System1platform for making marketing decisions, launched its automated Test your idea functionality, which provides predictive insight into product prototypes, names, logos, packaging, ribbons, promotions and more to help brands maximize profit potential.
Test Your Idea reports highlight respondents’ emotional responses to concepts, as well as their predicted idea acceptance and decision speed. Brands can also reveal what respondents see as the main strengths of each idea and their suggestions for further improvement.
With this information, product development teams can better understand what adjustments to make in future iterations of their product to increase the likelihood of commercial success. Meanwhile, marketing teams and agencies are gaining insight into which elements of branding and campaigns will resonate strongly with consumers.
Jon Evans, Chief Development Officer, System1, said: “Brands often struggle to predict exactly which of their ideas will be most successful.
“At System1, we know that 5-star ideas are three times more profitable than 1-star ideas. With Test Your Idea, brands can quickly and easily access consumer insights and recommendations, allowing them to innovate with confidence.”
Rebecca Hamson, brand manager at Dorset Cereals, a company that used Test Your Idea, said: “We evaluated some ideas through System1 about 18 months ago and our Granola Cluster Muesli product did extremely well.
“We’ve worked hard to transform this from an idea to a marketable product using valuable insights from this platform. Now, I’m delighted to announce that our product has just launched this weekend in Tesco under a new name, Muesli Crunch!”
System1’s Test Your Idea platform rates each idea between 1 and 5 stars, with 5-star ideas being highly profitable. The star is based on three important indicators:
- Emotional withdrawal – The happier people are about the idea, the better it will sell. System1’s FaceTrace® technology allows people to pinpoint the emotions they feel about each concept.
- Intended acceptance – This metric is calculated using a trading game that asks respondents whether they would buy or sell shares in an idea. He accurately predicts the profit potential of a concept by determining the percentage of people who would buy the stock.
- Trading speed – This measures how easy an idea is to process and is determined based on the time it takes for a person to notice whether to buy or sell shares in the idea.
Wisdom of the Crowd – With Test Your Idea, System1 tests with a wide sample to understand the true potential of an idea. Research confirms that masses are better at predicting success than small, targeted groups, which is why System1 doesn’t just ask a brand’s target market, but a diverse group of 500 people that represent the population. By asking them what ideas they think will work, a projective question, brands get the most realistic view of how their ideas will work.
Are you interested in the world’s leading brands personally discussing such topics? Learn more about World Digital Marketing Forum (#DMWF) Europe, London, North America and Singapore.