Most studies seem to show that 85-90% of new consumer products fail. Why? No doubt it's a combination of things: overestimated demand, lack of differentiation from current products or services, an egotistical marketer who won't stop pushing (!!). We as marketers too often lose sight of the core driver of a successful new product introduction: it has to fulfill some un-met consumer need.Let's look at some the most successful innovations of the past several years, and why:
- The iPod brought us compact, portable, customizable music, improving upon portable CD or casette players that were somewhat customizable (remember mix tapes?), but not so easily. Note that the iPod wasn't the first MP3 player on the market, so Apple clearly benefited from being a follower rather than a first mover.
- The Keurig coffee brewer enabled us to brew just what we want, when we want, cup by cup. You want french roast, your wife wants decaf green tea? Done. Again, there were other capsule- or pod-based brewers on the market already, but Keurig enhanced the consistency and expanded the offering with several known, branded options to choose from.
- The Swiffer made it easy to dust, sweep and mop. No dustpan, no bucket, no feather-duster to make you sneeze.
What do each of these successful new products have in common? They improved what was currently available in their respective categories by bringing items that had a very short learning curve for most everyone, and were almost infinitely customizable. What else? Their manufacturers executed on the concepts and made them happen.
The examples above are all items that did come to market and were successful, and each of them has continued to innovate and extend their product lines. But what about some great ideas that never (or barely) made it to market?
- Rumor has it, a St. Paul, Minnesota-based manufacturer of adhesives, filters and other items (any guesses?!) developed a floor cleaning system based on interchangeable, disposable components. They apparently (or allegedly) couldn't figure out how to bring it to market, and were beat to the punch by not just one competitor product but TWO of them: P&G's Swiffer and Clorox's ReadyMop.
- DeLorean Motor Corporation designed a sleek, brushed stainless steel performance automobile with gull wing doors. Despite the high-profile buzz created when the vehicle starred in the "Back to the Future" movie franchise, the car never took off. Why? There were many issues, but one of the original premises of John DeLorean's design was a unibody plastic-fiberglass frame that would need no metal and thus ease manufacturing and save weight. DMC was under such pressure to get cars to market, that they began production without having finalized the unibody frame, and in fact never utilized that component. Poor execution.
What will make the difference in your innovation? Are you certain that it will fulfill and un-met need? Have you checked with any consumers beyond those at your kitchen table? Are you certain you have the team and resources to make it happen, and a place to sell it? Or, will it end up just another entry on your list of cool ideas?
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