There are some scary stats out there, like 85% of consumer packaged goods (CPG) launches fail!* This shows that for many companies there is vast room for improvement when it comes to product innovation insights. Incorporating video feedback into the process can provide you with a better steer on how to iterate. This can ultimately lead to a more successful outcome.
Assessing the opportunity and ideation
You’re in the initial stages of innovation. Imagine being able to personally speak to a broad range of customers. You would be able to understand their issues and see the emotional impact of problems they want solving. Unfortunately, this just isn’t a practical approach.
Video and video analytics can give you this level of access and understanding of consumers, offering insight at both scale and speed. It even provides the opportunity to gain feedback easily across global markets.
So, you’ve reached the concept testing stage for your new product and it’s time to see the reaction from consumers.
If you want to truly see consumers’ reactions, video is the ideal medium. It allows you to get up close, not just through words, but body language and facial expressions. A wide variety of techniques is available to engage consumers in the process. This includes focus groups, online communities and diary studies, getting feedback from individuals or groups.
Now you are happy with your concept, it’s time to move to something more tangible.
What better way to evaluate the product than watching real consumers interact with the product in their own environment. Using ethnography, you can get under the skin of how consumers react to the product, from the packaging and throughout the first and subsequent uses. It’s also an ideal way to compare how consumers use your competitor’s products.
Video can also extend beyond qualitative studies through the inclusive of video in surveys. Video can give you up to 6x more information than an equivalent free text questions.
Through observation and feedback, you can make the right iterations before going to market.
Go or No Go
Insights can be the difference between make or break for new products.
"The refrigerator, the laser, and the dishwasher were disasters for decades before enough of the cultural and technological barriers were eliminated through various insights, transforming the products into true business innovations.
Big thoughts are fun to romanticize, but it's many small insights coming together that bring big ideas into the world." Scott Berkun, from his 2007 book "The Myths of Innovation"
Video can help you tell the story of your new product through the eyes of the consumer so stakeholders can make an informed decision. Sharing video through show reels is an engaging way to explain the product journey from concept to store.
So hopefully now we have a product on the shelf, but the insight doesn’t need to stop there. Mobile technology and the popularity of video have meant that consumers are happy (and actually pretty good) at filming themselves. Capture tools are available that let you set tasks for consumers so you can observe them on their weekly shop or see their daily routine – with the inclusion of your brand new product.
We’ve seen a rapid rise in companies using video to gain insight throughout the whole process, utilising a range of methodologies.
We don’t claim to be able to turn every product launch into a success, but we can help light the way. We do know our clients are gaining an edge by understanding deeper insights through the use of video capture and analytics during the process.
*Nielsen Innovation Report
Read more on innovation in our recent blog from the IGD Category Management Conference - https://livinglens.tv/can-retail-giants-behave-like-startups/