2010 Forecast to be 'The Year of Innovation'

2009 - The year of cost reduction

2009 promises to be a fascinating year for NPD. With many ideas from 2008 put on hold, it is likely that new product launches will drop as clients move from new launches to maximising the potential of current products.

From the type of studies we are seeing, line extensions and flavour improvements are top of the list, with reductions in cost and ingredients moving up the NPD agenda.
Many of these approaches are short term measures designed to support existing products rather than launch a new product into an uncertain world.

There is still room in 2009 for NPD to work in the areas of trends explored in 2008, and several interesting angles will come to market. But, with NPD taking anything from 6 to 18 months to test and launch, companies are rapidly looking to 2010 for the next wave of launches.

2010 – The year for big ideas
With huge shocks come big ideas. In previous recessions new products have been launched which have changed categories. In the last recession in 1991, Lucozade Sport was born, developing a whole new category of drinks which is still growing today.

With 2010 approaching fast in NPD terms, understanding the needs, mindset and desires of consumers is going to be vital for any new product, as the correct assumptions will make or break a product launch.

Research has a role to play in customising and optimising concepts to fit several possible positioning and launch scenarios for your new product. Identifying how it fits to projected needs and values helps to identify the future worth of the new product.

Already at The Oxford Research Agency we are seeing several new and ambitious ideas which have category changing potential for 2010. NPD is becoming more open, more explorative and creative as our clients look to find the next big product which will change their fortunes and expand into new categories.