How do we make product success more predictable? Few things are more critical to the success of a company than its new product launches. For example, an Aberdeen Group report indicates that the majority of companies command at least 11 percent higher margins on products that have been on the market for less than two years, with almost a quarter realizing margin advantages of 50 percent or higher for new products. Yet product success is difficult to achieve. Several analyst surveys have determined that between 50 and 70 percent of new product launches fail.

A successful product delivers value to its customers and revenue to the business that creates it. But to ensure value and rev...