Optimizing New Product Launches
New product launches need to be carefully planned and even more carefully executed. By analyzing retailers’ data, brand owners can proactively address issues in retail execution to drive distribution, awareness and penetration.
It is a fact that launching a new product isn’t easy! 30,000 new consumer products are launched each year, yet over 75% of them fail.
According to the Harvard Business Review, one benchmark of a highly successful launch is for it to achieve $50 million in first-year sales, but fewer than 3% of new consumer packaged goods launches reach this level.
New product launches require meticulous consumer research, careful planning, outstanding execution and exhaustive analysis to be successful.
20:20 Retail Data Insight’s approach recognizes all of these challenges, focusing in particular on the final stages in the launch, as the product enters the retailers’ supply chains and finally makes it to the shelf for shoppers to buy.