{"id":50397,"date":"2017-07-13T15:00:03","date_gmt":"2017-07-13T09:30:03","guid":{"rendered":"http:\/\/www.tothenew.com\/blog\/?p=50397"},"modified":"2026-04-03T17:06:46","modified_gmt":"2026-04-03T11:36:46","slug":"key-considerations-for-product-companies-to-succeed-at-new-product-launch","status":"publish","type":"post","link":"https:\/\/www.tothenew.com\/blog\/key-considerations-for-product-companies-to-succeed-at-new-product-launch\/","title":{"rendered":"Key Considerations for Product Companies to Succeed at New Product Launch – Part I (Pre-Launch Stage)"},"content":{"rendered":"

Product development comes with multiple challenges. Companies need to understand evolving customer behavior and new digital technologies to come up with a product that is intuitive, robust, high performing and providing a superior experience to customers. \u00a0Apart from understanding the consumer, there are multiple other factors that product companies need\u00a0to factor in before and after launching a product failing which there are higher chances that a product will fail. \u00a0According to a survey by McKinsey & Company<\/a>, on an average, large IT projects run 45 percent over budget and 7 percent over time, while delivering 56 percent less value than predicted.<\/p>\n

There are multiple factors that can lead to product failure. In this blog, we have highlighted 8 key considerations that one should follow to avoid product failure during pre launch stage.<\/strong><\/p>\n

1. Market analysis<\/b><\/b><\/p>\n

Market research is all about the coherent way of data gathering, recording and analyzing. The data analysis could be about the market, competitors and the potential customers. Making it a vital step for any <\/span>new product development<\/a>. However, before you plan to launch a product or a service, a thorough research needs to be conducted in order to answer the following questions:\u00a0<\/span><\/p>\n

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  1. Is there any product similar to your product in the market? <\/span><\/li>\n
  2. Why should your target group go for your product over the competitor\u2019s product?<\/span><\/li>\n
  3. Is the market wide open or saturated?<\/span><\/li>\n
  4. What is the size of the market?<\/span><\/li>\n<\/ol>\n

    At the initial stage of planning, you need to examine the market for a better understanding of the demand and how will your product fill the gap. <\/span>As per a survey conducted by Forbes<\/a>, \u201c42% of startups identified the \u201clack of a market need for their product\u201d as the single biggest reason for their failure.<\/span><\/p>\n

    Steve Jobs once said, \u201cIt isn\u2019t the consumer\u2019s job to know what they want.\u201d<\/span><\/p>\n

    The market analysis might not give you an accurate result of how successful your product would be in the market, but it is one of the best ways to know what exactly a customer is demanding.<\/span><\/p>\n

    At every <\/span>product development<\/span><\/a> stage<\/span>,<\/span> research should be conducted so as to know all the key issues related to that specific stage.<\/span><\/p>\n

    Outlined below are few tools that can make market research swift:<\/span><\/p>\n