Consumer insight: New product insight
Consumer insight research can help to get the market positioning of a new product right and act as a pathway to success
Consumer insight has a vital role to play in creating and developing a product proposition. Classic ‘innovation funnel’ approaches, widely adopted in the consumer packaged good sector, often demand the product concept is driven by real consumer needs. Consumer insight is then critical to the honing of the concept and, eventually, the product itself. Thus a lot of the consumer insight agenda is focused on the concept creation and physical product and optimisation.
Consumer insight, though, is just as critical in positioning the new product and thus optimising the chances of success in the marketplace. A great product can, and probably will, fail if any element of the mix is not working.
For example, a strong product proposition may fail if any of the following are not optimised: the price; the name (and particularly how this interacts with existing brands/sub-brands); the packaging; and the merchandising.