These can be used to help initiate conversations and begin to show organizations why their current state is unsustainable. Drop them into an email as a way to spur interest in a conversation - see the example on the right. Sources for all of these stats can be found in the Conversation Roadmap which you can download in the materials section.
Click on the + to see the industry facts listed below.
These can be used to help initiate conversations and begin to show organizations why their current state is unsustainable. Drop them into an email as a way to spur interest in a conversation - see the example below. Sources for all of these stats can be found in the Conversation Roadmap which you can download in the materials section.
Click on the + to see the industry facts listed below.
Insights that show their world is changing
- 76% of insights buyers believe they have to transform their businesses to remain competitive.
- 565 of respondents are concerned about current research methods, but are not clear on how to incorporate new technologies
- $65 billion in consumer spending will shift from baby boomers to millenials by 2020.
- 62% of research professionals say that company investment in research will either decline or stay flat over the next few years.
- Innovations struggle to hit the financial target about half of the time, even on platinum initiatives: Analysis of all BASES I studies globally between 2014-2016 where an MBO was specified showed that 51% of the time the MBO target was missed; the average amount of miss was 34%.
- Companies that work with Nielsen see innovations success rates improve from an average of 15% to 75% and see forecasted year-one revenue for innovations increase by 38%.
Insights that prove they are making tradeoffs between research speed and data quality
- Only 31% of researchers feel confident in the quality of fast-screening insights.
- 40% of research buyers are concerned about the ability of research to deliver actionable reports
- 75% of insights say that receiving predictive data and insights is the most important attribute in a concept testing solution and vendor
- 80% of marketers say they want to receive research results faster.
- Due to time and budget constraints, marketers are testing 25% fewer innovations than they would like to.
Insights that illustrate teams spend too much time on low-value administrative tasks
- About half of market research professionals' time is spent on study set-up—writing questionnaires, preparing study inputs, and meeting with stakeholders.
- 71% of market research professionals wish project results were centralized in one place.
- Involving collaborators from different functional roles (e.g., marketing, consumer insights, sales, R&D, etc.) has a positive effect on concept performance. Teams with representatives from four or more functions generated concepts that performed 46% better than baseline results with consumers relative to teams with fewer functional roles represented.
- Given the difficulty of collaboration, on average only two people collaborate on most concepts, and this lack of collaboration is shown to hurt the strength of propositions; involving more collaborators leads to a larger pool of ideas, which creates more opportunities to identify a single idea that consumers truly love. According to the data, teams of six or more people generated concepts that performed 58% better with consumers in pre-market testing than brands' initial, "starting point" concepts. Those starting point concepts were developed by teams of two people and performed only 16% better than baseline results with consumers.
Inisghts that show the world our clients live in limits how much they can test (and as a result how successful their ideas can be)
- Insights and marketers would like to test nearly 25% more innovations than they do today.
- Only 5% of initiatives tested that don't meet a consumer need are successful in market
- Fewer than 20% of initiatives generate greater than $10M in year one retail sales, and 54% produce $3M or less.
- The top 100 innovations (out of 22,131) perform 9X better than average innovations.
- 28% of innovations get to the final stage of launch and still do not meet the basic and critical success requirement of "meeting a consumer need or desire."
- 37% of innovations show strong consumer potential but lack marketing budget to get them to their MBO.
- 10% of innovations have weak consumer potential but enough planned marketing support to buy at least a year of sales.
- Ideas developed with Nielsen methodologies are actually four times more likely to succeed than with traditional validation approaches. And, they achieve 38 percent more forecasted revenue as well.
Have an insight that’s different, for your client or for your region? Go to Google+ and search for the “NLSN Innovation Challenger Group” to share! Already a member? Click here.
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