Did you know that only one in 10 new products is successful? With such a high failure rate, it is imperative from both a strategic and financial standpoint to predict with confidence how your product will fare in the market.
The biggest challenge for new products is creating something that truly wows consumers. It’s not good enough to simply meet expectations. You have to exceed expectations. Consumers have a repertoire of brands; if they’re currently buying a brand in that category, they go back to their existing habits.
If your product is not unique, your consumer will go back to their favored brand, because there is no difference or significant difference between the new product and the old product.
What we measure
Nielsen’s world-leading concept screening solution identifies winning concept initiatives and prevents costly distractions. Whether screening new product ideas, line extensions or re-launches, our system can be adapted to be a key part of your early stage screening process.
How we do it
Our unique concept screening methodology is designed to help you prioritize a broad range of new ideas to identify the ones with the most consumer potential. By first understanding your needs for a screening system, we work together to agree on the scope of the technique. By applying the technique with consistency, we are able to capitalize on the power of our historical database of norms to make the study process fast and cost-effective. And, because it’s built on our reliable, world-class methodology and platform, you can move forward in the development process with confidence in your decisions.