Why should you fail faster
Do you know why 80% of product launches fail?
According to Professor Clayton Christensen (Harvard Business School), more than 30,000 new consumer products are launched each year, but 80% of them fail. There are various reasons for this: the structure of the company, the changing markets, but also the product itself.
Using Windows Vista as an example, the Havard Business Review shows that it would be better to wait for the market launch “until the product is really ready”. But what if companies don't have the time to wait until the product is really ready? What if the product life cycles shorten and do not allow extensive development and research?
The phenomenon of "fast fashion" or the computer industry show that the variety of products is increasing and, accordingly, the pressure to produce faster.
So what can be changed to enable quick and customer-centric product design? Customer focus is definitely a core competence for companies, as the Kaizen Institute confirms.
What do customers expect in the future? Certainly not just state-of-the-art design, but personalized and individualized products. To do this, companies need to process and understand a lot of feedback on their products and services. It is not enough to just describe the brand values. Product experts, marketers, and sales need to understand the performance of each product.
We believe the time has come for an automated approach to researching and delivering customer insights. In addition to classic customer research, Insaas helps to collect customer voices from various channels and provides insights into the characteristics: What did the customer like about the product or what didn't they like? If companies knew what customers were expecting, they could save time and money on production, and the 80% rate could also be reduced.
Is automation the answer to the 80% failure rate? Please leave your comments, we will be happy to discuss with you.
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