Making Innovations That Inspire: A Webinar To Learn How To Get More Innovations To Market
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Making Innovations That Inspire: A Webinar To Learn How To Get More Innovations To Market

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After 30 years and more than 30,000 concepts, InnoQuest*Vantis knows what it takes to drive real innovation to market. We have helped many leading companies infuse their organization with a more ...

After 30 years and more than 30,000 concepts, InnoQuest*Vantis knows what it takes to drive real innovation to market. We have helped many leading companies infuse their organization with a more innovative approach to new product development with tools that are easy to use and implement.

http://www.ipsos-na.com/knowledge-ideas/marketing/webinars/Default.aspx?q=making-innovations-that-inspire

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Making Innovations That Inspire: A Webinar To Learn How To Get More Innovations To Market Presentation Transcript

  • 1. Get More Innovation into Market Ideas to Drive New Product Success InnoQuest*Vantis March 2013 Break PriceAverage Luxury Through Commodity Novelty Curiosity Resistant Premium Winner Value Brand Want
  • 2. InnoQuest*Vantis - Range EXPLORE EVALUATE OPTIMIZE FINALIZE MONITOR FUZZY CONCEPTS PROPOSITION PERFORMANCE & FRONT END & LAUNCH MAXIMIZE ROI 2
  • 3. ExperienceLarge Durables Financial Services Technology New to the WorldAppliances Banking Computing Surgical techniquesGarage Organization Mortgages Tablets RobotsBath Investments SoftwareYard Mobile PaymentsBuilding MaterialsSmall Durables Consumer Telecom Smart bodyCleaning Electronics Smart phones FitnessTools Video Cable Disease monitoringBath Audio Other “content” providers TrackingLighting Camera Other “data” applicationsDecorSmart houseClimate control 25 yearsSecurityAppliance control 30 thousand productsSensory managementPersonal emergency 84 countries 3
  • 4. 4
  • 5. On the one hand, perhaps consumers can’t tell us what’sinnovative, especially in a quantifiable wayOn the other hand, without voice of the customer, mostcompanies innovate too much based on what they canproduceAnd in between the extremes of consumer- vs. tech-centricare a variety of approaches: lead users, gurus, processoriented…that may or may not be predictive
  • 6. Innovation is hard! 46% of resources devoted to failed/cancelled products About 80% of ideas and concepts tested will never launch About 70% of launched products will disappear within two years Source: Booz Allen 6
  • 7. Problems with Innovation Funnels 70% 10% Core Core 20% Adjacent 20% Adjacent 70% 10% TransformationalTransformational Innovation Activity Innovation ReturnsSource: Harvard Business Review 7
  • 8. Test Well, Don’t Do Well Things past peak on trend (e.g., investment advice, energy savings appliances, more points per dollar on loyalty programs) Incremental line extensions Straight give-aways on profit per unitDo Well, Don’t Test Well Things a little before their time (e.g., Personal Readers, PVR, Single Serve Coffee Machines, Netflix) ‘A little too different’ things that strike an emotional cord – done well (e.g., Snuggie)
  • 9. What Could Be ImprovedThe traditional measurement system is mis-usedThe evaluative view is not broad enoughInsights erode on their journey to commercialization
  • 10. #1Typical Measurement Systems Mis-used Look for the right things 10
  • 11. The Trouble With One Measure Top Two Box % 16% 21% 18% 34% 26% 28% 21% 19% 33% 8%Purchase Intent 12% 8% 9% 6% 4% 5% 6% 3% 26% 20% 21% 15% 17% 17% 13% 13% 13% Nokia Amazon Apple HP Apple Palm LG Apple Dell Booklet Kindle TV Mini iPhone Pre Chocolate iPad Inspiron 3G 2 3Gs 11z Definitely Would Buy Probably Would Buy Failed Succeeded 13
  • 12. Multiple Measures is Better, But Not Enough Placement in Vantis Database Raw Bottom Below Above Top Key Measure Question Avg. Score 20% Avg. Avg. 20%Seek Information (Top Two Box %) 95% Purchase Intent (Top Box %) 22% Purchase Intent (Top Two Box %) 45% Liking (Mean 6-Point Scale) 3.2 Price/Value (Mean 5-Point Scale) 2.3 Uniqueness (Mean 5-Point Scale) 3.6 Believability (Top Box%) 41%Need Fulfillment (Top Two Box %) 22% Market Success Score 115 0 67 133 200 14
  • 13. It’s The Total Profile That Matters Placement in Vantis Database Bottom Below Avg. Above Top When we look at these 20% Avg. Avg. 20% comparisons, we are looking at Seek Information patterns of scores.Purchase Intent (Committed) Like a constellation. Purchase Intent We use this pattern to Liking understand a concepts strengths and weaknesses. Price/Value Uniqueness And its true potential. Believability Need Fulfillment 15
  • 14. Seemingly ‘Middle Performers’ Are Often Dismissed Too Early  Winner Top performer  Under-priced archetypes  Good concept  Breakthrough  Potential future hit  ? Over-priced Niche/targeted Middle  Me too  Skeptical  Average  Atypical performer  For Want  Communications  Luxury  Value resistant archetypes  Value Challenged  Commodity  Unconvincing Branding  Caught in middle Poor performer  Laggard archetypes 16
  • 15. 17
  • 16. 18
  • 17. Each Archetype Profile is Assessed in the Context of the Commercial Game Plan High Liking and Uniqueness, Top Box Purchase Intent often 30,000 average or above, Price / Value often below average 24 80 Pricing Normally needs to come down as quickly as production economies permit Needs to be designed for the masses; generational and line management is key – having a Product roadmap for the evolving product line Promotion Advance PR with mass support positioned to a non-sophisticated consumer Mass and elite distribution; mass distribution often rolled out slowly starting in outlets with a Distribution high CDI, sales person/channel incentivizing is important but often only affordable in elite channels; POS demo is useful 19
  • 18. #2The Evaluative View is Not Broad Enough Look Past the Data 20
  • 19. 5 Essential Factors Ultimately Lead to Product Success Sales Potential  Penetration and Revenue Potential Communication  Simple and single-minded, focused, effective Audience  Clearly defined and sizable, interested, reachable Long Term  Sustainable, Evident possibilities for new revenue streams Edge  Sells itself (real benefits), generates buzz, Sustainable competitive advantage 21
  • 20. Consumer Goods Framework Innovation Performance Framework Consumer Market & Marketing Demand Execution Force Relevance Market Structure Media Shelf Visibility & Expensiveness Promotion Adv. Brand Recall Differentiation Comparability of Distribution Size & Range 22
  • 21. #3 Insights Erode(or were not the foundation in the first place) 23
  • 22. Defining an Insight The REVELATION of a SIGNIFICANT GAP between consumers’ ASPIRATIONS and what they perceive as AVAILABLE, which can be turned into a BUSINESS OPPORTUNITY 24
  • 23. Framework for Insight Development Personally Occurs in Engaging Daily life Tension Important Frequent Consumer is Ready to Revelation Change Credible behavior 25
  • 24. Assure Continuity of Insight Better Better Better BetterInsights Ideas Concepts Ads Product Development Copy Development Approaches Approaches 26 26
  • 25. Assure Continuity of Insight Better Better Better Better Insights Ideas Concepts Ads Don’t If insights are Keep it real compromise known to behigh standards strong, you can Measure not screen more just appeal but easily how the parts of the concept resonate Avoid feature Directly link myopia testing results to creative briefs 27 27
  • 26. Summary• Consumers can definitely send us signals about true and game-changing innovation if we look at their feedback through the right lens – pay special attention to those ideas in the middle• Consumer feedback needs to be systematically married with market and marketing success factors to guide the right action and excite the organization• Rigor in what constitutes an Insight and how it is shepherded through the commercialization process will lead to more success• Doesn’t require reinventing the wheel 28 28
  • 27. Jason BrownPresident, InnoQuest*Vantis jason.brown@ipsos.com P: 212-584-9248 29 2
  • 28. Segment Potential Index and Incidence – Bose SoundLink wireless music system  Target Segment for Bose SoundLink consists of: Market Success Score  Age 18-34  Smartphone owners 78  Value quality over price, brand etc 0 67 133 200 Key Measure Scorecard Segment Incidence: 24% - Sizable Bottom 20 Below Above Top 20 SPI: 135 - Interested Percentile Average Average Average Percentile Seek Information (Top Two Box %)  Purchase Intent (Top Box %)  Likely buyers for this concept are heavy Purchase Intent (Top Two Box %)  newspaper and magazine subscribers, providing Liking (Mean 6-Point Scale)  a direct channel to reach the right audience Price/Value (Mean 5-Point Scale)  Good/ Uniqueness (Mean 5-Point Scale)  Sales Potential  Believability (Top Box%) Strong  Need Fulfillment (Top Two Box %)  Communication  Audience  Communications Indices Long Term  Message Power Score   Edge  Buzz Power ScoreNote: The target profile for this concept was used to define the appropriate segment. Strong Buzz 30
  • 29. Example 2 – Dell Cloud Computer 31
  • 30. Segment Potential Index and Incidence – Dell Cloud Computer  Target Segment for Bose Dell Cloud Computer Market Success Score consists of:  Smartphone owners 106  More frequent streaming of content 0 67 133 200 Key Measure Scorecard Segment Incidence: 24% - Sizable Bottom 20 Below Above Top 20 SPI: 135 - Interested Percentile Average Average Average Percentile Seek Information (Top Two Box %)  Purchase Intent (Top Box %)  Likely buyers for this concept are heavy Purchase Intent (Top Two Box %)  newspaper and magazine subscribers, providing Liking (Mean 6-Point Scale)  a direct channel to reach the right audience Price/Value (Mean 5-Point Scale) Good/  Uniqueness (Mean 5-Point Scale)  Sales Potential  Believability (Top Box%) Strong  Need Fulfillment (Top Two Box %)  Communication  Audience  Communications Indices Long Term  Message Power Score   Edge  Buzz Power ScoreNote: The target profile for this concept was used to define the appropriate segment. Strong Buzz 32
  • 31. Each Archetype Profile is Assessed in the Context of the Commercial Game Plan 30,000 cases 24 archetypes 33