- Nielsen has introduced a new predictive testing tool for innovations, called Concept Quick Predict, which it says can allow reliable testing more than three times faster than other methods, according to a company statement.
- The company claims that this methodology, which is powered by another Nielsen predictive analytics system, can get manufacturers high-quality data and answers about innovations in a matter of days.
- Joe Stagaman, global product leader of Nielsen Innovation Practice said in the statement that the innovation process is getting much faster, "with teams being asked to launch innovations on faster timelines than ever before. At the same time, teams need to be confident the ideas they are launching will succeed." A representative from Nestle was quoted in the statement as saying this will be a useful tool.
As competition becomes fierce and consumers are looking for more items that meet the trends of being convenient, better-for-you, clean label or indulgent, manufacturers are looking more toward new products. While developing and manufacturing a new product is one thing, determining if it will work is another.
Companies are investing more in research and development. Mondelez announced it is investing $65 million in a series of research, development and quality hubs across the world. Other major manufacturers are adding new products, like frozen Deep Fried Twinkies and drinkable yogurt, which add other dimensions to recognized items.
Finding a way to test these innovations is key. Some snack foods, like M&Ms and Lays potato chips, have launched public campaigns to try out new flavors, releasing them to the public for limited times and getting them to vote on their favorites. This type of campaign can get consumers to be excited about trying new tastes in their favorite products.
But it would be beneficial to manufacturers to know if some of their product launches won't work, like Hormel's Spam Snacks, which flopped after six months of being on the market.