Launching a new product can be one of the most thrilling and nerve-wracking experiences for any business. With thousands of products hitting the market each year, it can be overwhelming to make sure that yours stands out. Unfortunately, many companies underestimate the importance of conducting good market research prior to launching a product, leading to an estimated 80% of failed product launches. Companies should not let the thrill and enthusiasm associated with getting their product out into the market cloud their judgment; rather, they should take the time to review thoroughly customer needs and tailor their strategy accordingly. There are simply too many factors to get right - such as the product and its features, its price, the target market, the promotion, the routes to market/channels - to leave it to guesswork!