Six Out of Seven New Products Fail
Remarkably, with all the assistance given to SMMs’ product development efforts from both the public and private sectors, the success rate of new products is low. About one out of seven new products is considered successful, which is approximately a 15% success rate. This includes all categories of new products—consumer, industrial, B2B, line extensions and modifications, new firm, industry, and world—truly innovative and breakthrough new products and technologies. Of course, the success rate for the former categories is much higher than for the truly innovative categories that involve considerably more investment and risk. But, on average, the success rate is about 15%.
Graph 10. Attrition rate of new products. ...
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