Using the Opportunity Score to Choose Winning Concepts
Despite consumers concentrating their household purchasing on a limited array of products, companies continue to launch new products as a way to increase sales and market share. Last year, 34,000 new products were launched in the United States and Canada. Along the bumpy road to new product introduction, marketers face difficult challenges, from choosing which product formulation is best to deciding which package design will be most effective. Still, the most critical and fundamental decision is usually made early in the innovation process: which idea should we pursue?
The Consumer Products Division of Ipsos-Insight created the concept of the opportunity score based on its expertise in online concept screening and forecasting. The opportunity score relates directly to the year-one trial rate. It can be used to help clients more accurately and easily identify high potential concepts early in the screening process.
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