Launching a new product can be one of the most thrilling and nerve-wracking experiences for any business. With thousands of products hitting the market each year, it can be overwhelming to make sure that yours stands out. Unfortunately, many companies underestimate the importance of conducting good market research prior to launching a product, leading to an estimated 80% of failed product launches. Companies should not let the thrill and enthusiasm associated with getting their product out into the market cloud their judgment; rather, they should take the time to review thoroughly customer needs and tailor their strategy accordingly. There are simply too many factors to get right  - such as the product and its features, its price, the target market, the promotion, the routes...

“Half my advertising budget is wasted – the trouble is I don’t know which half.”

This quote has been attributed to more than one famous name, but is most likely by Lord Leverhulme, founder of Lever Brothers. It’s a common problem but one that’s solvable without great expense. A little research with your customers will tell you how they found you, so you decide on which media to spend your budget and how much in each. A little bit more work will also tell you how to reach your target customers...