How Can You Ensure Your New Product Will Be The Next Big Thing?
In our last report, we discovered how emerging trends such as Vegan don’t necessarily make products more popular when they hit the mainstream shelves of retailers. So, how can you predict when your product or NPD concepts will tip from being cool with the minority to adopted by the masses and commercially successful?
A recent study in the journal Science suggests that people’s preferences and actions are influenced by social dynamic and that you need at least a quarter of your audience to elevate something from hipster trend to mainstream.
As reported in The Independent newspaper and the journal Science, 200 people took part in an online naming game where they were shown a face for which they had to come up with a name alongside an anonymous partner. To win, they both had to write down the same name. They were then shown the suggested names after the round ended.
After a number of rounds with different partners, and when at least 25% of people chose the same name, this very quickly became the majority viewpoint.
There are multiple ways to iterate your product’s way to success, whether it be at concept stage, in the final waves of refining a product to go to market or in the trenches, pulling a product’s failure on shelf to pieces after the launch. Interestingly, VYPR works in a similar way to the Science journal study.
VYPR’s technology connects your products to consumers like never before. We break down every element of new and existing product propositions into their constituent parts; testing their relative contributions to product performance with 1000s of consumers via smartphone, both online and in store. Combining these insights with social listening data – for instance – could help you to predict just how ready your audience is to adopt your product concepts or help you to change them towards a better outcome.
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Image courtesy of Eater.
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