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How Smart Quantitative Research Optimizes Corporate Innovation

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How Smart Quantitative Research Optimizes Corporate Innovation

As discussed recently in the blog Forging a Clear Path to Corporate Innovation, involving consumers in the innovation process leads to a richer pipeline of new product ideas. Even in the absence of this approach, companies are constantly generating ideas for new products. With all these ideas coming in—from consumers, employees, management, consultants—on which should management develop into full concepts for testing?

Given the relatively low rate of success for new product launches (less than 3% of new consumer packaged goods exceed first-year sales of $50 million—considered the benchmark of a highly successful launch; HBR, April 2011), and the cost and time in developing and testing concepts, selecting the right ideas for deeper concept testing is critical.

The simplest method for choosing which concepts to test is to pick management’s favorites. Of course, the faults are many but, most importantly, we aren’t typical consumers. But let’s say management does choose their 10 favorite out of 100 possible ideas. Ten concepts are…

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