A fortune 500 CPG company faced with increased competition and tighter margins needed to better predict the success of new product innovations. They felt as if they were placing roulette bets, rather than making strategically informed investment decisions. What they needed was a robust mode and analytic framework to support decisions of where to continue or end support for new products.
Grail did a new analysis of successful and unsuccessful product innovation launches to offer a refreshed view of all the key influence parameters. We then built a model that included impact measurement for key influences such as variability in post-launch support, competitor strategy and end market specifics influencing product acceptability.
We gave our client a new lens for evaluating and predicting new product innovation success. Our model offered specific recommendations on how long products should be supported and when they should be discontinued. The model took specific inputs and provided predicted performance outputs. We also provided benchmarks and metrics to track competitors’ new launch strategies. The result was a tangible, actionable framework that allowed the client to cut 22% of unnecessary product development costs from their budget, and focus more on those products with better predicted performance.
I’d like to receive occasional news and insights from Grail.