Newly launched Fomova is leading the way for companies taking a customer-driven approach.

Newly launched Fomova is leading the way for companies taking a customer-driven approach.

Fomova is the new platform giving customers an opportunity to go behind closed doors and shape the products they love through sharing feedback, asking questions and suggesting product improvements.

In recent years, ‘brands that listen’ have been able to create loyal customer bases and enjoy higher profits than their competitors. Now, over 58% of companies invite customers to help them innovate in the product development process [1].

Following this trend in customer-driven product development, Fomova was created as a place for brands that want to listen, and their customers who have something to say.

Fomova is an innovative platform that encourages customer collaboration on a larger scale than ever before. Customers can see progress being made as it happens, well in advance of products ever hitting the shelves.

Despite its recent launch, Fomova has already amassed an impressive list of over 4,000 brands collecting contributions from engaged users through the platform.

CEO of Fomova, Kirsten Meyr said, “Focus groups are old fashioned, market research lacks personality and sales data doesn’t innovate. Fomova offers a new way for brands to get the insight they need to make informed decisions about their products.”

Incentives for users include being able to pre-purchase and test early versions of the products they helped create. For brands, Fomova reduces the risk, time and cost usually involved in launching new products. It also offers a unique and valuable insight into user trends to improve demand forecasting.

Through the website, brands can share new product ideas and let users vote for their favourites and complete surveys to help them pick the best ideas to produce. The results speak for themselves, 88% of customers repurchase, launch ROI for brands is increased by 155% and research costs are cut by 77% [2].

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