|By Business Wire||
|July 2, 2014 10:30 AM EDT||
Global research consultancy, TNS, launched today an “express” concept screening tool that allows businesses to determine in as little as 24 hours whether a new product idea will drive top-line business growth.
eValuate express will launch in the US, UK, China, Germany, Australia, and the Netherlands in July, and rollout to over 20 markets before the end of the year. In as little as 24 hours, it can assess whether an innovation has the potential to attract new customers, or whether it risks “cannibalizing” other products from the existing franchise or client portfolio.
With so many new product failures, companies should be questioning whether current systems are approaching this vital phase of the innovation process correctly. Companies must determine which concepts are best placed to drive growth before huge budgets are dedicated to R&D, product and packaging development, and marketing campaigns. eValuate express enables companies to do so by measuring the incremental growth the concepts will deliver rather than other outdated measures.
Also, unlike traditional screening tools, which give equal weight to every respondent, this approach looks at consumer behavior at an individual level – for example, whether someone has a high or low probability of purchasing the new product. This allows a much more accurate prediction of the “expected value” that each customer will provide.
Based on TNS’s flagship growth tool, Concept eValuate, brands can benefit from a significantly faster turnaround time of just 24 hours. Organizations today are under increased pressure to drive growth from innovation and get new products to market quicker while reducing failure rates simultaneously. eValuate express provides the growth insight they need with the turnaround time they require.
David Soulsby, Global Director, Innovation and Product Development, at TNS, said: “Giving a concept the ‘green light’ involves committing significant investment to product development, so concept screening is a critical phase in the innovation process. However, decisions at this stage often have to be made quickly to drive speed to market.
“Most screening promotes the concepts with the highest trial potential. However, this approach is fundamentally flawed, because these ideas don’t always provide the best growth opportunity due to the value-destroying menace of cannibalization.
“eValuate express helps to identify and prioritize those concepts that will deliver growth for your company. And it provides results in as little as 24 hours after commissioning a study to help you make those decisions fast.”
Notes to editors
TNS advises clients on specific growth strategies around new market entry, innovation, brand switching and customer and employee relationships, based on long-established expertise and market-leading solutions. With a presence in over 80 countries, TNS has more conversations with the world’s consumers than anyone else and understands individual human behaviours and attitudes across every cultural, economic and political region of the world.
TNS is part of Kantar, the data investment management division of WPP and one of the world's largest insight, information and consultancy groups. Please visit www.tnsglobal.com for more information.
Kantar is the data investment management division of WPP and one of the world's largest insight, information and consultancy groups. By connecting the diverse talents of its 12 specialist companies, the group aims to become the pre-eminent provider of compelling and inspirational insights for the global business community. Its 27,000 employees work across 100 countries and across the whole spectrum of research and consultancy disciplines, enabling the group to offer clients business insights at every point of the consumer cycle. The group’s services are employed by over half of the Fortune Top 500 companies. For further information, please visit us at www.kantar.com
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