While CPGs spend millions on product innovation, 50% of new products are dropped in 6 months and 25% more in a year. There’s nothing innovative about that. Maybe the focus groups didn’t represent an accurate sample or the forecasting systems relied on inaccurate assumptions that weren’t vetted with real customer feedback.
VR Shopper Perception Analyzer changes product innovation. We utilize a targeted, augmented reality survey to over 100,000 customers identified as having the right buying behavior — not just 100 or less as is typical. They answer:
- Is this product something you would buy?
- Are the benefits of this new product better than the product you buy today?
- Where in the store would you expect to find this product?
We transform the current “innovation” model from making broad, risky assumptions based primarily on opinion surveys to an end-to-end, fact-based process solidly founded on customer experience. Next, we run test launches in the store and evaluate the uptake of an item, suggesting ways for improvement as needed. The entire product launch is benchmarked and we circle back to customers again to remind them of the product they helped design. It lets you innovate for less cost, in half the time and less guesswork.
- Provides real customer insights to validate and identify customer need
- Customer fact-based decision making for store trials and benchmarked roll outs
- Online virtual reality product concept testing enables localization without being there
- Maintains records to learn from previous launches, wins and watch outs
- Predictive analytics help manufacturers define the right product at the right time
The Difference You’ll See
- Better ROI, bottom line improvements
- More successful product roll outs because they reflect real customer input