Reviewing the Evolution of Concept Testing for brands in helping achieve product success

Transcription

1 Reviewing the Evolution of Concept Testing for brands in helping achieve product success

2 We help companies anywhere in the world make clearer business decisions by bringing brands and people together via the world s largest social voting community of 10m and advanced real-time research platform. 2

3 Approx. 10 Million Members in 62 Countries North America 2.2+ Million Members EMEA 3+ Million Members MENA 111,900+ Members APAC 3.5+ Million Members South America 1.5+ Million Members

4 The Platform 4

5 What we will be discussing Highlighting how changing business needs and a more digital world has impacted modern day testing backgrounds Spotlighting the efficiency requirements needed for modern concept testing in terms of automation, sample & output Reviewing how the PowerConcept can be used to benefit product development Showcasing real life studies where using the method has led to successful product development 5

6 What is concept testing? Concept testing is typically used to understand the potential of a new idea. For example; a product such as Coca-Cola Life and brand extensions, e.g. Diet Coke with Lime. Generally Answers 1. How many people would buy my product? 2. Is it different to other products in the category? 3. Do consumers believe my message? Often built around 1. Product claims 2. Package image 3. Priced or unpriced 4. Structure based around truth or friction; benefit; reason to believe; tagline Concept testing is the largest overall expenditure for research-related activities by marketers today. It accounts for an average of more than 6% of marketing budgets annually! Gartner s CMO Spend Survey 6

7 Concept Example Product introduction Truth Coca-Cola Life is a lower-calorie version of Coca-Cola, using stevia and cane sugar as sweeteners. I love the taste of Coca-Cola, but I don t like consuming artificial sweeteners. Benefit 60% fewer calories than classic Coca-Cola Reason to believe Price Naturally sweeteners = healthy option 8x330ml cans = L =

8 Why automate? Obtain faster and more cost effective insight. Automate and standardise the way research is conducted, without sacrificing quality. Receive real-time access to data, infographics and insights to expedite decision-making. 9

9 Product Overview corporate.toluna.com 10

10 PowerConcept: The future of concept testing Conduct real-time, fully-automated concept tests to understand the overall strength of your brand, product or advertising concepts in days instead of weeks and at a fraction of the cost. 11

11 Key Benefits Why automate concept testing? On-demand monadic concept test No research expertise required; an intuitive wizard guides the way Templated approach cuts down the time to insight and get results 10x s faster than traditional methods Concept test at any stage, from ideation to market-ready

12 Why PowerConcept? Key Features Intuitive wizard guides the user and builds the questionnaire Customisable questions available for added flexibility C-level Infoboard and Powerpoint make it easy to share insights Norms available for benchmarking for key categories Reporting is available after the first response comes in Access to Toluna s global panel of 10 million consumers across 59 markets 13

13 Demonstration corporate.toluna.com 14

14 PowerConcept: 7 Easy Steps Define the product category Enter up to three screening questions Load up to 8 concepts Define competitors Enter the metrics on which to evaluate the concept Add any additional concept questions Define your sample size & target quotas 15

15 Real-time reporting and data visualisation Insights and recommendations are generated when the first responses come in. A dynamic infoboard, full PPT concept report and TolunaAnalytics dashboard is available for advanced data visualisation and analysis capabilities. 16

16 Possible Research Applications Which product you will be bought most? How much information should I give to consumers? Which idea should I pursue? What message is more effective? Which product is consumer recommended? Packaging A or B? Which ad will resonate most with my audience? It is better to use a spot 15 '' or 30 ''? Price A or B Price? 17

17 PowerConcept: Statistics so far ,000+ Launched in September 2016 Number of product / service categories Steps to define the questionnaire No. of max concept for survey Launched projects worldwide Concept tested worldwide 18

18 Case Studies corporate.toluna.com 19

19 DeAgostini Feedback on PowerConcept This empowers DeAgostini to make well informed decisions on what specific features to emphasize to consumers. Able to launch a survey and obtain the consumer insights they needed in 24 hours on a niche target Focus 90% of their time on consumer intelligence vs consumer insight activities. Redesign the packaging according to consumers opinion Launch the product in shops only 10 days after the study 21

20 JUST EAT Feedback on PowerConcept Helped evaluate and improve advertising campaigns based on consumer opinion. Test their television advertising creative To make more informed decision on what specific advertising is preferred by consumers. Key insight that enabled the marketing team to take immediate action. 23

21 In Summary PowerConcept is not only used for product concept testing. Concepts are tested now in days instead of weeks and at a fraction of the cost. No research expertise is required; an intuitive wizard guides the way. 24

22 corporate.toluna.com 25