According to this year’s BDO Food and Drink Survey, 92% of manufacturers stated that NPD will be the most important factor determining revenue growth, with 66% of respondents looking to technology and automation to improve efficiency. There are two key challenges that need to be considered in this context: 1) finding the right tech to streamline your NPD/EPD process and 2) taking the right steps to better assure certainty of NPD performance. Here’s how we can help.
Technology Can Get You To Better Products Faster.
In an earlier blog, we pulled together a list of methods that you can adopt to improve efficiency, prove ROI and justify the protection of marketing and research budgets that come under pressure when price and margin challenges take hold. Click here to read it.
Increasing automation and technology is absolutely part of the answer to unlocking the potential of FMCG manufacturers to innovate better and faster. For instance, VYPR’s technology enables product developers to test 1000s of different product variations with consumers via smartphone, with statistically robust results landing in your inbox within 24 hours. Every component (packaging, branding, pricing, messaging etc) can be tested to the nth degree, from concept stage through to post-feasibility refinement, with an annual licence costing less than a single focus group/qualitative exercise, which may yield misleading results that don’t translate into the desired behaviour at fixture.
Context Is King When It Comes To Certainty.
The second big challenge is around context. According to the behavioural science boffins, too much faith is being placed in using traditional and expensive methodologies to understand why consumers choose to buy your NPD. In reality, people can’t tell you the ‘why’ behind unconscious decisions. They’ll post-rationalise and generate a good story for you during research, but it won’t be accurate, since people are largely unaware of many factors that influence their decision making, particularly when they are in store. As such, many of the tools used today to prove/validate your NPD can’t be empirically trusted to give you any degree of certainty on what will/won’t work.
In order to get to the ‘why’, you have to test different variables to identify which ‘what’ leads to a significant change in response, which is essentially what VYPR does. VYPR removes a lot of the biases of traditional market research techniques by focusing on addressing ‘in context’ questions and accessing unconscious, System 1 responses. Traditional conscious questions (even conducted in the field) can’t tap into unconscious drivers of action, so if you want to predict what someone is going to purchase in store, you have as far as possible to replicate that environment and decision making process. Our geo-fencing technology enables consumers to answer these questions live, during their shopping missions in store and at fixture; again, via a simple smartphone app.
By focusing on testing (as opposed to consciously asking) what changes consumer behaviour and by doing this in context with short fast questions, VYPR is much more in line with current thinking on Behavioural Science and will deliver more accurate results than alternative methods of research. So, if you’re one of the 66% people that believes technology can fuel better NPD and/or one of the 92% people that believe better and faster NPD is critical to your revenue growth, then please contact us.
Get To Better Products Faster.
Ask anything of our panel of 1000s of consumers, available 24/7 via the VYPR App and website. Sit back and watch the results as they come in. VYPR makes rapid prototyping a reality, enabling suppliers and retailers to quickly validate unlimited hypotheses throughout the NPD process, from early stage product development to prelaunch refinement. Our geo-fencing technology enables consumers to answer questions live, during their shopping missions in store and at fixture.
Over 90% Of Clients Generate ROI & Renew Their VYPR Licence Every Year.
VYPR can save you £000s in product development and failed launch costs, as well as getting your product to market faster. That’s why the UK’s leading product developers, marketers, commercial managers, category managers and buyers choose to deploy VYPR every day. Every SKU can be optimised to the nth degree, ensuring that every product achieves its greatest potential.
Contact us now to road-test VYPR.
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