IRI, the provider of big data and predictive analytics for FMCG manufacturers and retailers, has announced the latest in its range of affordable solutions tailored for smaller brands that would otherwise be unable to get access to analytics technology. Based on IRI’s Liquid Modelling platform, the new IRI Assortment Optimisation Superior and IRI Price & Promotion Superior solutions use store-level data to provide brands with critical business insights to keep up to speed with customers and competitors.
Starting from €10k, clients get access to the insights in three weeks with the results sent to their inbox or easily accessible online. With access to fast, accurate data, marketers and brand managers are in a better position to stay ahead of the competition and put in place actions to help drive growth.
IRI Price & Promotion Superior will give manufacturers detailed actionable insights so they can accurately measure the return on investment of their overall pricing and promotional activities. Brands that would typically struggle to get access to this kind of data will be able to see which activities have impacted sales most in the last year, as well as how shoppers react to price changes and how reactive they are to promotional activities. More important, brands can understand better who their competitors are and how they should react to them.
IRI Assortment Optimization Superior offers reports that detail which product attributes are driving sales within a particular category and the most important attributes that shoppers focus on. It also delivers a unique Preference Index, showing shoppers’ preferences when purchasing a product and the most attractive aspects of each product characteristic. The Index also highlights product interchangeability, i.e. that product’s most interchangeable attributes. Critically, for a smaller brand struggling for shelf space, IRI can show how optimization will impact a brand, which items should be deleted or included and which competitors would be included in an optimal category range.
Stephanie Augier, product manager of analytics for manufacturers, IRI, says: “Manufacturers are facing an increasing range of challenges today, regardless of their size. So imagine being a smaller brand that is faced with the task of getting recognition among shoppers and, more importantly, space on retailers’ shelves. With shoppers increasingly targeted through personalized channels and brands being forced to find new and innovative ways to influence and reach them, companies need to be able to adapt and move quickly to stay one step ahead of the competition.”