InsightFarm Innovation HotHouse: Ped Egg

Welcome to the InsightFarm Innovation HotHouse

Innovations come and go – capturing our attention and personalizing the future that is unfolding before our very eyes. Some innovations make a huge splash and disappear in the blink of an eye. Others unfold in a slow burn and melt into the fabric of our lives. How are we to know as marketers what innovations are really storming the market and which are just hype? And, of those innovative products, which ones will be most likely to stick, grow, and develop into mainstays of the economy? Finally, how can Innovators better measure ideas before they finalize them, to make sure they exhibit the same strengths as successful introductions before they are introduced? The InsightFarm Innovation HotHouse is designed to answer these questions and fuel Innovators with knowledge to help them grow big ideas.

What does the InsightFarm Innovation HotHouse do?

First – the InsightFarm Innovation HotHouse is a Marketplace Monitor. We use continuous collection of consumer noticeability of new products as they enter the market. These Consumer Noticeable Innovations become the platform for further analysis.

Second – the InsightFarm Innovation HotHouse measures consumer awareness of innovations that are noticeable, the marketplace conversion potential of these products, and a modeled success index based on 18 diagnostic questions designed to assess a product’s perceived ability to meet consumer needs from three standpoints: 1) using the product itself; 2) using the product to produce or create something else or an experience; 3) sharing the product or information about the product to have experiences with others. These three dimensions measure the product’s ability to stretch beyond functional dynamics and become part of the fabric of life.

Third – the InsightFarm Innovation HotHouse measures for Modeled Interest (part of Marketplace Conversion Potential) and the Success Index can be collected for products that are not on the market yet – those in the concept stage. These measures help Innovators make adjustments to new product concepts prior to introduction and better understand the likelihood of success.

Finally – the InsightFarm Innovation HotHouse is a personal experience. Kelley Styring, Consumer Strategist, Author, and creator of the InsightFarm Innovation HotHouse, personally uses and shares her experiences with the top scoring products in her blog: The InsightFarm Innovation HotHouse Blog. The blog helps “bring to life” the Innovations measured and offers one real person’s experience as a template for understanding the broader consumer measurements and an expert opinion to help interpret the consumer measures provided.

Please contact Kelley Styring at: kelley.styring@insightfarm.com for more information on the InsightFarm Innovation HotHouse. The InsightFarm Innovation HotHouse is powered by C&R Research, Chicago, Il.

InsightFarm Innovation HotHouse: the Measures

Consumer Noticeable Products: Items achieving a noticeable level of mentions in an open ended question about “new products” on the market enter the InsightFarm Innovation HotHouse measurement system. All items reviewed are Consumer Noticeable Products.
Initial Awareness: Consumer Noticeable Products are presented to consumers and aided awareness measured for the first period after they are noticed. This is Initial Awareness. The product will continue to be presented in subsequent periods until a minimum awareness base of 75 is reached. Then diagnostic data across waves is combined for analysis. Initial Awareness is not impacted by subsequent waves.

Conversion Score: A composite measure modeled from purchase interest, perceived popularity, and intention to recommend.

Domino Analysis: A weighted composite of 18 diagnostic measures compiled into three outputs including “consume”, “produce”, and “share” dimensions. An index to the average of other composite scores is reported. An index above 120 is considered strong.

Success Index: Total weighted composite score from the Domino Analysis. This total score incorporates the 18 diagnostic measures’ impact on interest, perceived popularity and intention to recommend. An index to the average of other composite scores is reported. An index above 120 is considered strong.

Thursday, October 9, 2008

Ped Egg

I grasp the white orb in my right hand and take a good look at my left foot. I’ve had two glasses of wine and think my foot looks exactly like a hoof, rough and time worn, having crossed many miles in too many pounds to be forgiving. The Ped Egg is in my hand and I’m ready to assault the beachhead of my life’s mileage with this quasi cheese grater.

Sort of.

You’ve seen the commercial. You know, the one where a little vomit creeps up the back of your throat when the smiling talent made oh-so-cheerful by a good old fashioned foot flaying dump the skin shavings in to the trash can.

Ack.

But, I have to say, this product works pretty well. It’ll take a few hundred uses to make my tired dogs look like the happy feet of a toddler, but even after a couple of uses there is a noticeable improvement. I’m even inspired to paint my toenails hooker red, which is an even more noticeable change, but perhaps not an actual improvement depending on your perspective. Now, if they could just scrape away the memory of that commercial! That would be true innovation.

The Data: Ped Egg scored well for awareness garnering 59% in its first measurement period. Conversion potential is relatively low and the success index is average driven by average scores on all measures. So, “as seen on TV” may be a pretty good way to drive fast awareness capture sales commensurate with interest measured.

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