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New products are trickier and historic sales doesn't exist to utilize for the forecasting. Instead, there is a heavier lean on qualitative market research or the opinions of executives. Qualitative forecasting technique would be the choice for a new product launch. Information such as knowledge or similar products, the habits of customers, or how the product will be advertised/introduced will be important. You can look to industry data and experience of competing firms to make estimates of expected demands. A few of the qualitative forecasting techniques include market research, Delphi method, panel consensus, and historical analogy.

Market research is conducted in the market area you are looking to launch the product. Market research collected through surveys and interviews to be used for product research looking for new product ideas, likes, and dislikes about existing products. A panel consensus includes a panel a variety of people that can help develop a more reliable forecast than a narrower group. The panel forecasts are developed through open meetings with free exchange of ideas from all levels of management and individuals. Historical analogy is looking at an existing product or generic product as the model. You can use the information/data around that product to apply to the new product. Delphi method is a statement or opinions of a higher-level expert that will likely be weighted more than other opinions/consensus. The Delphi conceals the identity of the individual participating in the study.

The techniques complement each other as they are looking to other person opinions either of other employees or management or those of experts in the market/field. The forecast is looking to gather insights around a similar product that could be used in the forecast of the new product. It is gathering information around a complement product that help shape an opinion of what the forecast demand.