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Why Great Products Fail Without Market Engineering
The article emphasizes the critical importance of market engineering in brand strategy, highlighting that even innovative products can fail if they do not meet a genuine market need. Brands must prioritize understanding their target audience and market dynamics to avoid the high failure rates associated with new product launches.
Brand Strategy Insider: Each year, research firms such as CB Insights analyze why both startups and new products from mature companies fail. On average, about 80 percent of VC-backed startups fail (and those are the best of the startup world), and somewhere between 40 and 60 percent of new products launched by mature companies also fail.
Invariably, the primary reason for failure is “no market need.” Take, for example, Gap’s “faded” jeans, launched in the early 2000s to tap...
The article addresses a significant issue in brand strategy regarding product-market fit, making it impactful and relevant, though the concept of market engineering is not entirely new.