For many consumer packaged goods (CPG) manufacturers, the innovation process is under pressure. Competition in the marketplace is tight, and brands are tasking marketers and insights managers with launching new products on faster timelines than ever before. The demand for faster turnarounds, however, forces a trade-off, as 69% of marketers say they’re currently unsatisfied with the quality of data they receive from existing innovation testing solutions.
Even so, 80% of CPG marketers still say they’d like to receive innovation testing results faster, and 75% say it’s critical that the data is predictive of in-market performance. The good news on both fronts is that marketers can now access the speedy tools that address these challenges.
This week, Nielsen launched Concept Quick Predict, a new innovation tool that allows marketers to test innovations at a rapid pace—three times faster than traditional methods—without sacrificing the predictive reliability and data quality they need to make effective decisions.
Currently available in the U.S. and select European markets, Concept Quick Predict enables marketers to get the most reliable evaluation of their innovation because it uses the same predictive analytics (Nielsen Factors for Success) and independently validated forecasting models as Nielsen’s gold standard innovation testing solutions, which have been trusted by the industry for 40 years.
Reaching a point of speed without compromise relies on collaboration. Because Concept Quick Predict is enabled by Nielsen’s online collaboration platform, Innovation Studio, CPG marketers get the benefit of faster predictive analytics, combined with software that helps innovation teams develop better ideas and work more effectively together. This centralized platform makes it easy to involve more people in the process, leading to richer and more diverse ideas. Teams can set up research projects faster and leverage interactive reports to more quickly glean the most important insights and next steps.
“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,” said Joe Stagaman, Global Product Leader, Nielsen Innovation Practice. “In essence, it offers ‘speed without compromise,’ a concept that should be the new gold standard for the industry.”