Fast, Cost-Efficient Tool Brings Quantitative Rigor to Previously Untested Innovations
New York, NY - March 22, 2017 - Nielsen (NYSE: NLSN) announced today the launch of Quick Screen, a new overnight, cost-efficient innovation tool that allows fast moving consumer goods (FMCG) manufacturers to quickly test new product ideas and measure their potential. Quick Screen brings quantitative rigor to previously untested innovations-resulting in quick results without compromising on data quality.
Today's FMCG manufacturers are under great pressure to bring new products to market that solve foundational problems for everyday consumers, said Jenny Frazier, senior vice president of Nielsen's Innovation practice. Often times, the cost and time investment required to test new ideas can be prohibitive-leading brands to miss or skip steps in the early stages of innovation. As a result, nearly half of innovations that brands test do not meet a consumer need-setting the stage for product failure, instead of a product success.
To address this industry challenge, Nielsen's Quick Screen will enable and empower brands to test their ideas with speed-and evaluate their ranking on unique consumer needs. Quick Screen uses a robust choice-based method so users can easily tease out the most promising ideas before investing big dollars in product development. Within Quick Screen, ideas are ranked by category engaged consumers on both relevance and uniqueness, proven dimensions that are key elements of predicting long-term success in market.
Supported by the Nielsen Innovation Studio platform, brands can identify the next, new product innovations with the most potential-overnight. The ease and efficiency of this solution will allow brands to:
Ideate: Through a simple upload system, ideas and concepts are entered into Nielsen Innovation Studio to centralize and finalize the content.
Evaluate: Teams can test ideas across a set of factors that category consumers rate based on need and uniqueness.
Analyze: Interactive results show the ranking of ideas and allows clients to filter and sort results in real time.
Many products that launch to market struggle to stay on shelf long term and therefore budgets are wasted on manufacturing, distributing, and marketing a failed product, Frazier continued. With Quick Screen, our clients have a chance to let no idea go untested. It gives our clients a way to perform faster quantitative testing using trusted, software-enabled methods that bring speed and affordability without losing quality.
In addition to the launch in the U.S., Quick Screen is also available in major global markets. For more information visit our Quick Screen site.
ABOUT NIELSEN Nielsen Holdings plc (NYSE: NLSN) is a global performance management company that provides a comprehensive understanding of what consumers watch and buy. Nielsens Watch segment provides media and advertising clients with Total Audience measurement services for all devices on which content - video, audio and text - is consumed. The Buy segment offers consumer packaged goods manufacturers and retailers the industrys only global view of retail performance measurement. By integrating information from its Watch and Buy segments and other data sources, Nielsen also provides its clients with analytics that help improve performance. Nielsen, an S&P 500 company, has operations in over 100 countries, covering more than 90% of the world's population. For more information, visit www.nielsen.com.
CONTACT Genevieve Aronson: (646) 654-5742, Genevieve.Aronson@Nielsen.com
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Fast, Cost-Efficient Tool Brings Quantitative Rigor to Previously Untested Innovations
