<\/p>\n

By refining new products and introducing consumer validation right through your process, you will begin to see new product failures fall to 0%.<\/strong>  In doing so, your cost of innovation falls, and your return on investment increases massively, which in turn makes sustained growth through real innovation a reality for you.<\/p>\n

These benefits are astounding, and perhaps the key factor behind all of this, is the fact that data is driving decisions<\/strong>.<\/p>\n

The Importance of Data<\/strong><\/p>\n

New product development has often been based on unproven assumptions, gut feelings, or history.  Surprisingly, current innovation processes in Consumer Goods use very little consumer data to make important product decisions \u2013 concept testing with consumers has occurred infrequently, if at all.<\/p>\n

This huge lack of validation continues to fuel the disconcerting 90% failure rate found in this sector.<\/strong><\/p>\n

It\u2019s not hard to see why \u2013 the number one challenge when developing products has been to reliably predict what consumers want to buy. Traditional testing and validation using methods like physical focus groups are expensive to run and slow to deliver results \u2013 plus they only really represent a small sample of the population.<\/p>\n

In short, data has always been expensive and hard to get!<\/em><\/p>\n

As a result, data has been ignored in order to maintain progress and reduce costs. This has led to a product development pipeline with too many proposals running at once.<\/p>\n

The hope? That some products would resonate by the time they reached the shelf \u2013 turning teams into gamblers hoping for a big win, instead of scientists with a good testing tool and hypothesis, empirically moving through a process.<\/p>\n

Adopting a scientific approach of continuous validation through the collection of evidence \u2013 in Vypr\u2019s case real-time predictive consumer insights \u2013 to highlight which products will succeed before they are produced, represents a huge shift away from potentially disastrous decisions<\/strong>. <\/p>\n

In this Agile World, Data is King.<\/strong><\/p>\n

Technology and consumer insight, when applied well, have been proven to have a transformative effect on the innovation process and crucially the outcome \u2013 that\u2019s what really drives Agile Innovation.<\/em><\/p>\n

Thankfully, Consumer Goods brands and manufacturers are increasingly adopting new digital research tools such as Vypr to increase the speed and reduce the cost of testing. On-demand, predictive consumer data is readily achieved through these, and these insights are transforming NPD outcomes by removing the barriers to best practice.<\/p>\n

You Don\u2019t Have to Be Afraid of Data!<\/strong><\/p>\n

Perhaps the word \u2018data\u2019 makes you feel apprehensive \u2013 after all, we hear about how it can \u2018revolutionise\u2019 almost everything, yet explanations on how to go about using it correctly are often filled with complicated jargon.<\/p>\n