Successful businesses not only respond to the current market needs, but often anticipate future trends and develop an idea, product or service that allows them to meet this future demand rapidly and effectively. Innovation helps you to stay ahead of your competition as markets, technologies or trends shift. Thus, it can be the key differentiator between market leaders and their rivals. Using the principles of venture capitalism, we make the consumer the owner and try and understand the best positioning of a nascent idea. This in turn helps marketers to identify the feasibility of their innovative ideas.
To estimate the future potential and feasibility of the innovation ideas.
- A shampoo brand is considering the introduction of a shampoo product which will not require water in order to be rinsed. The company wishes to gauge the future potential of this innovation.
- A soft drink manufacturer wants to introduce an innovative range of ready-to-make soft drink pouches. What would be the market potential of this range?
- A candy manufacturer has created 5 different candy concepts and wishes to determine the two concepts that resonate more with consumers, and hence, have higher potential.
Innovation Testing helps a marketer ascertain the feasibility of innovations, ideas and concepts due to the employment of a series of state-of-the-art statistical techniques such as volumetric share prediction, leverage analysis/consumer adoption pathway, talk value modelling, conjoint etc. that deliver accurate and market-relevant results.