When we look back and check why some products had failed while some had succeeded, we will end up with a few factors which were cardinally right or cardinally wrong. The story of the Real Value vaccuumizer which was launched with a heavy advertising blitz over a decade ago would still be fresh in many minds. It was a perfect product. Arguments could be there to prove that it was high priced and a lot of other reasons which could have never made the product a success. In my opinion, it was ahead of its time. The lifestyle of an urban affluent housewife had not entered the portals of 'wellness in storing food'. Real Value did conduct seminars and programs for the housewife to understand the product and its advantages. Not many housewives thought it wise to buy it. Blame who? You got to get the timing right.

When was it that you last saw a television with picture and picture facility and enjoyed a full length show. A popular consumer durables manufacturer ran a campaign which promoted this unique feature in their TV when there were not even two good channels to receive from your roof top antenna. Here the case is not that it was launched ahead of its time. Easy guess. It was an impractical idea (best to avoid) to ask people watch two things on their TV screen simultaneously when the people from your neighbourhood were sitting in your drawing hall to watch the popular movie that was being aired by doordarshan.

Any seasoned marketing individual could reel out more number of products which failed. But each one has a different context and differnt product promises. Factor analysis could help the concerned understand these in detail. While it is key to learn from those mistakes, it is equally important to learn from the success achieved by many other new products.

Toyota Qualis - remember the advertisement which said a hundred reasons 'why you should buy a Toyota qualis?'. Those hundred reasons could be paraphrased in one line. It fulfilled an unmet need. That too very forcefully. There were very few categories of passenger vehicles which offered all the conveniences and avantages that Toyota Qualis offered. The hundred reasons are an interesting list to go through and understand. But just imagine the sheer velocity of an idea. So powerful, all encompassing, virtually die cast into the unmet needs of thousands of users.

Reynolds ball point pen - introduced at a time when ball point pens were a commodity. Here is a pen that promised smooth writing. Before the launch of Reynolds it appeared that people wasted a lot of time buying a ball point pen and got their pockets stained with ink in the process. Reynolds offered more value for its price. Reassuring to buy a reynold and use it. The blue cap and the white shell was ubiquitous in almost every office or school or college.

New product development calls for out of the box thinking. The more common example of a Shampoo Sachet. Ever imagines, pouring a liquid in a sealed polyethelene bag which does not leak and is easy to display and sell. You could have it in your pocket at a friendly cost of just one rupee. I am sure that this would have got dismissed as a joke among a team of high brow product managers. The shampoo sachet intoduced by Velvette was a success. So much a success that large MNCs redrew their plans and soon rode piggy back on its success. Here is an example of a product priced right with assured benefits cutting across all segments. The success of this product lies in its pricing and the well designed unique response to satisfy an unmet need.

Pricing, Timing, Identifying and fulfilling an unmet need, Unique response to satisfy these needs are some key requirements for a success of a new product. New products are not created in the design labs. They are just given a shape there. New products often begin as a thought, a figment of your imagination and call it intuition, may be, for a mind which is trained to think through consumer needs responses. But this thought needs to get converted into a workable idea which needs to be tested at various stages among the targeted consumers for their feedback. One cannot risk losing sight of the competition. Imagine a bright idea being hijacked by a competitor who can muscle his way onto your idea and turn you into an also ran.

New products can also offer a combination of benefits to the consumer, but be sure that you do a practicality check. Here are some new product surprises. A foot massager built in your shoe. A shoe that can physically morph into a sandal. A toothbrush that can massage your gums. These products too have to stand the test of time.

There are a lot of challenges that could confound an entrepreneur who wants to launch a new product. He has to do a lot of homework before even approaching the bank or investors for funds. The glue stick was launched even as someone was talking about the benefits of the product as an idea. Faster turnaround time from idea to execution, Comprehensive understanding of the market, targeting the right segment, a ready network for distribution and sales, positioning the product appropriately, creating visibility for the new product and very importantly a quick feedback mechanism which will give you advance information about the performance of your product.

Listening and Learning are the two key factors which can make or mar your new product dreams.