Nielsen has launched a new marketing tool that addresses the increasing pace of consumer demands by claiming to help marketers test and assess the viability of new product developments “three times faster than before”.
The new analytics tool Concept Quick Predict lets marketers test innovations up to 3x faster than traditional methods, but without sacrificing confidence in the data.
Powered by Nielsen Factors for Success, an innovation evaluation system that is validated to be predictive of in-market performance, Concept Quick Predict allows marketers to get evaluation of their innovation.
The company claims that innovations that score “Ready” or better on Nielsen Factors for Success are 5x more likely to succeed in market when compared with industry average success rates.
Feedback from Concept Quick Predicts’ early users has been positive. Derron Wrubel, Consumer & Marketplace Insights Innovation Consultant, Nestle USA said, “Nestle is committed to bringing innovative new products to market by empathizing with, listening to and truly understanding our consumers wants and needs. Nielsen’s Concept Quick Predict including easy to use online collaboration features, will definitely help Nestle accelerate our new product development, by providing the same high quality analytics and predictive insights we expect from the Factors for Success framework in less time.”
“The innovation process is under great pressure, with teams being asked to launch innovations on faster timelines than ever before. At the same time, teams need to be confident the ideas they are launching will succeed,” said Joe Stagaman, Global Product Leader, Nielsen Innovation Practice. “The launch of Concept Quick Predict marks a new milestone for fast innovation tools, allowing marketers to test innovations at a rapid pace without sacrificing the predictive reliability and data quality they need to make effective innovation decisions. In essence, it offers ‘speed without compromise,’ a concept that should be the new gold standard for the industry.”
Nielsen’s Concept Quick Predict tool is available now in the U.S. and most of Europe. Additional details on availability in other global markets we be made available soon. A two-minute video explaining Concept Quick Predict is available here.