Chances are, if you’re launching a new product today, it’ll fail. Roughly 85 percent of CPG products fail, according to Nielsen data. Another estimate, from Harvard Business School professor Clayton Christensen, claims that 95 percent of consumer products fail.
These stats wouldn’t be so unsettling if launching new products wasn’t so pricey: up to $15 million. And it’s not just about the money. Product failures tarnish a brand’s reputation and often turn off current customers.
For many companies, driving customer-centric innovation is a top priority—so much so that many enterprises now consider innovation to be everyone’s job. The task of coming up with better products and services and launching them to market is no longer confined to innovation and product development departments. Marketing, market research and customer service, among others, now participate in the process.
Given the importance of customer-centric innovation in the enterprise, how can you make sure you don’t fall behind? An understanding of the various sources of innovation intelligence is a good start.
With this in mind, we’ve released a new ebook that provides a comprehensive look at the various sources of insight that companies need to improve innovation. The ebook, The Enterprise Guide to Innovation, is authored by Andrew Reid, founder and president of corporate innovation at Vision Critical. A must-read for anyone interested in the topic of customer-centric innovation, the ebook is a practical guide on the methods companies use to collect, assess and act on the ideas, feedback and insight of their customers.
Another bonus: the ebook provides real-world examples from ESPN and DEWALT—companies that are launching better products faster, with the help of the people that matter the most to them: their customers.