New products have failure rates between 70-90%. Social Forecasting has proven to reduce risks in the new product development process. This 4-slide presentation shows how Social Forecasting can be incorporated in standard idea management processes, such as a Stage Gate process.

1. New Product Development
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2. Innovation management process: You have collected many
ideas, but how to estimate the business KPIs for each idea?
Stage 1
Ideation
Stage 2
Concept definition
Stage 3
Evaluation?
Not good enough:
Stage 4
• Expert judgement
Develop-
ment • Market research, Conjoint analyses
• Gut feel…
Market Stage  New product failure rate 70%-90%
Does it matter: 50% of all introduction 5
revenues from products
introduced in the past 5 years!

3. CrowdWorxTM adds Social Forecasts to your New Product
Development process
Stage 1
Ideation
Stage 2
Concept definition Get forecasts on
• Life-time sale potential in $
Insights from Stage 3 • Development cost in $
your experts Evaluation with
• Market failure risk in % probab.
and CrowdWorxTM
employees • Importance of features in %
Stage 4 • And other custom KPIs
Develop-
ment
Does it work: Proven
Market Stage
introduction 5 higher accuracy than
market research & conjoint

4. Client examples: Predicting market sales of newly introduced
products
Forecasting accuracy of Forecasting sales
new product sales of new products
87% Forecasting
81%
54% accuracy
90% lower than
Cost
traditional methods
CrowdWorx Traditional research
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