New Product Development (NPD) is the life-blood of businesses today, especially those within the CPG and FMCG industry, but it is not so simple for new products to break inertia and stand out on the shelf when consumers aren’t necessarily always looking for something new. NPD comes with high risk and most new products tend to fail, so what can be done to ensure your products succeed?
Performing market research provides companies with an understanding of consumers’ path to purchase, identifies opportunities and ultimately helps drive growth. More specifically, behavioral research shows what consumers are doing in reality throughout their decision making process, bringing us closer to real life results and the actual shopper experience.
Behavioral science is grounded in the direct and indirect observation of consumers and has disrupted the NPD norm. When new products are isolated and observed on their own, everything may seem perfect, but when put among the competition it becomes clear what can be done to improve and help the product succeed in the market. PRS IN VIVO provides a number of resources and methodologies backed by both qualitative and quantitative research to dig deeper into the ‘why’ and find out what does and doesn’t work for new products. Our services find ways for new products to break through the clutter and give them a chance to bring significant growth to companies all around the world.
Listen to Cliff Kane, Vice President, Account Management & Senior Qualitative Moderator, share more of how behavioral research can help drive NPD success, at PRS IN VIVO in our latest podcast below: