Product development—either refining existing products or creating wholly new products—is a key driver of organic growth for most organizations. However, product development is not without risk. The journey from initial ideation to launch involves significant time and resources, and even then, 80% of product launches fail.
To help organizations understand how to most effectively pursue product development, Hanover Research surveyed the attitudes, behaviors, and preferences of executives across B2B, B2C, and B2B2C organizations. Our research shows many executives have a high need for confidence in a product to proceed with launch, and their concerns are well founded. In order to succeed, product development must rely as much on external factors, such as competitor offerings and customer needs as it does on internal factors such as design refinement and packaging. However, organizations that invest in a rigorous and circumspect product development process will reap the rewards—securing an ROI of nearly 15x and an average revenue of $1.5 million.
Download our latest report, The State of Product Development, for key insights from the survey, including:
- How product development provides value and can boost new products’ success
- Different processes, researchers, and methodologies organizations harness in product development
- The stages most critical to a successful launch
- Solutions to the most common challenges experienced in the process
Download the report today!