Why do sales of new products frequently fall below expectations?

There are many reasons sales of new products fall below expectations, many of which are rooted in poorly developed value propositions.  Research has shown that projects that are well-defined prior to the development phase are 3x more likely to succeed than those that are not.  According to Winning at New Products, properly defining a product includes identifying the target market and their unmet needs, describing the benefits to be delivered, and listing the features to be included while prioritizing the “must have” features versus the “desired to have” features.  In short, having a properly constructed value proposition makes new products significantly more likely to be successful.

Industrial Market Insight helps your teams focus on the three foundational elements of the value proposition to ensure that a market exists for your new products BEFORE you develop them.  These three elements are:

1. Targeting:  who is the target customer and how many of them exist?
2. Benefits:  what significant problems does this solve for the customer?
3. Differentiation:  what separates your product or service from direct and indirect competition?

If fundamental questions in each of these 3 areas are answered, the probability of reaching or exceeding sales goals increases dramatically.

Industrial Market Insight can obtain the answers you need, or provide training and methodologies to allow them to get the answers on their own.