Data has never been easier to get or more important to your innovation process
English Premier League football club Manchester City’s biggest signing in the January 2021 transfer window was not a South American whizz kid striker or a brutish Dutch defender. It wasn’t a football player at all. One of the world’s biggest clubs signed a Harvard University scholar. Appointed as lead Ai scientist, his goal is to use in-depth data to improve player performance.
So what? Well, data-driven decision-making underpins all elite performance
Anywhere winning relies on the finest advantage, working under pressure with finite resources, data will enhance outcomes. The digital transformation of consumer goods innovation has opened up access to all kinds of priceless data. By providing predictive insights, you can take the right decisions and make better products, faster.
Using data to improve success in new product development
New product development has often been based on unproven assumptions, gut feelings, or history. Concept testing occurred infrequently, if at all.
As we explored in a previous blog, a lack of validation is the cause of the all too frequent 90% failure rate found in new consumer goods.
The number one challenge has been to reliably predict what consumers want to buy. Traditional testing and validation using methods like physical focus groups are expensive to run and slow to deliver results. They are also all but impossible to do right now.
In short, data has always been expensive and hard to get!
As a result, data has been ignored in order to maintain progress and reduce costs. This has led to a product development pipeline with too many proposals running at once. The hope? That some products would resonate by the time they reached the shelf. It’s no wonder that the failure rate was so high.
Adopting a scientific approach of continuous validation through the collection of evidence – in Vypr’s case real-time predictive customer insights – to highlight which products will succeed before they are produced, represents a huge shift away from potentially disastrous decisions.
Build, Test, Optimise
Thankfully, consumer goods brands and manufacturers are increasingly adopting new digital tools to increase the speed and reduce the cost of testing. On-demand, real-time predictive customer data is here and it is transforming NPD outcomes by removing the barriers to best practice.
Vypr offers the data and analytics needed to improve your new product development success. Vypr-ing a question, gets you the answers you need.
Testing proposals against real-time consumer data allows you to verify each and every decision along the development journey without slowing progress or costing the earth.
Rather than spreading your risk by working on several different ideas at once, or basing your next move on an opinion or feeling, you focus solely on optimising ideas that have been validated with reliable evidence. Using your digital tools in a virtual environment, you can ‘build’ prototypes, share them with customers and receive feedback. You save time and cost whilst significantly reducing waste, on the way to a better product.
The only shift in your process is a move towards the iterative cycle of Build, Test, Optimise….always moving forward, always getting closer to what customer confirms they would like to buy.
Remove all doubt
You can not only test ideas, validating the whole project from idea to concept, pack design, product claims, price, and even brand positioning and marketing is easy. All of these elements are individually tested and made as good as they can be before they are produced.
This data-driven approach takes decisions away from the realms of speculation, opinion, and subjectivity. Instead, you adopt a rigorous and objective process, using evidence to verify you are on the right track.
As the top sports clubs will confirm, data-driven decision-making identifies gains that will significantly improve your chances of success. You just don’t need a multi-million pound signing to achieve it!
For a free demonstration on how Vypr customer insights could improve your new product development, contact us today.