Innovation in the dynamic FMCG sector is known to be the strongest component of continued business success. Standing still is not an option.
Globally, over 182,000 new products were launched last year. That’s one every 3.5 minutes.
That is an incredible statistic. A more surprising one perhaps, is the fact that year after year over 80% of these launches end in failure. To avoid that fate and to achieve breakthrough product innovation, more and more leading FMCG companies are turning to IRI. Its ability to provide highly accurate forecasting is helping companies to achieve breakthrough results by predicting the success or potential failure of a product at every stage in the launch process.
IRI can track, analyse and make sense of the trends driving new product success and can predict the next steps needed if changes are required to product, distribution and marketing strategies.
There are key stages within the successful launch of any product – IRI has the services combined with unrivalled experience to be with you at each one of these critical stages. The services IRI uses will, amongst other key metrics, tell you what shoppers want, how to deal with store segmentation and can even provide help with negotiations with manufacturers or retailers.
IRI services will:
- spot, track and measure product trends faster
- track new product sales through critical periods
- compare product performance against the competition
- predict future moves in the marketplace
- research deeper to provide pricing and promotional guides
- provide pre-emptive changes mid and post launch
- keep your new product within pre-designated indicators
- provide health checks for a brand
IRI services conduct all the above and more to ensure your products have the best chance of breakthrough at all the key stages of launch. IRI takes the guesswork out and puts some real metrics in place to make informed decisions.
KEY LEARNINGS:
- Knowing your how your product is performing in terms of the total market is key, but, what if you are missing important details about what is happening at a more local level? For more information Click here.
- The ability to track and understand distribution, sales and pricing is crucial, especially in the early phases of a new product launch. For more information Click here.
- Store level named account data is an invaluable resource allowing you to ensure maximum new product performance at the store level. For more information Click here.
- Test marketing before a national launch can be critical to fully understand if there are any refinements that are needed to the product, packaging, price or positioning. Product failure can be costly if it is not properly tested first. For more information Click here.
- Without accurate forecasts, it is extremely hard to predict future sales performance, manage production and inventories or set brand sales and share targets. Getting this right is critical for the bottom line. For more information Click here.
- IRI Drivers can help you analyse the success of the marketing support for your new product after its first year in the marketplace. By analysing the effect of marketing activity on your products you can optimise marketing spend across brands. For more information Click here.
To find out how IRI can help you with your product innovation strategies, please contact your account representative, or email sales@infores.com.