Today, fast-moving consumer goods (FMCG) manufacturers are under enormous pressure to innovate faster. Whether it’s to improve category sales, capitalize on trends or defend market share, Nielsen’s State of Innovation Survey found that 84% of fast-moving consumer goods (FMCG) professionals say they feel more pressure to bring products to market faster today than they did five or 10 years ago. As a result, manufacturers are cutting corners in an attempt to adopt a more agile innovation process at the expense of valuable consumer feedback and opportunities for refinement—and, in many cases, it’s taking a toll on their in-market performance.
According to Jenny Frazier, SVP in Nielsen’s Innovation practice, accelerated innovation often translates to making more decisions based on less insight, who noted at this year’s CoNEXTions event that 78% of marketers state they spend less time than they should on the innovation process when speed is a priority. She added that at the same time, marketers say they’re testing 25% fewer ideas than they feel they should.