Every year, millions of products flood the market trying to be the next big thing.
But not everything can be the new iPod or Phish Food.
In fact, at least three-quarters of new products end up failing – despite extensive market research, mammoth marketing and tightly crossed fingers.
We’ve looked at twelve products and rebrands that didn’t work to see what can be learnt from them today.
Which product failed because the technology wasn’t opened up for others to use? And which company found out that sex doesn’t always sell? Click on each of the products for more information.
In the case of many of these failed products, people working at the companies probably experienced groupthink, where the desire for harmony within a group leads to poor decision making, for example through being overly-optimistic and not expressing doubts.
It is likely that many of these companies suffered from the planning fallacy – they took on a high-risk project, giving confidence to the best-case scenario without fully considering the worst-case scenario.
Of course, failure isn’t always a bad thing and it can lead to great success. Read more on how to fail well in our article with Barney Whiter from The School of Life.