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Ipsos Tool to Guide Early Stage NPD
Ipsos Insight, the global group's flagship US division, has unveiled a new tool, Innotrack, which measures how well a new product has performed in the market versus expectations. The process includes identification of consumer motivations and deterrents to trial and repeat.
Innotrack is part of Ipsos Insight's suite of new product development tools, which includes opportunity testing, concept testing, product testing and package testing. The new tool offers clients insights into why consumers try a product and why they will repurchase it, or not, and establishes the reasons why consumers who are aware of a product have not tried it yet. It promises input to merchandising and marketing mix decisions - including product, packaging, pricing, and advertising - even at early stages when trial rates are still relatively low.
Lauren Demar, President of the firm's Consumer Products Division, says the odds of new product success are not always favorable. 'The first year a product is on the market is the most critical, and with the amount of investment in new products and high expectations, optimal performance is essential. Until now, new product purchasers have been hard to reach objectively and efficiently, but they're the people who hold the insights into why a new product is or isn't meeting expectations. New product manufacturers need to tap into these insights to enhance successful product introductions or to steer an underperforming new product along a more successful path.'
More information about Ipsos Innotrack is available at www.ipsosinsight.com/products/innotrack.aspx .
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