RILA expands board
WASHINGTON — The Retail Industry Leaders Association announced that the leaders of Sears Holdings and 7-Eleven have been named to its board of directors.
RILA announced the appointments of Louis D’Ambrosio, Sears Holdings president and CEO, and Joseph DePinto, 7-Eleven president and CEO, to its board at RILA’s semi-annual meeting held this week in Washington, D.C.
“We are honored to welcome Joe and Lou to the RILA board. They join a highly engaged group of chief executives who provide RILA with invaluable strategic leadership and knowledge to help RILA deliver on behalf of the retail industry," RILA president Sandy Kennedy said. “Their experience and industry know-how will add to what is already a stellar board.”
Fresh & Easy officially opens in San Francisco
SAN FRANCISCO — Fresh & Easy officially opened its doors to San Francisco shoppers on Wednesday, marking the retailer’s first store in the city.
The store is located in the Outer Richmond district at 32nd Avenue and Clement Street. Fresh & Easy reported it was set to break ground in Northern California earlier this year, and now is operating more than 10 stores in the region. The company operates stores in California, Nevada and Arizona.
"We’re thankful for the tremendous support we have received from the mayor, the city of San Francisco and our newest neighbors," Fresh & Easy’s general counsel and VP Mary Kasper said. "We look forward to opening in the Bayview in August and [in] even more neighborhoods in the near future."
Nielsen unveils new product innovation approach
ORLANDO, Fla. — Nielsen unveiled this week at its Consumer 360 conference its new approach to product development, which is said to improve companies’ chances of success when bringing new products to market.
On average, companies spend $15 million on marketing for a new product launch, while some companies spend upward of $60 million. However, new products typically have a 10% chance of succeeding, Nielsen said. The global information and measurement company’s new approach identifies 12 different criteria that companies must meet in order to improve new product success rate to 75%. These 12 success factors encompass five main areas: salience, communication, attraction, point of purchase and endurance, Nielsen said.
The criteria are:
Distinct proposition: Does the product offer a true innovation?
Attention-catching: Will the product be noticed?
Message connection: Is your message conveyed in a simple, persuasive way?
Do you have a clear and concise message? Is it conveyed without clutter?
Does your product have a substantial need/desire? Is it solving a problem or meeting consumers’ needs?
What is your product’s advantage? Is it better than others currently in the marketplace?
Credibility: Are your product claims believable?
Acceptable downsides: Typically related to side effects for over-the-counter products.
Findability: Is the product where consumers expect it to be? Can shoppers find it easily among the competition?
Point of Purchase
Acceptable costs: What are the cost/benefit trade-offs at the shelf? This could be price, calorie content and usage instructions, among other factors.
Product delivery: Did you meet or exceed consumers’ expectations? Are you delivering on your product’s promise?
Product loyalty: Will consumers continue to purchase your product in the future?
“Nielsen is changing the innovation game,” said Vicki Gardner, Nielsen SVP product innovation, North America. “By identifying key criteria every successful new product must meet, we’re helping marketers know where to focus their efforts in new product development and in-market execution. As a result, companies gain a huge leap forward with more actionable advice and better decision-making, and that means better investment of new product marketing dollars.”