launches actually succeed…

Conversely, why do so many fail? There are several reasons why an NPD initiative can fail, but in my experience, it all comes down to these 3 central reasons;

1. Voice of customer was not taken into consideration.
2. There was no process in place.
3. The business culture was not supportive.

Before beginning your NPD initiative, make sure that you;

(A) Get your staff or employees on the same page with regard to what you are trying to achieve with your new strategy

(B) Select the best New Product or Service Development process to use

(C) Embrace the voice of the customer in your innovation process

*Source: Booze-Allen & Hamilton

Brought to you by Dennis Paris of Tangerine Strategies, LLC.


Please share your experiences with dennisparis@tangerinestrategies.com