With a failure rate in the US for new Grocery products of over 80% which rises to almost 90% if launched by a small business, US brands could be forgiven for a strategy of making regular incremental improvements to existing products, rather than Innovating. Irish food and drink failure rates are slightly better at 80% and Canadian brands hover around the 85% mark of new products failing. Clearly this is an ongoing issue, as old as the FMCG industry itself.
However, there is so much happening in the world of Market Research and it’s impacting on grocery brands in a major way.
Read the full article by Hamish Renton, MD, HRA Food and Drink Marketing http://synergismarketing.com/market-research-techniques/
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