Analytics for launching new products

The traditional marketing research techniques relied on survey data and techniques like conjoint analysis, whereas integrating customer interaction data whether in the form of configuration data, digital interaction data or unstructured blog sentiment data for new products going to be launched in real time is becoming a priority for CPG and Retail firms. New sources of data along with techniques like text mining, structural equations modeling, can guide organizations in taking more informed decisions on the 6 NPD decisions outlined earlier. The web provides an immersive environment for consumers to play around with new products which are launched. Example: Let’s say a apparel designer conceives of a design. He/She creates a mockup of that design using 3dimensional virtual reality tools and publishes this product on the internet. Giving consumers the ability to rotate the dress, examine the apparel from multiple angles, mails the configured product to his friends in a social network which also serves as a platform for blogging about the new product … As the consumer takes action on each product, the information can be logged and analyzed for degree of engagement matrix