Marketing Research

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Why Great New Products Fail

Many innovative new products don’t succeed. One common reason: Companies don’t focus on understanding how customers make purchase decisions. But paying attention to how customers search for information about what to buy, and how they make guesses about details they can’t easily find, helps predict whether customers will embrace certain product innovations. Companies need to focus on innovations that customers will easily recognize or find ways to alert them to innovations they may not detect on their own.

Image courtesy of Flickr user jah.

The Easy Industry Research Hardly Anybody Uses

  • Blog
  • Read Time: 2 min 

Before introducing a new product to an emerging industry, companies should track the evolution of category labels in that industry. “Once you understand the nature of category labels and how they evolve, you can fairly easily track them,” write Fernando F. Suarez and Stine Grodal, both of Boston University School of Management. “But few companies do.”

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