New York, NY— Leading survey-based market research firm Ipsos Insight today unveiled its new InnoTrack tool, which measures how well a new product has performed in the market—domestic or global—versus expectations. Unlike syndicated services, InnoTrack sheds light on why products perform the way they do by identifying consumer motivations and deterrents to trial and repeat.
“The odds of new product success are not always favorable,” said Lauren Demar, President of Ipsos Insight’s Consumer Products Division. “With InnoTrack, manufacturers can understand why their new product is flourishing or floundering, giving them the information they need to make strategic and tactical marketing decisions.”
- Insights into why consumers try a product and why they will repurchase it, or not.
- Reasons why consumers who are aware of a product have not tried it yet.
- Information that directs merchandising and marketing mix decisions– including product, packaging, pricing, and advertising—even if a trial rate is still relatively low.
“The first year a product is on the market is the most critical, and with the amount of investment in new products and high expectations, optimal performance is essential,” added Demar. “Until now, new product purchasers have been hard to reach objectively and efficiently, but they’re the people who hold the insights into why a new product is or isn’t meeting expectations. New product manufacturers need to tap into these insights to enhance successful product introductions or to steer an underperforming new product along a more successful path.”
InnoTrack is part of Ipsos Insight’s suite of new product development tools, which includes opportunity testing, concept testing, product testing and package testing.
To learn more about Ipsos InnoTrack, visit www.ipsosinsight.com/products/innotrack.aspx
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Ipsos Insight is a marketing research consultancy that provides solutions to Fortune 500 companies in the areas of market assessment, brand management, innovation, and new product development. Our industry experts combine the discipline of marketing with the science of marketing research to offer expert consultation and strategic advice that builds powerful brands.
Our client service teams specialize in consumer products, technology, communications, health, pharmaceuticals, financial services, entertainment, retail, foodservice, agrifood, energy, utilities, and lottery and gaming. To learn more, please visit www.ipsosinsight.com.
Ipsos is a leading global survey-based market research company, owned and managed by research professionals. Ipsos helps interpret, simulate, and anticipate the needs and responses of consumers, customers, and citizens around the world.
Member companies assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media. They measure public opinion around the globe.
Ipsos member companies offer expertise in advertising, customer loyalty, marketing, media, and public affairs research, as well as forecasting, modeling, and consulting. Ipsos has a full line of custom, syndicated, omnibus, panel, and online research products and services, guided by industry experts and bolstered by advanced analytics and methodologies. The company was founded in 1975 and has been publicly traded since 1999. In 2005, Ipsos generated global revenues of €717.8 million ($853.8 million U.S.).
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