Predicting Sales of New Consumer Packaged Products with fMRI, Behavioral, Survey and Market Data - MSI

Working Paper

Predicting Sales of New Consumer Packaged Products with fMRI, Behavioral, Survey and Market Data

Marton Varga

Bocconi

Anita Tusche

Quenn's University

Paulo Albuquerque

Nadine Gier

University of Duesseldorf

Bernd Weber

University of Bonn

Hilke Plassmann

INSEAD

Nov 5, 2021

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Analyzes sales data from a large retailer in Germany together with survey, lab and fMRI data to determine the relative contribution of each to improving prediction models for cpg grocery products.

Topics

innovation & new product development marketing analytics

research recap

Improving Product Sales Predictions is Brain Science

Given the low success rate of new product launches, managers need better prediction models. Building on baseline models of weekly sales, adding data from consumer surveys, lab experiments and especially fMRI research can more than pay for additional costs by improving predictions to increase sales.

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