Reasons why new product introductions fail

Here is a list reasons of the most common reasons why new product introductions fail:

1. Not enough top-down commitment to the initiative

2. Conflicting business goals, too many business goals, or no clear understanding of the business goals

3. Lack of resources or inadquate resources 

4. Sales people have not received the appropriate training or they do not have the right skill-set (solution selling is different from straight product selling)

5. The product is not positioned properly in the market and in customers’ mind

6. The competition was underestimated

I know there are many other reasons. But in my experience, the above reasons have been the cause of new product failures or lack lustre success. How to remedy them? Some have to do with the organizational culture which is difficult to change (reasons 1 and 2). Others can be remedied via good communication, accurate market and customer data and as well as good first hand understanding of the target customer and the needs the new product will solve.

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