Today’s Group, together with its Supplier Council, has developed a NPD scorecard in response to challenges raised by suppliers on how to improve the delivery and execution of new product developments within the wholesale and independent retail sectors.
With the success rate of new products on average less than one in 50 (though this will vary by category), this presents a challenge to independent retailers who often have a core range of ambient products of around 650 lines.
The scorecard is a list of 16 product attributes which includes: pack format, outer packaging, case cost, shared margin, price point, comparative products etc. and 11 launch support attributes including marketing campaign, above-the-line and below-the-line levels of activity, wholesale and retail exit strategy if the product is deemed to be unsuccessful. Each new product development is scored against each attribute and is given either a red, amber or green rating.
A significant number of “green” attributes indicate the product is likely to succeed in the channel, whilst many amber and red indicators would indicate that its success in the channel looks unlikely.
The scorecard is intended to both inform and advise Today’s Group members, suppliers and central office of the favourable or non-favourable attributes of new products, however, it can also be applied to understand the potential success of existing product.
It is Today’s intention that the use of the scorecard as a “barometer” by its supplier base, should help their product development and marketing teams when launching NPD to ensure it has every chance of success.
At a recent brand plans presentation for Today’s, a supplier said that they saw significant value in using the scorecard and will launch it internally to sense check their offering to the channel.
