A June 22, 2011 press release from Nielsen, a global information company, notes that a new approach developed by the company can improve the likelihood of new product success from some 10% to 75%. Nielsen offered these 12 steps to improve new product success.
1. Distinct Proposition – Does the product offer a true innovation?
2. Attention-catching – Will the product be noticed?
3. Message Connection – Is your message conveyed in a simple, persuasive way?
4. Do you have a Clear and Concise Message? Is it conveyed without clutter?
5. Does your product have a substantial Need/Desire? Is it solving a problem or meeting consumers’ needs?
6. What is your product’s advantage? Is it better than others currently in the marketplace?
7. Credibility – Are your product claims believable?
8. Acceptable Downsides – (Typically related to side effects for over-the-counter (OTC) products)
9. Findability – Is the product where consumers expect it to be? Can shoppers find it easily among the competition?
10. Acceptable Costs – What are the cost/benefit trade-offs at the shelf? This could be price, calorie content, usage instructions, among other factors.
11. Product Delivery – Did you meet or exceed consumers’ expectations? Are you delivering on your product’s promise?
12. Product Loyalty – Will consumers continue to purchase your product in the future?