The Gallery of Flops, a new exhibit at CES 2023 in Las Vegas this week, collects massive, unexpected flops from brands like Apple, Harley Davidson, BIC, Sony, Nike and Nintendo.
These catastrophic failures cost their brands millions of dollars, but all were 100% preventable if their creators did proper market/price validation before launch. Each exhibition is accompanied by a lesson from Prelaunch.com on what the brand should have done differently and what others could do if they find themselves in a similar situation.
The company says that CES 2023 was the ideal place to showcase this gallery as it has become synonymous with major product launches and provides a good representation of the larger global consumer electronics ecosystem. Thousands of startups are formed in this ecosystem every year and almost 90% of them fail in the long run. That means only 1 in 10 companies in the startup category ultimately survive.
The gallery of flops was a fun by-product of analyzing why some launches succeed and why others fail. This is just a result of building the world’s first product validation platform based on real customer purchase intent.
During the development of their product validation platform, the Prelaunch.com team has spent the last 4 years helping product developers validate their concepts. They collected significant current and historical data that provide creators with insights and predict their future successes or failures. And one thing was clear: ideas need to be validated before wasting resources developing them and trying to force them into a market that isn’t interested. Given that these “too big to fail” brands can launch flops, smaller brands are similarly likely to suffer from a high probability of failure.
“Based on my decades of experience with thousands of startups, I’ve noticed a clear pattern that accompanies the majority of those that have failed – no data-driven decisions during the pre-launch phase,” says CEO Narek Vardanyan. “Our team at Prelauch.com decided to address this issue by developing an all-in-one platform to help founders see the true potential of their product before making any investments.”
Prelaunch.com allows creators to predict whether customers would buy their product and claims over 80% accuracy. It assesses market demand and defines pricing strategy by analyzing conversion metrics and comparing them to a growing data set of industry averages. It uses this data to reveal the true potential of products, credibly predict each product’s go-to-market success, and help developers avoid wasting time and resources on unexpected failures.
Prelaunch.com provided the following list of key benefits for product developers:
- Market Interest Validation – Whether the product is an early-stage concept or a late-stage, production-ready prototype, developers can easily measure market interest. You can then run variations with different feature sets, colors, add-ons, and more to see how interest changes
- Pricing Testing and Validation – Pricing is one of the most difficult steps in a product launch as many developers leave money on the table. Prelaunch.com has counterintuitively helped developers launch at higher prices and earn more profits
- Seamless Landing Page Builder – At the heart of Prelaunch.com is a glass door validation strategy brought to life through landing pages. Creators simply choose from over 50 popular design blocks and can easily and instantly create a responsive, mobile-first page
- Prelaunch AI Copywriter – Prelaunch.com has developed a proprietary GPT-3 based Generative AI copywriting tool that allows creators to write their entire landing page in less than 5 minutes
- Comprehensive Analytics – To help developers better understand their customers, Prelaunch.com is built on a powerful suite of analytics that provide real-time insights into their customers
- Customer Insights – Developers get early feedback from real customers and can connect with them to build better products together