LONDON: UK research group Mintel has teamed with Chicago-headquartered Information Resources to market a new system claimed to reduce the cost of new product development by up to 80%.
Branded GNPD IRIS, the new system integrates Mintel's GNPD (global new product development) tool with IRI InfoScan, a scanner-based tracking service that processes point-of-sale data from stores on a weekly basis across seven nations - France, Germany, Italy, Netherlands, Spain, United Kingdom and the United States.
The duo claim GNDPI enables companies to monitor the sales successes and failures of new products and established brands, with the potential to reduce development costs.
It does so by identifying emerging trends, enabling fmcg marketers to make smart choices in product innovation by monitoring the successes and failures of their competitors.
By examining the sales of products with similar features and monitoring their performance over time, GNPD IRIS can help companies establish realistic benchmarks about the sales potential of their new product ideas before committing to the next stage of development.
The market is potentially enormous with close to 182,000 new fmcg products launched globally in 2006. Says IRI president of global solutions management Mark Tims: "New product introduction is closely linked to driving business results for manufacturers and retailers in most countries.
"However, these new products need to succeed in order for this mechanism to work. GNPD IRIS will help turn the art of launching new products into a science by optimising new product success rates through deeper trend understanding and analysis, including critical insights into the dynamics and diversity of a country."
Data sourced from MrWeb.com (UK); additional content by WARC staff