Addressing the increasing pace of changing consumer demands, Nielsen has launched a new tool aimed at helping marketers test and assess the viability of new product developments significantly faster than before.
The company said that current fast innovation testing tools often fall short on data reliability. In fact, a survey of FMCG marketers carried out Nielsen found that seven out of 10 who use current fast testing solutions are dissatisfied with the quality and predictive reliability of the results.
Responding to these challenges, Nielsen is launching the newest addition to its innovation analytics arsenal, Concept Quick Predict. The solution claims to let marketers test innovations up to 3x faster than traditional methods, but without sacrificing confidence in the data.
Powered by Nielsen Factors for Success, an innovation evaluation system that is validated to be predictive of in-market performance, Concept Quick Predict is said to allow marketers to get the most reliable evaluation of their innovation. In fact, innovations that score “Ready” or better on Nielsen Factors for Success are 5x more likely to succeed in market when compared with industry average success rates. Through software automation, Quick Predict speeds up Nielsen’s predictive analytics, equipping marketers with high-quality insights and quick answers in a matter of days.
Nielsen data shows that increased collaboration can help double consumer appeal for innovation concepts. With the launch of Concept Quick Predict, marketers can also benefit from complimentary access to Nielsen Innovation Studio, an online platform that enables teams to collaborate more effectively and develop more diverse and stronger ideas. Because Concept Quick Predict results are delivered through Innovation Studio, users also benefit from the system’s highly interactive reporting dashboards, which make it easier to visualize and digest insights.
“The innovation process is under great pressure, 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,” said Joe Stagaman, Global Product Leader, Nielsen Innovation Practice.
“The launch of Concept Quick Predict marks a new milestone for fast innovation tools, allowing marketers to test innovations at a rapid pace without sacrificing the predictive reliability and data quality they need to make effective innovation decisions. In essence, it offers ‘speed without compromise,’ a concept that should be the new gold standard for the industry.”
Nielsen’s Concept Quick Predict tool is available now in the US and most of Europe. A two-minute video explaining Concept Quick Predict is available here.