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The Good, The Bad and The Ugly of New Product Innovation How and When To Do It Right

Any marketer who has ever tried to launch a new product or enhance an existing one knows there are many reasons why innovation might not work. 

In a recent teleconference for ARF members, the experts from GfK Strategic Innovation share the Top 10 Reasons behind most innovation failures: 

10.  Don’t understand consumer or marketplace (no/poor research)
  9.  Technical/quality or design problems
  8.  Poor product positioning
  7.  Poor marketing and sales plan
  6.  Poor distribution/retail issues
  5.  Strong competitive response
  4.  Late to the market
  3.  Lack of internal support
  2.  Not new and different enough  

And, the number one reason why many product innovations fail is.....
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• While the opposite seems to hold for the more rational, functional-performance *type of measures
12:44 PM Jan 26
• “In general,” emotional connections are somewhat more important to Traditionals and Boomers than Xers and Gen Y
12:43 PM Jan 26
• “In general,” emotional connections are somewhat more important to Traditionals and Boomers than Xers and Gen Y
12:43 PM Jan 26
• Emotional and rational bonds are important to *the relationship glue with customers from every generation
12:43 PM Jan 26
• Emotional and rational bonds are important to *the relationship glue with customers from every generation
12:43 PM Jan 26
• Technology rates of adoption, receptivity & lifestyles vary by gen, but don’t make the mistake of treating the older gen as techno-adverse
12:41 PM Jan 26
• Technology rates of adoption, receptivity & lifestyles vary by gen, but don’t make the mistake of treating the older gen as techno-adverse
12:41 PM Jan 26
• Get over the misguided assumption that Traditionals reject technology
12:41 PM Jan 26
• Get over the misguided assumption that Traditionals reject technology
12:41 PM Jan 26
• Even when the “drivers” & underlying products/services are the same, still need differentiation to cultivate loyalty with different gens
12:40 PM Jan 26
• Even when the “drivers” & underlying products/services are the same, still need differentiation to cultivate loyalty with different gens
12:40 PM Jan 26
• Generations are a state of mind, a type of attitudinal age, and not a strict chronological definition
12:39 PM Jan 26
• Generations are a state of mind, a type of attitudinal age, and not a strict chronological definition
12:39 PM Jan 26
• Don’t take the loyalty of Traditionals for granted; They expect performance and aren’t willing just to settle because of inertia
12:38 PM Jan 26
• Don’t take the loyalty of Traditionals for granted; They expect performance and aren’t willing just to settle because of inertia
12:38 PM Jan 26
• Don’t make the corresponding mistake of assuming Gen Ys are inherently fickle customers - OUR DATA SAYS DIFFERENTLY
12:38 PM Jan 26
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