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22 Stats To Keep In Mind If You’re Launching A New Product In 2020

If you’ve ever launched a new product, you have felt the stress that accompanies this difficult task. You’ve probably done all your market research and customer surveys to help shape your product or inform your service, yet there still may be certain aspects of your user’s needs and wants that you may have missed. Below you will find 22 stats and insights about launching a new product that you may not have known.

New Product Launch Statistics

  1. According to Harvard Business School, of the more than 30,000 new products that are launched each year, 95% of them fail. (Harvard Business School)
  2. Only 40% of developed products make it to market, and of that, only 60% will generate any revenue. (Marketing Research Association)
  3. 63% of survey respondents said they like it when manufacturers offer new products. (Nielsen)
  4. Only 11% of new product consumers remain engaged after the first year. (Catalina)
  5. 57% of survey participants reported they purchased a new product during the last time they got groceries. (Nielsen)
  6. 90% of customers agree that brand innovation needs to impact society. (Forbes)
  7. 42% say economic conditions and recent world events make them less likely to try new products. (Nielsen)
  8. The failure rate for new products launched in the grocery sector is 70-80%. (University of Toronto)
  9. 56% of global survey respondents cite friends and family recommendations as sources of new product awareness. (Nielsen)
  10. 21% buy new products as soon as they come out compared to 63% who prefer to buy them once they have been out for a while. (Lab42)
  11. 27% of consumers reported that they wished more products would make their life easier. (Nielsen)
  12. The biggest problem companies encountered when launching a new product is lack of preparation. (Harvard Business School)
  13. 42% of shutdown start-ups that launched a product didn’t solve a valid customer problem. (CBInsights)
  14. It takes an average of 28 weeks for a new product to reach 75% of its highest distribution. (Catalina)
  15. 28% of manufacturing and industrial companies in the U.S. are planning on launching a new product or service this year. (Thomas)
  16. American families, on average, repeatedly buy the same 150 items, which constitute as much as 85% of their household needs. (Harvard Business Review)
  17. Less than 3% of new consumer packaged goods exceed first-year sales of $50 million. (Harvard Business Review)
  18. On average, the cost of launching a new product is in the neighborhood of $15 million. (Forbes)
  19. 84% of customers say it is somewhat or very important that the company they buy from is innovative. (Lab42)
  20. 83% of customers indicate that they would pay more for innovation in electronics. (CustomerThink)
  21. 43% of business executives agreed that innovation is a “competitive necessity” in a product launch. (PWC)
  22. 59% of consumers who are more likely to purchase a product once it has been out for a long time are women. (Lab42)

Thanks for reading "22 Stats To Keep In Mind If You’re Launching A New Product In 2020", by the Linchpin Team in Chicago, Raleigh, and Wake Forest.

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