In the fast-paced world of business, product launches are crucial for companies looking to stay ahead of the competition and grow their market share. With the rise of e-commerce and digital marketing, the way products are launched has evolved significantly in recent years. As we look ahead to 2024, here are 20+ product launch statistics that every business should know to ensure a successful launch:

1. According to a study by ProductPlan, 64% of product launches fail to meet their revenue goals.

2. On the flip side, research from Nielsen shows that 75% of new products fail to meet sales targets in their first year.

3. The average cost of launching a new product is estimated to be around $1.5 million, according to Forrester Research.

4. However, a successful product launch can boost revenue by up to 60%, according to McKinsey & Company.

5. Social media is an increasingly important channel for product launches, with 71% of consumers using social media for product research, according to Hootsuite.

6. Video content is also key for product launches, with 72% of businesses saying that video has improved their conversion rates, according to Wyzowl.

7. Influencer marketing can also be an effective strategy for product launches, with 92% of consumers trusting recommendations from influencers, according to Nielsen.

8. Email marketing continues to be a powerful tool for product launches, with an average ROI of $42 for every $1 spent, according to Litmus.

9. Mobile marketing is also crucial for product launches, with 73% of consumers using a mobile device for product research, according to Google.

10. Personalization is key for product launches, with 80% of consumers saying they are more likely to make a purchase if a brand offers personalized experiences, according to Epsilon.

11. Consumer trust is vital for successful product launches, with 81% of consumers saying that trust in a brand is a deciding factor in their purchase decisions, according to Edelman.

12. Customer reviews can make or break a product launch, with 88% of consumers trusting online reviews as much as personal recommendations, according to BrightLocal.

13. Product packaging is also crucial for product launches, with 72% of consumers saying that packaging influences their purchasing decisions, according to Dotcom Distribution.

14. Launching a product globally can be challenging, with only 58% of companies saying they have a clear global product launch strategy, according to SDL.

15. Timing is key for product launches, with 88% of launches occurring within 30 days of completing development, according to ProductPlan.

16. Product launches are increasingly cross-functional, with 66% of companies saying that cross-functional collaboration is critical for a successful launch, according to SiriusDecisions.

17. Market research is essential for product launches, with 58% of companies saying they conduct market research before launching a new product, according to Gartner.

18. Product launches are becoming more data-driven, with 58% of companies saying they use data analytics to track the success of their launches, according to Forrester Research.

19. Failure to innovate is a common pitfall for product launches, with 42% of companies saying they struggle to innovate and keep up with competitors, according to McKinsey & Company.

20. Product launches can be risky, with 46% of companies saying they have experienced a product launch failure in the past, according to ProductPlan.

In summary, product launches are complex and challenging endeavors that require careful planning, execution, and monitoring. By understanding these key statistics and trends, businesses can increase their chances of a successful product launch in 2024 and beyond.