Last week at the International Food & Drink Event, VYPR announced our partnership with the Quality Food Awards and The Co-Op in the small producer category.
Having worked in the FMCG sector for 15 years – in both retail and manufacturing – we founded VYPR to close a huge product intelligence void in the industry. For those people charged with bringing new and revised products to market, there is a tangible lack of intelligence to give them a deep understanding of what impact those products might have when they launch, as well as what they can do to improve those products’ chances before they launch. Scarily, the vast majority of manufacturing clients that we talk to at VYPR have no clear idea on what their ROI is when it comes to innovation. Many CEOs of the companies we work with think at best it’s neutral. At worst, they are making substantial losses when they factor in all the costs required to get these new products on shelf. So, what can we do right now to change this?
This week, we’ve tested some of the new and imaginatively named products hitting our stores: Gigglewater Secco (prosecco in a can), Honest Tea, The London Essence Company Low Cal/Low Sugar Mixers Range from Britvic, Prohibition Brew from Budweiser and Mincepie Popcorn from Mackie’s. It can be difficult to decipher what is truly driving purchase behaviour in store and the results suggest that we’re perhaps asking too much of consumers when making decisions.
Split Testing, also known as AB Testing in software development circles, is something that the FMCG industry is yet to embrace. A simple definition of Split Testing is comparing 2 different versions of the same thing to see which performs better. Software Developers use it regularly to test slightly different versions of the same feature to see which one is more impactful. In their world, they create two different …