Nothing is as difficult as successfully introducing a new product in a crowded market. 7 out of 10 products quietly disappear from the market a year after introduction because they do not catch on with the consumer.
It would be great if you could have a good insight into the volumes to be achieved early on in the development process, so that you can make a choice to invest your money in really promising concepts that can mean actual growth for the future.
Innovation teams are often very creative and develop beautiful new concepts, but not all of these innovations are equally successful. In many cases, these innovations have only been checked by conducting qualitative research. Small groups that put together their ideal product together with the client. In general, there is nothing wrong with that, but it does not always appear to be reliable to estimate how many consumers will “actually” buy the innovation. It increases the chance of a flop. It is difficult to estimate volumes and therefore success chances with this.
The most important questions that are lacking an answer: is the innovation strong enough to attract enough consumers? Is the market share attractive enough? At the expense of which products is the innovation bought? Are these attack options realistic enough to attack? Or is it our own products that are being replaced?
Quantitative volume research shows whether the new innovation will achieve sufficient volume. Whether it will become a top performer, attractive, question mark or unattractive product. And whether it will be an attractive product for the retailers and who the direct competitors will be. These are all important ingredients to better determine the chances of success and whether it is attractive enough to invest in this innovation!