New product development (NPD) used to be a long, arduous process. Brand managers would put their new product through its paces in terms of concept development, packaging, and retail placement before releasing it to consumers. New product development (NPD) today is carried out in record time by passing the baton from team to team like in a relay race. Decisions about concept, packaging, and placement must be made swiftly in the increasingly competitive global market. Additionally, organizations must have data to back up all of their decisions in order to survive in an era where unexpected competitors are always posing a threat to established markets. That alone gives brands the strength they need to win the race.
Imagine the following: You need your product to stand out in a crowded market where new items are being released at a dizzying rate. New and returning clients alike must know that you value them enough to…
- Enjoy the idea
- Get the gist of the product from the packaging
- Pick up the product when they see it
The catch is that you have to perform all of this in a few of hours if you want to remain competitive with the rest of the field and finish the race. It’s crucial to be nimble.
How is that possible?
Results That Really Count
In today’s fast-paced development environment, speed is essential; but, it is pointless if the outputs aren’t high-quality and usable. Expertise should be included into automated solutions to facilitate the simultaneous simplification and improvement of projects. In order for teams all around the business to have access to the results and advance the development process, it is important that the results be management-ready and that the key measurements be actionable.
If customers can’t find your product on the shelf, all of your hard work designing and testing the packaging was for nothing. Despite the meteoric rise of online shopping, the vast majority of purchases are still made in physical stores. Accordingly, a product’s location on store shelves is crucial to its overall performance.
According to studies, the very first thing customers notice about a product at a store is its category assessment (or where the product is shelved). Step two is the consumer’s reaction to the package once they have located the goods on the shelf. Automated shelf-testing solutions help by simulating and evaluating the retail setting in a fraction of the time it took to roll out inefficient systems. Experts in the field of insights are aware of shelf-stand out and are confident that customers can find their goods.
Factor In Customers’ Opinions Into Every Decision You Make
From concept development to product rollout and further improvement, decisions can benefit from information gleaned from consumers. It’s crucial to know how people feel about your product and what they think of it. Each phase of the product life cycle has been compressed and modernized, making it imperative to implement automated consumer insights solutions. Considering that it used to take more than 30 days to conduct a typical concept test, and that product decisions are now typically made in a matter of days, automated, outcome-oriented consumer insights solutions are vital and fit within available windows of time.
Coming Out on Top of the Competition
There has been ongoing shift in the NPD cycle. The rate at which businesses generate new ideas and bring those ideas to market is increasing, and this trend is only expected to quicken in the years ahead. Brands that can quickly acquire the relevant data for every new product decision will come out on top in the NPD race. This necessitates adopting a systematized strategy that is pre-built with knowledge of consumers’ needs. Get ahead of the competition by anticipating needs and wants of consumers rather than relying on assumptions about their thoughts.