Vypr was recently featured in The Grocer, the leading publication of grocery retail and FMCG industry news in the UK.
Our featured article explains why and how Innovation Intelligence is the key to unlocking successful product development.
What’s the Issue with Current Innovation?
As it currently stands, innovation is a space too low on intelligence, yet too high on process.
The result of this is:
- Waste, in the form of human, financial and physical resources – using lots of resources to develop products that few want
- And more worryingly – a failure rate of above 80% for most Consumer Goods innovation.
The Main Reason?
This occurs due to a lack of intelligence in the product development cycle, meaning decisions are often made on subjective opinion, what worked in the past, or irrelevant data, leading to misfiring innovation and irrelevant products being created.
How Can Innovation Intelligence Change This?
Innovation Intelligence is here to transform the way we create new products, bringing light and clarity to innovation, in the form of consumer intelligence, leading to:
- Decisions based on robust data
- Reduced wastage
- Increased product success
Ultimately, innovation Intelligence is here to transform Consumer Goods innovation, making the 80% failure rate we see today a thing of the past.
This Continues our Work with The Grocer…
In November 2021, Vypr also sponsored and attended the New Product Awards held by The Grocer – a celebration of innovation in the FMCG sector.
We enjoyed celebrating success in the industry, seeing so many innovative products nominated as finalists – many of which were from our clients:
- 15 of our clients had products nominated as finalists
- 8 products won awards in various categories
- And 5 other products were highly commended
All in all a very successful afternoon!
We look forward to seeing more success in the industry, and continuing our work with The Grocer – by leading with Innovation Intelligence, we can transform how our industry operates today and for the future.
Want to learn how Vypr can help you increase your product success rates through innovation intelligence? Contact our friendly team here https://vyprclients.com/contact-us/