MARKETING departments in every successful CPG com- pany take the four Ps—product, price, promotion and place—to heart. But in today’s fast-paced, data-driven,
mobile world, the smartest firms are focused on a new“P”—
personalization. Experts urged others to follow their lead at IRI’s
Growth Summit, held April 3-5 at the Gaylord Opryland Resort
In today’s fragmented world of media, it is harder to capture a
consumer’s attention when she is consuming entertainment and
news and buying goods through a variety of formats, in any number of places, at any hour of the day. Therefore, the days of casting
a wide net with advertising are over, as noted by Pinterest’s head
of vertical strategy Brian Monahan. Even companies known for
high profiles campaigns are thinking differently about marketing strategy. Speaking to Summit attendees, Albert Carey, CEO of
PepsiCo North America, said not every new launch can be backed
with a blockbuster Super Bowl–style spot.
Both Monahan and Carey concurred that the cache of data
consumers generate every single second can be a treasure-trove—but only if you know what to do with it. To that end, IRI
boasts an ever-growing array of tools that can help clients mine
big data down to a granular level which can lead to success.
Just how granular? The PepsiCo CEO, with the help of an an-
alytical minded colleague who joined him on stage, provided the
IRI Growth Summit audience assembled inside the Grand Ole
Opry with an example. Starting with a massive database of 105
million households, PepsiCo can sift through countless attributes
to whittle down to a much more manageable five or six mil-
lion households that would be most likely to buy one of its new
drinks. Through the manipulation of big data and partnerships
with the right retailers, PepsiCo can be even more precise in its
targeting. For example, when a Millennial in Nashville comes to
buy gas at a local c-store, he could be pinged a targeted message
about that new beverage that’s inside the shop.
Proponents contend personalization will make it easier for
companies to be more successful on many fronts: increased retail
sales, greater volume, more successful store-specific retail mixes,
and valuable insight into whether or not their marketing messaging works.
New Tools and Alliances
IRI’s Growth Summit offers a mix of education, insightful speakers, networking and hands-on opportunities to explore its
tools and services. The Chicago-based organization also used
Nashville to unveil new initiatives and capabilities such as Lift
for TV, which measures the offline sales impact of TV advertising
campaigns faster and more accurately; a new“brand equity measurement and activation solution” called EquityScore, which IRI
said connects brand equity to actual purchase behavior, and can
measure results on a longitudinal basis over time, providing unprecedented marketing activation opportunities for manufacturers and retailers; and the Revenue Growth Management (RGM)
Enterprise Suite, which enables CPG manufacturers to optimize
pricing and promotion and accelerate sales and profit.
IRI also announced that BJ’s Wholesale Club has selected it
as its provider of POS and consumer panel data, and that it was
joining forces with SPINS to help retailers meet shoppers’ demands for health and wellness products and find new growth.
In breakout sessions, IRI and its clients, including household
and personal care firms, discussed some of their partnerships.
By Christine Esposito • Associate Editor
Pathways To Personalization
IRI held its annual Growth Summit in Nashville, TN last month to address challenges
faced by CPG companies and retailers.
IRI held its Growth Summit ’ 17 at the
Gaylord Opryland Resort in Nashville