The retail landscape is shifting at a rapid pace, meaning fast-moving consumer goods (FMCG) manufacturers need to stand out on the shelves in order to catch consumers’ attention. For manufacturers, that means innovating in a way that resonates with their target group of consumers.
However, many of the tools currently in the marketplace to test innovation viability are either limited to broad demographic definitions, like moms or brand buyers, or are unable to accurately predict the preferences of target buyer for an innovation compared to other category competitors.
To address this limitation, Nielsen recently launched Target Group Performance Analysis, which provides manufacturers with the tool they need to dig deep and get an absolute look at a more specific type of buyer—such as a Millennial mom, a consumer who owns a small dog or a tech enthusiast. Not only will clients be able to see how responsive their specific consumer groups may be to a certain innovation initiative, but they’ll also understand how that level of enthusiasm ranks compared to similar products and categories.
In this video, Jenny Frazier, Senior Vice President of Innovation North America, explains how Target Group Performance Analysis leverages our industry leading proprietary population database to create simulations that drive actionable insights. With this knowledge, brands can more efficiently test their innovations that are targeted to specific buyers, allowing them to better refine and execute their innovation efforts successfully.