Finding the right fit
It might seem like common sense, but there are many factors that can get in the way of finding that sweet spot of product-market fit. For example, political disruptions and inflation can affect the foundation of any FMCG product: availability of the ideal raw material.
Sometimes factors are more personal, especially for entrepreneurs who have worked hard in developing their product and believe strongly in its effectiveness; they can find themselves unwilling to make changes that the wider market seems to impose.
Albert Einstein once said, “The measure of intelligence is the ability to change.” He’s right, but before making that change, we entreat you to first assess the 12 factors of success.
How to use the 12 factors of success
When testing the market’s readiness for an innovation, we use the first ten points to test the product concept, and the last two (acceptable costs and product delivery) with the actual physical product.
This does not mean that you cannot use the model for an existing product. In fact, a small-sized business has the great advantage of flexibility in procedures and the agility to make changes. A perfect score on all factors is not required, but a passing grade is. And depending on the product and the market, two factors or three factors can overlap in what makes them successful.
What are the 12 factors of success in the world of FMCG?
With over 100 years of studying consumer and market behavior, NielsenIQ has found that for a product to be successful, there are 12 key factors that need to be assessed and achieved. Click on each factor below to find out more details.