Nearly 30,000 new products are introduced each year, and 95% of them fail according to Clayton Christensen, a professor at Harvard Business School.
But how is it possible that only 5% of new products survive?
Most innovations fail because companies introduce products or other solutions without a real need for them. This means literally, there is no market for the solutions they’ve created.
Now, I would really like to know what organizations are thinking? Build it and they will come? If it was that easy, we would all be billionaires!
Let’s face a sobering reality: many organizations miss the mark when it comes to meeting their customers’ needs. Often, this stems from a lack of empathy within the decision-making ranks, where taking the time to truly understand their customers falls by the wayside. But here’s the catch: by not putting yourself in their shoes, you risk waking up to the harsh truth that there’s no demand for what you’ve developed, and by then, it’s too late. So, remember to prioritize empathy and customer understanding in your journey towards successful product launches.
Otherwise, your company will become just another statistic!
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