Nielsen has launched its Target Group Performance Analysis, a new innovation evaluation framework that will allow fast-moving consumer goods (FMCG) manufacturers to more accurately predict an innovation’s overall viability and the growth potential within specific, target, consumer segmentations. This new global innovation offering is the first target group analysis tool in the market that is grounded in the BASES database, the industry’s largest database that is used to predict consumer behavior in a retail environment, according to company officials.
In today’s innovation landscape, many buyer group testing tools are either limited to broad definitions, like “moms” or “brand buyers,” or unable to accurately predict target buyer preferences for an innovation, when compared to other category competitors. Nielsen’s Target Group Performance Analysis provides an absolute look at a specific buyer and how responsive they may be to a certain initiative. Through flexible database simulations that are based on Nielsen’s proprietary database and deep knowledge of target response patterns, actionable insights around key buyer potential are revealed. With this knowledge, companies now have a new, more strategic framework for evaluating their innovation decisions. They can refine their decision making to consider both their overall potential of success with the likelihood of appealing to their strategic buyer, allowing them to innovate with a growth mindset.
More predictive than traditional methods of target group analysis, this solution is backed by a multi-year research and development effort that verified the accuracy of the model in a variety of major markets across all major super categories and a range of target group profiles. This tool has been validated against proprietary target group databases of more than 10,000 concepts among non-general population groups such as teens, parents and pet owners. Unbounded by category, country or consumer definition, the solution reliably predicts preferences for any strategic target.
“We are excited to add Nielsen Target Group Performance Analysis to our product offering roster,” says Jenny Frazier, senior vice president of Nielsen’s Innovation group. “Nielsen has a strong track record of helping our clients consistently achieve better innovation outcomes, faster and more efficiently. Our leading-edge development strategies put product offerings in prime position to succeed. Continuing this trend, Nielsen Target Group Analysis will take the guess work out of targeted initiatives for our clients and will add context and confidence to targeted innovation decisions with both survival and strategy in mind.”
This latest news from Nielsen was announced at Nielsen’s CoNEXTions Conference, which is currently taking place in Los Angeles, Calif. Nielsen Target Group Performance Analysis is available globally.