Is your category at risk from a new breed of “insurgent” brands? According to Bain’s analysis of over 90 fast-moving consumer goods categories, a new breed of “insurgent” brands has outpaced category growth rates 10 fold in the last 5 years; capturing 25% of total growth in sales from 2012 – 2016. The data is from the USA, but the analysts are seeing similar trends globally in developed markets, including the UK.
Is your product research missing a trick? VYPR research suggests that better in store contextual insights could further enhance your category and purchase intent understanding. Propensity to purchase modelling and predicting commercial success from NPD and promotions can be an expensive and complex exercise. The latest results from VYPR research indicates that a critical component could be missed: that final moment when a consumer chooses to pick up your product and put it in the basket.
We have never had so much data at our disposal when it comes to retail. Huge investments are made every year in securing access to EPOS data, surveys, qualitative and quantitative market research, tasting panels and trend analysis. So, why is it the case – according to the most recent studies from leading management consultancies – that the vast majority of new and existing (refreshed) products still fail to achieve their fullest potential? Plus, why is it that product developer and category budgets are under such pressure and scrutiny (when it comes to accessing these tools) if it’s all working so well?
Innovation is the lifeblood of every product developer or marketer. According to the latest GRIT (Greenbook Research Industry Trends) Report, it’s no surprise that "traditional" market research methodologies have had such a battering in recent years: our understanding of what truly drives consumer behaviour has shifted dramatically – rendering many techniques obsolete – and our ability to acquire data, process it and generate insights has transformed. Find out why some of the Top50 most innovative brands in the world choose VYPR.
One of the most troubling insights from recent psychological research is that we might not really understand why customers make low-consideration shopping decisions. First, we take a decision, then we invent the reasoning retrospectively. So, how can we truly unearth what consumers want if we can't really trust what they tell us? This week, our lead Data Scientist Robin Gower explains how VYPR can unlock the difference between stated attitudes and actual purchase behaviour.
Every year, we are inspired by the festive launches from the world of retail and M&S Food has long held a pioneering status in the innovation stakes, showcased annually at Christmas in store. Here at VYPR, we’re massive advocates of the power of incrementalism, defined as the gradual enhancement of product performance through a blend of innovation and marginal improvements, delivered over time, component by component. Just take our montage on the humble Christmas turkey and it’s obvious to see that M&S have been delivering a masterclass on this in spades for generations!
In a recent podcast on the Future of Grocery, McKinsey points to price pressure for the malaise in FMCG innovation and the adoption of technology, automation and constant, iterative testing as its salvation. Launching NPD remains one of the biggest gambles in FMCG. No matter what investment you put in, the gap in understanding between what we think will happen when a new product launches versus what happens when a shopper faces on to the fixture is enormous. VYPR gives you live feedback from consumers on how NPD is performing and – more importantly – why your product may or may not be flying off the shelf.
April Preston (Executive Head of Food Innovation at Harrods) shares her perspective on how VYPR is helping businesses to speed up the NPD process, optimise success rates and increase sales from applying greater intelligence to FMCG NPD and innovation to steal competitive advantage.
According to Nielsen, 3 in 4 new SKUs fail to generate £100K sales in their first year of trading. The UK’s top 4 retailers have delisted at least 7500 SKUs in the past year and the number of branded and private label launches is decreasing. According to the latest Newton report, discounters with just 1,350 SKUs are convincing customers that they have more innovative products than at a big four supermarket, which averages closer to 35,000 SKUs. Find out how VYPR can help you to future proof your listings.
The pressure on FMCG retail, caused (in part) by Brexit is undeniable: margins are under pressure and risk aversion is creeping in; all inevitably leading to one thing: downwards pressure on budgets. The need to commercially prove ROI has just stepped up another gear, as marketing, research and innovation budgets are often a) the first and easiest to be cut or challenged because b) they are the hardest areas where ROI can be proven. Here are 5 steps you can take now to protect your position, save money and prove ROI.