It's an uncomfortable truth that the majority of innovations fail.
$80b is spent on research annually*, and yet the result is that more innovations fail than succeed by the time they get to market.
In today's market more than ever, building successful FMCG products is not cheap or straightforward.
It's no secret that the industry is seeing greater demands in shorter timelines, and while huge investments are spent on research and development, brands need to be able to optimise their learnings as much as possible to launch a product that’s going to win.
Yet, even the most popular methods are not getting to the core consumer truths. DIY gets you faster data, but much slower, labour-intensive interpretation times. Traditional agency partnerships entail greater fees and human bias. Focus groups can be unfocused with their shallow pool of participants, and surveys only gather claimed behaviour, not the real habits of consumers.
In short:
- The consumer isn’t always in the room
- When the consumer is in the room, the data isn’t always telling the truth
- When that data is captured, how do you even interpret it?
*[ESOMAR 2019]