Improving New Product Launch Success with Decision Intelligence
Our customer, a leading consumer goods company, was facing a significant challenge with the high failure rate of new product launches. They needed to improve the accuracy of their new product forecasts and enhance the effectiveness of their launch strategies. Specifically, they were grappling with the decision of which product formula to launch that would lead to “sticky” adoption. To address these issues, the customer sought a solution that could facilitate the ideation and launch process, while also providing a system of record for new product launches. Cloverpop was selected as the Decision Intelligence platform to deploy forecasts, digitize a continuous improvement process and monitor / course-correct innovation performance.
The customer's existing approach to new product forecasting and launch decision-making was cumbersome and lacked the necessary accuracy and efficiency. Deciding which product formula to launch was a complex task that involved multiple stakeholders and often relied on subjective judgments. This resulted in a high level of new product failures, leading to low success rates and missed market innovation performance targets. The customer needed a streamlined and data-driven solution to address these complications and make informed launch decisions.
To address the challenges faced by the customer, Cloverpop deployed a comprehensive solution that encompassed new product forecasting, decision flow facilitation for the ideation and launch process, and leveraging the Cloverpop system of record for new product launches. The new product forecast provided a data-driven approach to predicting demand and identifying market opportunities. The decision flow facilitated collaboration among stakeholders and streamlined the decision-making process. Additionally, the Cloverpop system of record digitized continuous improvement and monitoring, ensuring that insights and lessons learned from each launch were captured and utilized for future innovation success.
The implementation of Cloverpop's solution yielded significant results for the customer. Over 30 new product concepts were forecasted and assessed, allowing the customer to prioritize and allocate resources effectively. The accuracy of the new product forecasts improved by ~30%, reducing the risk of launching products with low market demand. This improvement led to a more efficient allocation of resources and a reduction in new product failures. Additionally, the solution helped identify $150 million in executable innovation opportunities. Cloverpop's solution enabled the customer to make informed and data-driven decisions, resulting in improved new product launch accuracy and significant business growth.