In 2015 alone, the world’s biggest companies spent $680 billion in research and development. Despite this significant investment, CPG companies struggle to consistently launch successful products in the market.

95%

of new products fail in the CPG market

 

 

Source: Harvard Business School

94%

of executives are not satisfied with their company’s innovation performance

 

Source: McKinsey

84%

of business executives agree that innovation is important to growth strategy

 

Source: McKinsey

Successful companies leverage consumer feedback to minimize the risk of product failures.

According to the Nielsen Breakthrough Innovation Report, a study on the most successful products in the CPG industry, innovation requires a process that uncovers what consumers really need.

Uncover pain points

Test, screen and forecast processes

Fail fast and iterate quickly

Embrace transparency

To increase their hit rate, companies need to better understand the evolving attitudes and preferences of their consumers. Engaging with consumers on an ongoing basis and infusing customer insight at each step of the product lifecycle is key.

 

“Digital disruption has created new, fluid consumers who have different expectations and demands for faster and easier choices… To win their loyalty, it is imperative for consumer goods companies to reinvent how they interact with consumers, using digital technologies.”

– Teo Correia, a senior managing director at Accenture

Leveraging consumer insight to drive innovation

Vision Critical helps leading CPG companies get the consumer insight they need to accelerate innovation, validate product ideas and successfully launch breakthrough offerings in the market.

Our platform enables companies to create insight communities of engaged consumers to understand buyer pain points, uncover unmet needs in the market and continuously improve products.

How insight communities help CPG companies drive innovation

Uncover proprietary data on consumer attitudes, preferences and opinions

Identify pain points and detect market white space opportunities

Co-create and validate product ideas, and eliminate non-viable concepts early

Test and iterate with the same consumers throughout the innovation cycle

Optimize pricing, promotion and go-to-market strategy

Integrate sales data with attitudinal data to inform product improvements

Take the next step

Learn how the Vision Critical platform helps companies like yours get the consumer insight you need to drive product innovation in less time with less effort and higher ROI.

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