A day rarely passes without new products hitting physical and virtual shelves for consumers to try. For fast-moving consumer goods (FMCG) manufacturers, this means new competition and increases the need to continually innovate and stand out from the crowd. But many times, the cost and time investment required to test new ideas can be prohibitive—leading brands to miss or skip steps in the early stages of innovation.
By cutting corners during the innovation process, many products ultimately miss their mark. In fact, Nielsen research has found that nearly half of the innovations that brands test with consumers don’t address a real consumer need. As a result, many products struggle to succeed, meaning companies have effectively wasted dollars on production, distribution, marketing and advertising. In addition to being wasteful, spending money on a non-starter can cause significant setbacks for small and middle market players that have smaller budgets and fewer resources.
The good news, however, is that brands now have a tool at their fingertips that they can use to quickly test the relative potential of new ideas—and without breaking the bank. In fact, brands can use Quick Screen to test their ideas overnight and evaluate the results based on consumer need and uniqueness to determine which ones have the most potential with consumers.
Once brands develop their high potential ideas into full concepts, they can use Quick Predict to validate each concept’s chances of success in the market.