[April 22, 2015]

New IRI Innovation Solution Portfolio Accelerates Growth by Enhancing Product Development Success

What if brand managers had access to a suite of services that injected new levels of insight into every step of the product innovation development process, including identifying white space, testing multiple new product concepts, developing fully integrated new product launch plans, and measuring and assessing postlaunch results? This idea is more than a "what if" with the launch today of the IRI Innovation Solution Portfolio™.

The portfolio is a full suite of solutions that includes an innovative new product concept testing solution that will significantly reduce the cycle time around a marketer's ability to test multiple new product concepts within days versus the current industry process of weeks or months.

Creating sustainable and profitable new product innovation is among the most important and difficult tasks in the consumer packaged goods (CPG) industry. While more than 70 percent of growth is generated from new products, more than 80 percent of new items fail to meet their first-year sales objectives. While a combination of factors drives this high rate of failure, most significant is a lack of shopper behavior-based insights and shopper behavior-defined competitive context.

"IRI has created a unique approach to inject innovation into new product development success," said Robert I. Tomei, president, Consumer & Shopper Marketing, IRI. "The new IRI Innovation Solution Portfolio leverages our understanding of actual shopper behavior into a fully integrate service, which supports the entire new product innovation process. This approach allows for maximum insights, leading to the best chance of new product success at the lowest possible risk."

Traditionally, market solutions that aimed to help CPG companies understand the target market, best potential combination of product attributes and the necessary advertising spend relied on claimed behavior data gathered from fragmented suppliers. Use of these simple methods undermined the intentions of CPG retailers, manufacturers and marketers by supplying them with a limited understanding of the shopper-defined competitive frame of reference, without which unique cross-category innovation cannot be achieved.

For clients seeking top line growth through new product innovation, IRI Innovation Solutions Portfolio provides CPG companies with a deeper understanding of consumers. Leveraging the capabilities of the IRI Innovation Solution Portfolio, CPG retailers, manufacturers and their agencies can create sustainable and incremental profit with new items, while simultaneously avoiding costly mistakes such as investing in products with limited or no incremental potential.

About the IRI Partner Ecosystem:

IRI fundamentally believes that delivering differentiated growth for clients requires deep, highly integrated partnering with a variety of best-of-breed companies. As such, IRI works closely with a broad range of industry leaders to create innovative joint solutions, services and access to capabilities to help its clients more effectively compete in their various markets and exceed their growth objectives. IRI is committed to its partnership philosophy and continues to actively enhance its ecosystem of partners through alliances, joint ventures, acquisitions and affiliations. The IRI Partner Ecosystem includes such companies as The Boston Consulting Group, comScore (News - Alert), Datalogix (an Oracle Co.), Experian, GfK, Intage, Ipsos, Kantar, MasterCard Advisors, MaxPoint, Millward Brown Digital, Oracle (News - Alert) Data Cloud, Rentrak, SPINS, Univision and others.

About IRI:

IRI is a leader in delivering powerful market, consumer and media exposure information, predictive analytics and the foresight that leads to action. We go beyond the data to ignite extraordinary growth for our clients in the CPG, retail and over-the-counter health care industries by pinpointing what matters and illuminating how it can impact their businesses. Move your business forward at www.iriworldwide.com.

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