Business Unit
Ventures
Challenge
“I need to get ahead of what’s trending in Hair Care so we can lead with successful innovations.”
Solution
A tool that identifies whitespace, benchmarks innovation success and track performance to course correct.
William – R&D Manager, Ventures
Identifying what is trending in the market requires William and his team hours and hours of sifting through Nielsen new item reports, tracking those items that have been identified as “important”, and prioritizing them. Because it takes so much time to sort through the noise, he is often launching a new product against trends that have been in place for over a year. On top of this, finding the right benchmarks is often an exercise in subjectivity–”Is this product like ours? When did it launch? Should we be better or worse than this product?” This means that William is not able to stay on top of the cutting edge trends that will allow him to introduce products to satisfy current and future consumer demand.
What William needs is a way to identify whitespace to launch breakthrough innovation, establish appropriate benchmarks for new launches, and track them meaningfully so he can course-correct if off-track.
