Innovation takes practice, a focus on the fundamentals, and creativity. It takes attention to detail and a passion for turning great ideas into products that consumers want.
Great innovators make it look easy, almost magical. But into every breakthrough innovation goes immense time, discipline, and analytics.
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 target consumer will go back to their existing product, because there is no difference or significant difference between the new product and the old product.
Using Nielsen’s BASES 12 Factors for Success method, we can accurately predict the probability of launching a winning product. This highly accurate process, modelled on over 30 years’ testing across more than 150,000 initiatives worldwide, identifies which factors will lead your new product to market success.
This unique model uses 12 critical success factors for new products. Outstanding performance on just a few of these factors is not enough; a new product is only as strong as its weakest link. Failure to deliver on any of the 12 success factors can overwhelm the combined positive effects of the other 11 attributes.
The 12 factors fall under five macro areas: salience, communication, attraction, point of purchase and endurance.
- Salience: This macro area is all about standing out. Successful new products do that in two key ways: by bringing true innovation to the market and by breaking through the clutter with attention-catching marketing.
- Communication: Successful product launches accomplish two key innovation tasks – imprinting a message with consumers through strong comprehension and delivering resonant messaging.
- Attraction: Begins with a classic marketing ‘problem/solution’ set-up: is there a consumer problem (need or desire) for this type of product, and does the test product solve that problem in an original way? If both exist, consumers will be interested.
- Point of purchase: Where consumers convert attraction into action. Purchase encompasses the ‘find-ability’ factor and the value equation (whether product advantages offset price and other costs).
- Endurance: Incorporates aspects of product delivery (providing the consumer benefits and experience as promised) and product loyalty (remaining differentiated from competition over time).