What SymphonyIRI Group Customers Are Saying
"At Dr. Oetker, we believe that quality is the best recipe. It is our belief that recent developments within SymphonyIRI Group have served to improve both the quality of data and the quality of providing this data. As a relatively new business to the U.K., Dr. Oetker was looking for a data solution that provided accurate, impactful and relevant insights but, more importantly, would deliver a proactive approach to the relationship. "
Peter Franks
Managing Director
Dr. Oetker
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Archives (2005 to current)
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5/22/2008
IRI Leading the Industry in Frequent Shopper Promotion and Pricing Information
IRI Six Sigma Data Quality Initiatives and Enhanced Accuracy Translate to Superior Insights for
Chicago – January 17, 2005 – Continuing its efforts to increase the value and relevance of market information and business insight services, Information Resources, Inc. (IRI) today announced the results of its latest Six Sigma data quality initiative - Frequent Shopper Program (FSP) pricing.
As the leading global provider of enterprise market information solutions for the CPG, Retail, and Healthcare industries, IRI launched its data quality initiative more than a year ago. Using the principles of Six Sigma, the initiatives are focused on improving the currency, completeness and correctness of its marketplace information to provide faster, more accurate, and more actionable market information to its customers globally.
In early 2004, IRI completed a major upgrade to its InfoScan® Retail Tracking Service, replacing estimated pricing with detailed FSP pricing information. This aggressive move makes IRI the only major market information provider to deliver comprehensive frequent shopper promotion and pricing information, for virtually all major retailers, enabling CPG manufacturers to more efficiently evaluate and drive execution.
"We are excited that IRI most accurately reflects retail pricing by including frequent shopper discounts. IRI has improved pricing accuracy on a forward basis, but more importantly, they have painstakingly restated FSP historical data which preserves the accuracy of pricing and dollar sales trends," said Scott Reep, Market Insights and Information Group Manager, Masterfoods USA. "The quality derived from the FSP insight, coupled with IRI's unique census-based approach provides us with the richest analytic data source available in the marketplace today. This resource is critical to our business and has delivered consistent benefits for Masterfoods USA."
Price Elasticity Models Enhanced by FSP Data
According to a November 19, 2004 Bernstein Research Call report, the inclusion of FSP discounts has a pronounced effect on measured price elasticity. “We analyzed price elasticity of a variety of non-alcoholic beverage categories using IRI’s new data methodology and concluded that pricing is an even more important growth lever than we previously believed. IRI’s updated methodology now captures frequent shopper discounts which provides a much more accurate view of what consumers are actually paying at the register,” said Robert van Brugge, Vice President and Research Analyst, Sanford C. Bernstein & Co., LLC.
Approximately 80% of U.S. households belong to at least one frequent shopper program. IRI is now the only solution provider to publish the full range of prices used in CPG retail outlets, including discounts available through FSP cards for approximately 90% of the grocery manufacturer’s ACV offering FSPs.
"IRI has made a significant leap forward in delivering the industry’s most accurate pricing information," said Ross Link, CEO of Marketing Analytics Inc., a leading analytics consultancy specializing in the analysis of syndicated marketing data and related applications. "Our research indicates that IRI’s enhanced FSP information can improve the accuracy of price elasticity estimates by 40% or more for heavily promoted items. IRI has taken the critical steps to ensure today’s CPG manufacturers are making business decisions based on what products are actually being sold for."
As a result, manufacturers can now benefit from:
- Improved analytics capabilities for more efficient evaluation and implementation of optimal pricing strategies
- Industry’s most accurate view of what cost products are actually being sold
- Comprehensive perspective on promotion conditions
- Ability to access frequent shopper pricing, without trend disruption, dating back to 2002 using the industry’s richest source of back data information
“Our clients have told us that as they make the strategic decisions about their business — brand investments, loyal customer analyses, geographic penetration, new product launches, and promotion expenditures — they need the most comprehensive, accurate, and real-time view of their markets,” said Scott W. Klein, IRI’s President and CEO. “Frequent Shopper Program information is an essential component to this equation and that is why we made a decision to aggressively invest in improving our data.”
For complete information on IRI’s products and services, visit www.infores.com.
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