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The Importance of Insight in New Product Development

There was a time when companies could focus on a small range of tried and tested core products, run a series of basic TV adverts and rely on long-held and cordial relationships with a range of retailers to drive sales. Things have moved on. Retailers have become more powerful, and more ruthless. Competition has grown, almost exponentially in some categories. Within FMCG and even consumer electronics, own-label has emerged, often carving out double digit market shares and threatening to commoditise many previously dynamic categories.

NPD, driven by innovation, has, and must continue, to lie at the heart of the manufacturers’ response to this changing market dynamic. Our experience, though, is that companies too often become introverted during the NPD process, failing to locate developments within the competitive context of their marketplaces. However, NPD does not occur in a vacuum, and it is essential that companies understand the market environment at all stages of the NPD process:

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