Young Park’s Post

Have you tracked your NPD Staying Power? Latest Research by Euromonitor into the chance of staying on shelf identifies Packaged Goods category have one of the lowest staying power, and pet care one of the highest. New benchmarks show how your chance of NPD success drastically differs by industry or category, so it is important to have the right benchmarks for the sectors businesses compete in to understand what success looks like. Increasing your chance of NPD success in your category, by positioning your new products correctly based on comprehensive consumer research, those launches are proven to have a stronger chance of remaining on the market as they are informed by consumer preferences, meeting changing consumer needs and standing out from your competition. At InsightLED we have a suite of NPD research tools targetted to industries and sectors from pacakged good, beauty and health care, FMCG and home improvement that can support your next product launch with compelling consumer insights to boost your staying power!

Staying power is a critical concept for FMCG companies launching new products. - Defines a product's ability to maintain market presence over time. - Influenced by consumer preferences, competition, and brand loyalty. - Helps businesses set realistic expectations and allocate resources effectively. - Understanding it in various industries and markets leads to successful product strategies. - Tools like Passport Innovation can measure and track staying power. How can your company leverage staying power to optimize its product portfolio? #innovation #fmcg #productlaunch #marketpresence #stayingpower

Failing to introduce new products risks going backwards, as innovation is pivotal for maintaining brand presence, securing retail space and bringing new buyers into the brand. Innovation is a lifeline in a market grappling to find real growth amidst ongoing inflationary pressures that have impacted consumer desires to expand their baskets. Read more about why grocery innovation must work harder to tempt shoppers in the Kantar article here: https://lnkd.in/ejiyURJr #Innovation #BrandGrowth #NewProductDevelopment #FMCG #GroceryIndustry

Are you ready to take a healthcheck on your new product development? Take a self-assessment against a range of critical factors (as outlined in our Innovation in UK Grocery 201-2022 white paper).  Download the white paper here for more insight: https://lnkd.in/eX3FipmS #NewProductDevelopment #GroceryInnovation #BrandInnovation #NPD #FMCG

"Do distinctive brand innovations survive longer than everyday ones?  Despite the significant drop off in the trial of distinctive new products, 79% were still on the market after twelve months, not much different from the 82% for everyday new products. However this dropped to only just over 50% after two years, although this was influenced by a particularly low survival rate for distinctive launches in 2020. Otherwise, over 60% made it to two years, a very similar rate to everyday new product launches. While survivability may not be greater for distinctive over everyday innovations, the perform better on other metrics, not least bringing new buyers into the brand. To find out more about the case for innovation, download the Innovation in UK grocery 2019-2021 report here:   https://lnkd.in/edK76jhv #BrandInnovation #UKgrocery #GroceryIndustry #FMCG #BrandGrowth

Let’s create FMCG products that truly resonate with market needs #FMCG #ProductTesting #Innovation #ConsumerInsights #Sustainability #AgileDevelopment #MarketTrend #marketresearch #indianmarketresearch #trending 🚀 **Why Product Testing Matters** **Consumer Insights**Engage directly with your audience to refine concepts. **Quality Assurance**Iterative testing ensures products meet expectations. **Agility**Quickly adapt to feedback for faster market entry.

Over the first five months of this year, only 35% of global CPG launches were entirely new products, with the other 65% being renovations — reformulations, line extensions, new packaging, etc. #newproducts #innovation #foodindustry https://hubs.ly/Q02H8rbk0

Drinks Industry ≠ FMCG. This mad rush to growth has made us believe that drink brands are Fast-Moving Consumer Goods. B**S**. The sooner you understand it's a Slow-Moving category, the sooner you can adjust to build solid foundations for your brand. Brands are built bottom-up.

🛒 Uncover the innovation challenges facing CPG brands! Explore strategies for driving growth and staying ahead in a competitive market. #CPGInnovation #BrandGrowth https://hubs.la/Q02wK0GP0

On the Strategic aspect of Innovation in the CPG world!