The First Insight Implementation Process
Thinking of bringing a new product to market? Success of newly launched products depends on designing and picking winning products, finding each product’s optimal entry price point, buying the item at the right quantity, and marketing it to the right consumers. We help retailers adapt to rapidly-changing consumer preferences by incorporating the voice of the customer into the new product introduction process.
Why does our process work?
The stakes have never been higher for retailers and brands, with new product failure rates of 50-80%. Consumers have many choices - you need the right products at the right price to bring them into your stores or onto your website and drive conversion.
Instead of relying on traditional methods for selecting and pricing new products such as historical data, in-store testing or focus groups, we help you align your new product assortment with customer demand to guarantee margin gains.
First, you select the items you wish to consumer test. These can be sketches, CADs, or images of sample items. Product data is uploaded to your own personalized dashboard with a few simple clicks. Within minutes, hundreds of items will be ready to test.
We work with you to create a set of online games to connect and engage with consumers and gather real-time feedback on your new products. Our online engagement tools are customizable and are unique to your brand identity. From mobile apps to social games that can live on Facebook, each engagement is designed to create relevant and meaningful experiences with your brand.
In real time, our proprietary predictive analytic models are applied to the consumer data collected through the online engagements. Our models filter and weight the input to generate accurate data on perceived consumer value, unit sales, and forecasted average unit retail pricing on new items.
In 48-72 hours you will have insight on the future success of each item tested. Results are clearly displayed within your personalized dashboard, which can be accessed anytime, anywhere. Detailed views provide insight into price elasticity, customer segmentation and attribute data.