Getting to Market: A Reality Check
- 159,000 new products launched worldwide in 2018
- 29k personal care
- 12k beauty
- 80% will not last 2 years
- Less than 1% will earn $1M
- Launching a brand will cost at least twice as much as you think.
- It will also take at least twice as long as you think.
- Aspirations and emotions often trump functionality and technology.
- Find/create the USP (Unique selling proposition). Can you clearly communicate this in 25 words or less?
- Make sure there’s a hero product
- Select the distribution channel upfront, before anything else.
- Surround yourself with a talented, experienced, committed, passionate team.
- Brand your product maniacally. Be disciplined. Stay on message.
- Keep the momentum going. There’s no time to waste.
- Without a positive reason for success, failure is inevitable.
- Keep your sense of humor. Enjoy the process……
Above all, remember: it’s not design, packaging, service, or even product that sells…. it’s Marketing.