Chicago-based IRI, a global leader in innovative solutions and services for consumer, retail and media companies, and Label Insight, an industry leader in powering product attribute-driven growth across the consumer packaged goods (CPG) ecosystem, announced an expansion of their relationship.
The companies’ enhanced partnership provides CPG marketers with stronger tools to design marketing campaigns that drive brand growth based on consumer demand for more than 500 product-level attributes, such as “gluten free” and “sustainably sourced,” that span characteristics such as clean label, allergens, sustainability, FDA nutrient claims, health benefits and more.
This expanded partnership wholly integrates Label Insight’s product-level details into IRI’s industry-leading media solutions to allow CPG brands and retailers to better understand shoppers’ interests and tailor more relevant and effective advertising for products that fit their dietary, health or sustainability interests. The following are ways that CPG advertisers leveraging IRI’s new solutions can design campaigns:
- Acquire new buyers to a category or brand by using deidentified datasets to distinguish households that purchase other products with attributes the brand offers.
- Re-engage lapsed or lost buyers by homing in on new or existing attributes and verifications to reposition a brand to shoppers who moved elsewhere in store.
- Message current and potential buyers with refined messaging by creating aggregated audience segments of brand and category buyers based on the attributes that motivate their purchases and creating unique messaging that will resonate and drive visits.
“For marketers and CPG advertisers, identifying attributes that resonate with consumers is critical to developing the best message, reaching the right shoppers and driving brand growth,” said Nishat Mehta, chief product officer and president of the IRI Media Center of Excellence, in a statement. “IRI and Label Insight’s expanded relationship more fully realizes the powerful combination of expertise in industry-leading purchase data and product-level attributes to deliver the most accurate, scalable solution for reaching shoppers based on motivating product characteristics.”
Todd Morris, chief executive officer of Label Insight added: “We are thrilled to be deepening our partnership with IRI. By doubling down on our combined expertise, we will drive growth and opportunity for our clients by enabling them to unlock the power of product attributes in new ways that connect their consumers to the products that best meet their needs.”
IRI and Label Insight have partnered for over a year to allow IRI to measure product sales performance by both ingredient and product labeling attributes, allowing clients to identify consumer trends and find new opportunities for growth.
For example, in partnership with Label Insight, IRI determined that products labeled “plant based” grow 17 points faster than those that are not, but 97 percent of dollar sales for plant-based foods and beverages are generated by products not identified as plant-based on the label, demonstrating an immense missed opportunity for brand and sales growth.