How brands can innovate better the first time as competition heats up
In the quick-moving food, drinks, and packaged goods sectors, brands need to get products to market faster without sacrificing accuracy. New research tools can help them get things right the first time, says Ipsos’ Alyson Heffernan.
As trend cycles accelerate and competition intensifies, brands across industries are challenged to innovate faster than ever. But product misfires are costly — and rushing to market without early-stage research only hurts their odds.
In increasingly competitive times, brand leaders can be tempted to skip the rigor of research. At the same time, companies can’t afford not to get things right the first time. Ill-conceived or undercooked early-stage innovation often leads to extensive redesigns, expensive product revisions and even delayed launch dates. To avoid wasting significant resources on late-stage development, brands must look before they leap.
The answer is incorporating data-backed insights and human perspectives — the left brain and right brain sides of innovation — early in the development process. Ipsos has perfected a live event approach with its Ipsos Labs to make that a reality where researchers and all the key stakeholders can now conduct qualitative and quantitative research with real consumers in a single day. That helps ensure their next product will be a hit even before it hits the market.
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