Product performance is crucial to the long-term survival of your innovation. Nielsen’s market data indicates that while a good concept can increase the survival rate of an innovation by two times, a good product can boost sales by as much as 15 times.
But how can you determine if your consumers will be attracted to a product? Having an understanding of what they like and desire is critical in developing and launching a product that will best meet their needs.
Product testing is the ideal way to identify a product’s potential before the product development process. That eliminates the risk of developing undesirable products, which could be costly and time-consuming down the road.
Nielsen maintains the world’s largest database of new products (more than 19,000), which is a great source for benchmarking industry innovation and help you evaluate your new product. Using this relevant database to evaluate product performance and provides rich perspective that’s driven by your competitive set of new products.
The product testing focuses on performance and identifies the drivers/limiters of appeal, as well as the opportunities for improvement. You will gain actionable advice that you can use to:
- Screen alternative formulations for a single new product.
- Identify which varieties in a multi-item line need improvement.
- Assess early-stage products before investing in them further.
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