VIRTUALLY LAUNCH PRODUCTS
TO ACCURATELY MEASURE BUSINESS POTENTIAL
Get an accurate read on new product sales potential with a virtual shopping test.
It provides a far more accurate measure of predicted in-market performance than consumer purchase intent research.
Consumer purchase intent measures what they say, not what they do. There is a weak correlation between purchase intent and observed shopping behavior, making it a poor predictor of in-market success. “It’s a sobering fact that more than 85 percent of new fast-moving consumer good (FMCG) products fail in the marketplace”. (AC Neilson)
One of the largest contributors is the fact that consumers are in a different decision mode when taking a survey vs. when they are shopping.
CONSUMER DECISION MODE
There are two different decision modes, based on behavioral research
This shopping mode is best described as automatic, fast and often an unconscious way of thinking.
Mode while taking a
This survey mode is effortful, slow and a controlled way of thinking.
VIRTUAL PRODUCT LAUNCH TESTS
OVERCOME 4 MAJOR DRAWBACKS OF PURCHASE INTENT RESEARCH
|VIRTUAL PRODUCT LAUNCH|
|1||Poor proxy for purchase behavior. Limits the value of consumer purchase intent research in terms of predicting in-market success.||Strong correlation with in-market purchase behavior. Based upon independent 3rd party studies, V-SHOPPER has a .85 correlation with in-market shopping behavior.|
|2||Cannot predict new product success with varying levels of brand awareness. What will shoppers that are not aware of the new product do in-store? This cannot be measured with consumer purchase intent research and represents a massive data ”blind spot”.||Can measure new product business impact with and without the aid of brand awareness. With virtual shopping test, you can do split cell testing, where half of the respondants are made aware of the new product and the other half are not - best and worste case in-market scenarios.|
|3||Does not factor in brand shelf impact. For new products, shelf impact is particularly critical because most shoppers are not looking for it - not seen, not bought! Many brand owners are surprised at the low % of shoppers that actually notice their brand instore.||Measure what shoppers notice instore. Shoppers use V-SHOPPER's Ocular Lens to help them scan the shelf, controlling it with their mouse. We effectively measure eye movement 3 times per second throughout the shopping experience by recording Ocular Lens movement.|
|4||Does not factor in brand findability. Our research shows that on average, about 80% of purchase decisions are made within the first 10 seconds. Many new products tested do not meet this 10 second benchmark.||Measure how quickly shoppers can find a product. Findability is affected by by both shelf impact & clear pack communication. With new products, where awareness of visual branding ques are low, findability can have a significant impact on sales.|