The study covered 73 consumer products launched over a five-year period and found:
- Products that used innovation software for concept optimization had a launch rate of 55%, compared to an industry average of 27%
- Of those products that did launch, 44% of optimized products achieved significant sales through the first 24 months on market, compared to a 25% success rate for the others
- Optimized products earned an average of $23.7 million in revenues during the first 24 months, compared with average revenues of $9.0 million for non-optimized products
Innovation software using concept optimization provides a superior alternative to conventional innovation processes for developing products, advertising and design. Optimization allows for a wider assessment of every aspect of a product’s concept, including branding, positioning, features, packaging and more. Optimized concepts are three times more likely to beat the leading competitor than non-optimized products, according to earlier research on optimization performance.
Affinnova’s President and Chief Executive Officer, Waleed Al-Atraqchi, said, “The success of concept optimization technology is powering our clients’ growth. We’re confident our new solutions – including Affinnova Concept Studio, our Software-as-a-Service offering for concept collaboration – will boost their growth even higher.”
Affinnova is a high-growth software and services firm that enables innovative companies to drive better ideas to market faster. Unlike conventional market research, our patented survival-of-the-fittest approach has the capacity to explore extremely large idea spaces by applying evolutionary search algorithms to product and marketing innovation. Global Fortune 500 companies, including major restaurant chains and brands such as Procter & Gamble, Unilever, Nestlé, PepsiCo, Pfizer, Johnson & Johnson, Walmart and Citibank, depend on Affinnova to deliver accelerated launch timing and higher success rates. For more information, please visit www.affinnova.com.