As discussed recently in the blog Forging a Clear Path to Corporate Innovation, involving consumers in the innovation process leads to a richer pipeline of new product ideas. Even in the absence of this approach, companies are constantly generating ideas for new products. With all these ideas coming in—from consumers, employees, management, consultants—on which should management develop into full concepts for testing?
Given the relatively low rate of success for new product launches (less than 3% of new consumer packaged goods exceed first-year sales of $50 million—considered the benchmark of a highly successful launch; HBR, April 2011), and the cost and time in developing and testing concepts, selecting the right ideas for deeper concept testing is critical.
It’s common for qualitative research practitioners to cast a wide net to ensure no insight is left unconsidered, and many apply the same logic to their innovation efforts, aiming for the big, blue sky with the hopes of capturing a new, game-changing idea. In practice, however, I’ve seen this approach to innovation not only produce incremental or non-actionable results, but also shelve some of the best ideas to collecting dust. To find success in innovation, it’s important to act deliberately and remain cognizant about where you want (and don’t want) to go. Continue reading →
Key Takeaway: Given numerous entrants into the videoconferencing sector from established and emerging technology companies—including the recent introduction of Amazon Chime—the market leader position in this space is up for grabs. We at Market Strategies have a lot of questions about how the sector is growing and transforming. How prevalent is videoconferencing? Which platforms are being used? What do companies need to focus on to make their platform ubiquitous? In this article, we will share our data and insights on the players in this space, including the number one thing a company must do to come out on top.
Videoconferencing technologies have been around for more than a decade, but we have seen them take off with our clients in the past year. We enjoy being able to visually interact with our clients and colleagues so we set out to conduct our own research study to learn more about the experience. While analyzing the results, we were surprised by the introduction of Amazon Chime, which promises “frustration-free online meetings with exceptional audio and video quality.” Why would Amazon enter this market now, with Skype and Hangouts being around for years? Is it insightful or redundant? Will a majority of users asking their colleagues to ‘Skype’ or ‘Hangout’ now ask them to ‘Chime?’
Our data suggests Amazon’s move is insightful. While Skype and Hangouts are certainly popular, there is plenty of room for additional competitors especially since no one seems to have worked out all of the technology bugs. And with a majority of users not wedded to any single platform, Amazon (or another disruptor) has plenty of opportunity to grab market share.
Market Strategies conducts numerous thought leadership studies for our clients. These studies are often released under the client brand so you may not even know they were conducted by us when you read about them in the New York Times or The Wall Street Journal, or hear about them on CNBC. While we can’t give away specific findings from our studies, we can tell you that the most recent studies have been impacted by a fascinating polling phenomenon—optimism. Continue reading →
Editor’s Note: This is the first of a three-part series on understanding the streaming video consumer. Be sure to bookmark FreshMR so you don’t miss an issue!
It wasn’t long ago when consumers had three choices for video consumption: free TV (using antennas), paid cable TV, and, if going with cable, whether to add a movie channel like HBO. There was little competition, little innovation and very few choices. What a difference a few years makes!
Those simple days are almost unrecognizable in today’s chaotic, cluttered video world. Sure, consumers can still view local broadcasts over-the-air, but the insatiable appetite for content has dramatically increased our options. Having so many options can be overwhelming to customers but also confusing to the telecommunications and entertainment companies that provide and deliver content.
A clear definition of innovation, leadership who supports it and employees empowered to execute it are hallmarks of a strong innovation-oriented company. But, as my colleague Paul Donagher noted in Innovation Journey: Is It Better to be Lucky or Good?, the voice of the consumer is also important to product development research though including the right kind of consumer along the Innovation Journey is critical.
To include consumers in idea generation, we need a repeatable and reliable process that produces groundbreaking, market-relevant concepts by bringing creative individuals and forward-thinking consumers into the innovation process. This consumer-oriented process includes the following steps:
Editor’s Note: Our Consumer & Retail team is launching a blog series for the retail and FMCG industries. In the coming months, we’ll share our thoughts on recent advancements—backed by real-world examples—around the consumer journey from innovation and personalization to channel attribution/interaction and omnichannel marketing. Subscribe to FreshMR now so you don’t miss any updates.
The retail and FMCG industries face an uncertain marketplace where prior known certainties can no longer be relied upon. In that reality, there is nothing quite as exciting in product development research as helping clients discover the products of the future.
One notable example is the number of clients who have asked us to help them develop “company-specific norms.” Many clients have relied on ‘generic’ norms for their simulated market testing, but they’re now ready to move in a different direction. Why? One client responded quite clearly, “We’ve found ourselves developing concepts to ‘beat’ the testing process to move forward, rather than to actually meet consumer and market needs.” The tail was wagging the dog, and potential new products were being designed to beat the process. As a result, the process had become more important than the outcome. Changing the way they looked at normative data was just one way in which this company was trying to reassess their innovation journey to change success/failure outcomes.
While the Debate Continues, the Upside of the Ruling Lies With the Investor
Whether the Department of Labor (DOL) fiduciary rule continues to be delayed, eventually takes effect or ends up being repealed, the proverbial beans have been spilled, as many advisors and their respective firms have already taken the actions needed to comply, thus proving some areas of debate true and others false.
Here are the facts: more than one-quarter (27%) of all affluent investors and over one-third (36%) of advised investors—those currently working with a financial advisor—are now familiar with the DOL fiduciary rule, which expands the definition of an investment advice fiduciary. Among those who are familiar, most (74%) have taken action in the form of talking to their financial advisors, reading about the topic online, discussing the ruling with friends and family and/or reviewing the fees paid for the investments they own. Yet, only 4% have considered changing advisors, debunking the myth that the fiduciary rule has the potential to impose heavy churn on advisors’ client base, and suggesting that there’s more than meets the eye to the investor-advisor relationship. Continue reading →
Editor’s Note: Our qualitative researchers go beyond people’s words and actions to reveal the meaningful insights behind them. They have decades of experience across a myriad of industries and brands. But who are they? And what drives their desire to connect with others? Take a two-minute peek into today’s featured moderator: Rob Darrow.
When I first entered the field of market research years ago, the CEO of our small boutique firm routinely stated that “our greatest challenge doesn’t come from other research firms, but from prospective clients who feel they don’t need research.” Thankfully, most companies recognize that market research plays a critical role in market success, but even that enlightened view is not sufficient to guarantee success.
After all, what does “market research” for any given organization actually mean? When is it needed? How should it be applied? Even those who are committed to better serving their customers can find themselves making some very basic mistakes when it comes to using or not using market research. Following are two common mistakes that businesses make when it comes to market research and product development.
The future of the DOL fiduciary ruling is anything but certain. We do know, however, that the majority of financial advisors have some concerns about the ruling, with six in ten advisors (60%) favoring repeal. Advisors employed in the broker/dealer channels—particularly the Bank channel (82%)—and commission-based advisors (72%) are most likely to support repeal. In contrast, RIAs, most of whom are predominantly fee-based and already consider themselves fiduciaries, are more likely to oppose repeal (45%) than support it (29%).