How many new products make their debut in HBA aisles and cosmetic counters every year? More importantly, how many are still on store shelves three years down the road? The failure rate of new product introductions approaches 90% and, as every sports fan knows, batting .100 won’t win anybody a championship. What’s worse, spending millions on a new product launch that’s doomed to fail puts a huge dent in a company’s bottom line. Wouldn’t it be great if you knew a product was going to succeed before spending all that dough on product development?
Long-time Happi columnists and industry experts Suzanne and Bob Grayson have a solution. This month’s Grayson Report, provides details on their BrandAudit Survey. This unique system can predict whether a new product concept is viable before folks bet all that cash—or their careers—on an idea that just won’t fly. Take a tip from the Graysons and maybe your new product will be around long enough to be considered a classic.
Even with a high failure rate, new products remain the lifeblood for successful companies in the household and personal products industry. This month, Happi.com looks at many of the new products that are helping to drive sales higher in such diverse market segments as environmental fragrance and skin care that provides UV protection.
For example, associate editor Ava Caridad points out that fragrance fans like to layer their environment with a variety of scents, which is one reason why marketers continue to roll out a diverse array of fragrances quarter after quarter and year after year. Elsewhere, skin care marketers keep adding to their anti-aging arsenals with new products designed to keep women looking younger year after year.
Just as consumers ask “What’s new?” our readers have turned to Happi for more than 40 years to learn the latest about the new products that are shaping the industry. To keep on top of trends, keep visiting Happi.com.