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.

Monday, February 23, 2009

Smart Car -- who's your Daddy?




What’s the best selling car in America? Not a Honda or Toyota. Or even a good, solid Ford. Nope, it’s the Little Tykes Cozy Coupe. Surprised? You shouldn’t be. With its energetic styling, youthful target market, and extreme fuel efficiency (zero gallons per mil) it’s practically a perfect ride. So, it also shouldn’t surprise us that when they made one for grown-ups it would become popular too. At least in principle.

The Smart Car is cute. Super cute. Too cute maybe for some grown-ups, but those of us with arrested development like to put a lot of cute around us, so it’s working for lots of people. It’s crazy fuel efficient and smart in many ways other than fuel: turning radius, super cool parking ability (can park head-first in parallel spaces, but you still get a ticket if you do it), safety for size, interior detailing, etc. In fact, “smart” is derived from Swatch, Mercedes and Art, with Swatch as the initial originator of the concept. Therein lies the problem: I thought is was an alternative fuel, electric, or at least a hybrid vehicle! As in zero gallons per mile or close to it! Nope. It’s just a ridiculously tight and tiny regular car. Crap. I thought that’s what would be smart about it. Makes me feel kind dumb. I’m hanging my head in shame as I write this. But should I? What we have here is a failure to communicate.

Product Communication is what the product says about its performance via design and aesthetic elements. The Swatch-inspired styling of this car overlaps heavily with design cues that communicate alternative fuel vehicles, such as Brazil’s Obvio, a car that can burn just about anything but cigarettes: gas, ethanol, or even compressed natural gas. Upon closer inspection, the Smart Car isn’t really much smarter than the average VW. They get about the same mileage as the Jetta TDI Diesel that holds twice as many people. Okay Smart Car, who’s your Daddy?

The Data:

The Smart Car entered the HotHouse with strong awareness. More than 60% have heard of it. The trial is very low, but interest extremely high netting average Conversion potential over time. The consume and produce indices are high, but there isn’t a lot of sharing going on. Perhaps leveraging web communities could bolster this. The success index overall is positive, so I would expect it to do well.

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