We have never had so much data at our disposal when it comes to retail. Huge investments are made every year in securing access to EPOS data, surveys, qualitative and quantitative market research, tasting panels and trend analysis.
So, why is it the case – according to the most recent studies from the leading management consultancies – that the vast majority of new and existing (refreshed) products still fail to achieve their fullest potential? Plus, why is it that product developer and category budgets are under such pressure and scrutiny (when it comes to accessing these tools) if it’s all working so well?
In our experience, no matter what insights or data points are loaded into any development process that gets EPD or NPD to shelf, we still don’t understand what it is that triggers a response in consumers to put a product in their basket (or not). Is it the price, name, messaging, ingredients, health benefits, branding, packaging? How do each of these work together?
Why is this the case? Because – if you believe the behavioural scientists – we are incapable of feeding back to anyone why we do what we do.
95% of our decisions are unconscious when it comes to making low consideration purchase decisions.
As a consequence, we don’t really understand what variables of any individual product are at play and driving good, bad or ugly performance.
Secondly, getting all of this data is pretty expensive, time-consuming and there’s no guarantee that a hefty research and analysis project will:
a) identify the right variable(s) that need(s) to be addressed. Few budgets can justify testing/launching every single variable in any given product to drive what are – these days – relatively marginal gains in performance and understanding. However, in our experience, the series of seemingly small incremental gains per variable can have a large overall and cumulative impact on performance.
b) predict future product performance. Most of the data available only looks backwards or relies on shoppers to tell the absolute truth, which they can’t.
c) do any of the above at pace, iteratively and incrementally - with a statistically robust output that closes the intelligence void of unconscious decision making - throughout the development process.
So, should we all just give up and go home? Not according to our CEO Ben Davies:
“The ad tech industry has been using split testing to test 100s of 1000s of variables in creative work to optimise media effectiveness for the best part of a decade. The barriers to entry are pretty low, too, from a budget perspective. These can be tested both in and out of market.
That’s why we created VYPR, which has brought this thinking to the food industry. VYPR uses data, behavioural science and technology to help the likes of Morrisons, Iceland, Mars, KFC and private label manufacturers to cost-effectively test 1000s of variables that make up every product with consumers, providing effective tools and techniques that deliver fast, statistically robust and consumer-led intelligence to enhance, accelerate and predict existing/new product performance, which unlocks our understanding of those unconscious drivers of product performance.”
Drop us a line to find out more how we work and put us to the test!
Contact us now to road-test VYPR.
To learn more about how VYPR can help you, simply dial +44 (0) 161 694 6320 or complete our contact form below.
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