In our "Ask the Expert" series, we turn to experts in the field to understand new trends and the importance of internal communication for companies.
This time we spoke to Cristina Pérez, Head of Innovation & Shopper at Insights by Kantar.
In the interview with Cristina, we touched on very interesting points, such as the key factors that make a product successful and how internal communication helps to empower employees to create memorable experiences for customers.
1. who are you and what do you do?
I am Cristina Pérez and I head the Innovation & Shopper Expertise department at Insights by Kantar. In our department, we help our clients to ensure the success of their new products, from ideation based on market needs to market implementation, including point of sale and customer experience.
2. what does innovation mean in your own words?
There are many launches, but in most cases they are variations of existing products. This is why the success rate is so low, only 2 out of 10 FMCG (Fast Moving Consumer Goods) innovations are successful. Only 10% of new product launches are truly breakthrough innovations and involve new product categories or address new needs. In these cases, the success rate rises to 80% if the launch is followed through to the end.
3. what makes a product successful?
For a product to be successful, it must be relevant and meet a real, unmet need. Sometimes we come across new products and services that are fantastic but don't differentiate themselves enough or offer a benefit that is clearly not needed. In all innovation processes, it is therefore crucial to put the consumer at the center to find out first-hand what they feel, what they need and what they value.
4 Why is the customer experience important for companies?
No matter what type of product or service is involved, the customer experience plays an important role in all purchasing processes at one point or another in the customer journey. Incorporating the customer experience into corporate strategies is therefore the key to success. Investing in the customer experience clearly pays off, as you can see from the following indicators.
Investing in the customer experience pays off
5 What are the key factors for a successful customer journey?
Although 91% of CEOs say they use customer-centric strategies, and because they are not so easy to implement in practice, only 19% of consumers perceive them as such (source: Kantar).
Implementing such a strategy in companies requires a thorough knowledge of the customer journey: which are the key moments, which frictions can occur at any moment, which are the relevant touchpoints... We know that, on average, 20% of the impact a customer experiences accounts for 80% of the impact: If we are able to identify these, we can not only improve the profitability of our investments, but also optimize resources.
