Introducing new products at the start of the year can be quite a journey. The path to success for any new product development is fraught with challenges and often leads to a dead end. According to Harvard Business Review, 90% of new products fail within their first year despite significant investments by FMCG companies.
To give your new products the best possible start in the New Year, we will highlight the crucial importance of consumer reviews. Here are four strong reasons why obtaining a substantial number of consumer reviews as early as possible is crucial for the success of your new offerings.
1. TO BUILD CONSUMER CONFIDENCE
2. TO DRIVE CONSIDERATION
3. TO CREATE AN AURA OF POPULARITY
4. TO KEEP UP WITH THE COMPETITION
* Coke Image from Coca-Cola, final image copyright CheckoutSmart
PS For even more on why reviews are critical for NPD, see our post 10 Reasons why Shopper Reviews are Vital for Successful New Products.