How Trendscope generated $64m ROI through Concept Optimisation
“We worked with Black Swan's Trendscope to sharpen our consumer insights. It is truly Black Swan’s approach of combining technology and consultancy which made the difference and drastically transformed our concept results.”
Director of Analytics & Insights
Their Challenge
Our customer tasked us to review and improve a set of underperforming new product concepts using our trend prediction tool: TRENDSCOPE.
This gave us the opportunity to test each concept’s purchase intent before and after optimisation, to see what the impact of TRENDSCOPE would be.
Our Approach
Each concept was broken down into its constituent elements and analysed using TRENDSCOPE‘s TPV (Trend Prediction Value) and Trend Association Indexing features.
The tool enables users to systematically analyse which key elements within a concept (its Themes, Benefits, Ingredients, Occasions) can be improved and serves recommendations on alternative elements that have a higher TPV.
Through swapping these higher ranking elements in, we were able to dramatically improve the overall relevance and future potential of each concept.
The Results
We re-ran the five reworked concepts through the customer’s concept validation methodology:
The Impact
All five concepts went from scoring in the bottom 50%, to the top 20% of concepts in the database.
Two of the concepts were placed in the top 5% of concepts ever tested and classified as ‘Rare Fluent Innovations’.
Sales potential for the new concepts was on average x2.1 higher than the benchmark new product launch in the database.
Together, the five revised concepts were calculated to generate an incremental $64m in sales revenue versus before.
Want the answer to the sixty-four-million-dollar concept optimisation question? Ask TRENDSCOPE.
If you’d like to speak with a member of the team about Trendscope or optimising concepts, please contact: hello@blackswan.com
