According to Harvard Business School, of the approximately 30,000 new products launched each year, about 95% fail. Of course, the product failure rate varies from one industry to another—for example, grocery products fail at a rate of 70-80% -- but think about it: when you launch a new product, generally, your odds of success are 25 to 1. If casinos offered those kinds of odds, they'd go out of business overnight.
Why Do So Many New Products Fail?
New products fail for a variety of reasons, but the number one reason, according to Harvard Business Review (HBR), is that companies become so engrossed in the nuances of design that they don't adequately prepare to go to market:
"Numerous factors can cause new products to fail…The biggest problem we've encountered is lack of preparation: Companies are so focused on designing and manufacturing new products that they postpone the hard work of getting ready to market them until too late in the game."