Retailers and manufacturers wasted £2.7bn over the last year 

 

According to manufacturing consultancy Newton, food manufacturers and retailers in the UK grocery industry waste £2.7 billion annually on product innovations that consumers do not want.

If companies focused on products consumers want rather than basing innovations on ‘gut feelings’, the industry could generate up to £233 million in profit from new products and offset the £2.7 billion wastage (Source: Foodbev.com, January 2018)

This coincides with the fact that according to Nielsen, 75% of new FMCG product launches fail in the first year. 


Snip20180419_2.png
Snip20180419_3.jpg

Market Research is pointless for food & drink innovators…


Don't leave it too late

Over the past 2 years we've supported over 50 SME innovation projects by providing key customer insights.

We also bring 15 years of insight experience, working with Kantar Worldpanel, TNS and GfK.

Most Food & Drink SMEs use insight post-launch, to justify staying on-shelf. For many, this is too late.

They have developed and launched a product that doesn't truly meet the needs of their target audience......who therefore don't buy it. By this stage, it's probably too late to take their customer's needs into consideration.

Few Food & Drink SMEs do their insight at the start or during the actual innovation process. 

Snip20180418_18.png

"If we hadn't used Prop B, we'd have ploughed ourselves without involving customs enough.

We now have a clear understanding of who our custom are, what's important to them and where we can offer them something different"

VC2 Brands

Bring insight in at the early stages of innovation.

Our innovative approach is workshop-based to involve your whole team (if you want),

and is driven by our expertise in SME proposition development.

Customer needs.jpg

Day 1 - Initial Workshop

  • With your team, agree the target audience at a segmented level
  • Explore the needs of these customers
  • Identify your Value Proposition - what will make your product different? Why should they buy it, instead of something else?
  • Plan the insight phase, including key objectives
Snip20180417_10.jpg

Insight phase

  • Co-create key questions
  • Develop the survey structure
  • Identify the best way to reach the target audience
  • Conduct the survey (minimum 500 respondents)
  • Collate and analyse the results

 

IMG_6553.jpg

Day 2 - Debrief Workshop

  • Present the results and analysis to your team
  • Agree key takeaways 
  • Create a Proposition Roadmap (short and medium term development strategy)
  • Allocate ownership to actions and confirm next steps

Outcomes

A typical project is completed within 3-4 weeks, providing you with a clear understanding of.......

Snip20180420_2.png

 

Your customers' Needs, Challenges, Behaviours & Attitudes

A Value Proposition for your new product

A set of assumptions that have been validated by customers

 

 

In terms of tangible outcomes......

  • Insight pack including detailed results, analysis and recommendations
  • Proposition development roadmap
  • Plan of action for the team
  • Cross-team engagement and buy-in
  • Confidence that you will get it right for customers first time