How to Increase Your Innovation Success Rate in Greater China
No one ever said that innovation was easy. Nielsen research suggests that about two out of every three new products are destined to fail. And innovation is especially difficult in China, where the probability of success is even lower—only 2 percent of ideas are actually sustainable in this market. To overcome the challenge, Nielsen put forward the CPO (Consumers-Products-Online) framework which will help marketers from a holistic perspective.
First — Understanding consumers is the key to achieving innovation success. No matter what market you’re in, putting the consumer before the product has never been more important than it is now. Especially considering the profile of today’s consumer is constantly changing.
Second— The key to success is not about making innovation cheaper, instead, its about demonstrating advantages/benefits over existing offering so as to meet consumers’ increasing demands.
Third—Make the brand work for you! Manufacturers could consider “megabranding” strategies to produce greater financial and operational efficiencies and grow stronger franchises with fewer brands.
Fourth—Delivering on promises is especially critical in the Internet age, where any news could go viral overnight. As such, it is crucial to get things right the first time.
Last but not the least — It is critical to leverage the online platform to create dialogue with consumers and ensure marking plans are efficient and cost-effective.
For more information, please refer to Nielsen’s latest report, “How to Increase Your Innovation Success Rate in Greater China”.