Launching a new product is always risky.
No matter how diligently you prepare, you can never guarantee success.
And, as you’ll see below, even the most successful businesses suffer the occasional flop.
But how do you know when a product is a flop?
Joan Schneider and Julie Hall of Harvard Business Review share that:
…about 75% of consumer packaged goods and retail products fail to earn even $7.5 million during their first year.
This is well below the $50 million benchmark of a “highly successful” product launch.
But many small businesses would be thrilled to earn even $1 million in the first year of a product launch.
If that $50 million goal feels right for your business, then go with that.
But, for smaller start-ups, here’s another perspective…
Tim Berry founder and chairman of Bplans offers this definition of product failure:
A product is a failure when its presence in the market leads to:
The withdrawal of the product from the market for any reason;
The inability of a product to… Read the full article
