Nielsen identifies 12 criteria for new product’s success

Nielsen has identified 12 criteria that every new product must meet to succeed, improving the likelihood of new product success to 75%.

The findings were presented at its Consumer 360 Conference on Monday in Orlando.

Nielsen’s approach is based on tracking 600 product launches and testing 20,000 initiatives.

Nielsen also recommends what companies should change before the new product launch to increase chances of success.

“Nielsen is changing the innovation game,” said Vicki Gardner, senior vice-president, product innovation North America, Nielsen. “By identifying key criteria every successful new product must meet, we’re helping marketers know where to focus their efforts in new product development and in-market execution. As a result, companies gain a huge leap forward with more actionable advice and better decision-making, and that means better investment of new product marketing dollars.”

Nielsen’s approach provides an understanding of success on consumer benchmark areas, such as ‘findability’ and advantage over others, for an improved prediction of new product success.

Nielsen’s 12 success factors encompass five main areas:
Salience
1) Distinct proposition: Does the product offer a true innovation?

2) Attention-catching: Will the product be noticed?

Communication
3) Message Connection: Is your message conveyed in a simple, persuasive way?

4) Do you have a clear and concise message? Is it conveyed without clutter?

Attraction
5) Does your product have a substantial need/desire? Is it solving a problem or meeting consumers’ needs?

6) What is your product’s advantage? Is it better than others currently in the marketplace?

7) Credibility: Are your product claims believable?

8)Acceptable downsides (typically related to side effects for over-the-counter products)

Point of purchase
9) Findability: Is the product where consumers expect it to be? Can shoppers find it easily among the competition?

10) Acceptable costs: What are the cost/benefit trade-offs at the shelf? This could be price, calorie content, usage instructions, among other factors.

Endurance
11) Product delivery: Did you meet or exceed consumers’ expectations? Are you delivering on your product’s promise?

12) Product loyalty: Will consumers continue to purchase your product in the future?