Traditional volume forecasting for early stage innovation ideas is unlikely to accurately predict in-market results in today’s rapid business environment. To keep pace, insight leaders are forced to make decisions much faster – often before key factors such as marketing plans, distribution levels and creative have been finalized.
A global FMCG client realized this challenge and sought a global insight partner that understood these market realities and had the right teams in place to help them rapidly evaluate their innovation pipeline with confidence and cut their speed to market considerably.
Leveraging our proprietary HUB ecosystem, we built a unique innovation evaluation platform that allows for testing of both large and small concept batches and presents them in a choice-based manner that closely mimics how consumers make purchase decisions in real life.
Specifically, our approach does not rely solely on purchase intent, but rather takes into consideration additional diagnostics as part of the choice exercise – providing a more holistic view of the potential of each idea.
The research informed which innovation ideas should be further developed and included detailed areas for improvement based on follow-up diagnostic qualitative questions – allowing our client to strategically prioritize next steps and make critical decisions much earlier than before.
This approach has now become the “standard” technique and is being rolled out for utilization across all our client’s categories and research teams.