New Product Qualifier Helps Marketers Identify Ideas With Highest Potential

ACNielsen U.S., an operating unit of ACNielsen, has recently announced the launch of New Product Qualifier (NPQ), a powerful new software tool to help consumer packaged goods (CPG) companies hone their lists of new product ideas to those with the greatest potential for success. Used in conjunction with the ACNielsen Homescan New ProductFacts database, it is hoped that NPQ provides an early read of a potential new product's likelihood of success. 'New products are the lifeblood of any CPG company,' said Nick Sorvillo, senior vice president, Marketing, ACNielsen Homescan. 'New Product Qualifier will increase our clients' odds of success in launching new items by helping them sort out the best ideas from those with less likelihood of success.'

Within the multi-step new-product development process, New Product Qualifier is designed for use after idea generation and before further concept testing. Delivered on an interactive CD-ROM, NPQ enables users to quickly compare their sales requirements with actual results achieved by other new products in the same category. Users select from nearly 220 product categories or create custom categories. For example, cereal manufacturers could choose the 'ready-to-eat cereal' category, enter the number of units they need a new product to sell to meet financial targets, and NPQ will provide low-, medium- and high-unit sales for all new products actually introduced in the category in the past five years. Or, the manufacturer could create a custom category by selecting cereals from the database with more specific characteristics, such as granola cereals or sugary cereals. Across the entire database, there are more than 1,300 brands and thousands of UPCs to choose from. After the benchmarks are provided, users can work through several 'what-if' scenarios by adjusting factors such as buying rate or household penetration. NPQ also enables users to see what demographic groups purchased other new products in their category, what regions of the country generated the strongest acceptance, and more.

Once a new product is introduced, NPQ helps compare in market results to projected outcomes, providing critical insights into the early stages of a national launch. New simulations can be created to assess performance drivers and to help determine which mid-course actions might help meet business goals.

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.

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