It’s tough being a consumer products company.
Of the nearly 3,500 new consumer goods introduced in 2012, just 14 managed to generate at least $50 million in sales in their first year and sustain that momentum into their second, according to the market research group Nielsen.
“Since we started doing this study in 2008, there have been more than 17,000 new product launches in the consumer products market,” said Rob Wengel, a senior vice president for innovation in North America at Nielsen. “Only 62 of them have had that kind of success.”
So rare are the successes that Nielsen hands out awards for innovation and creates case studies, which are to be released on Monday, that explain what the winner did to ensure success with products that are not merely a slight change to an ingredient or an overhaul of packaging or portion sizes.
To read the rest of the story, please go to: New York Times
