Global research consultancy TNS launched an express concept screening tool that allows businesses to determine in as little as 48 hours whether a new product idea will drive top-line business growth.
With organisations under increased pressure to get new products to market quicker while reducing failure rates, TNS’s eValuate express will assess whether an innovation has the potential to attract new customers or whether it risks cannibalising existing products.
“With at least 2 out of 3 new product launches in Australia underperforming, companies need to be applying far greater scrutiny to the innovation process,” said Mark Hobart, Executive Director, Head of Innovation and Product Development at TNS Australia. “Companies must determine which concepts are best placed to drive growth before huge budgets are lost on R&D, packaging and marketing campaigns for a product doomed from the start.”
eValuate express is based on TNS's flagship growth tool Concept eValuate, a proven methodology that significantly improves the accuracy of in-market growth predictions. TNS created the 48-hour express version to prevent expensive mistakes even at the earliest stages of the ideation process and guide investment towards true winning ideas from the start."
eValuate express enables companies to measure the incremental growth a concept will deliver by looking at consumer behaviour 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.
Hobart continued: “Most screening promotes a concept with the highest trial potential. This approach is fundamentally flawed because these ideas don't always provide an incremental growth opportunity and may even destroy value through unwanted cannibalisation.
“With eValuate express we can identify and prioritise concepts that will deliver growth for a company, and we can provide results in as little as 48 hours – which is a remarkably fast turnaround and peace of mind to know you’re headed in the right direction.”
TNS also offers a unique methodology for ideation called SuperGroup, a highly intensive two-day workshop bringing clients and creative consumers together to generate new breakthrough ideas. A SuperGroup typically generates 150 new ideas and result in 30 test-ready concepts.
Hobert commented: “With our new 48 hour concept screening service, our clients can start with a blank piece of paper on Monday, and have a full pipeline of tested and prioritised growth opportunities by the end of the week.”
TNS advises clients on specific growth strategies around new market entry, innovation, brand switching and stakeholder management, 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, 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 13 specialist companies, the group aims to become the pre-eminent provider of compelling and inspirational insights for the global business community. Its 28,500 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
Contact Dana O'Neill
+61 2 9563 4200