IRI and Technomic Serve Up Restaurant to Retail Insights to Give Manufacturers, Retailers and Restaurant Operators a Bigger Piece of the Pie
Joint Service Provides Comprehensive Cross-Channel Purchase and Restaurant Visitation Data to Create New Innovation and Growth Opportunities
CHICAGO--(BUSINESS WIRE)--With a finite number of meal occasions, CPG manufacturers, retailers and restaurant operators have long focused on growing their “share of stomach” to maximize their business across all occasions. Until now, understanding the relationship between what groceries people buy at retail and their out-of-home eating habits has been quite elusive.
“Chain restaurants and food service organizations face similar information, analytics and marketing challenges, while also having analogous growth opportunities to food and beverage manufacturers and retailers”
Restaurant to Retail (R2R) Insights, a new joint service offering from Information Resources, Inc. (IRI) and Technomic, provides a more holistic view of the food industry by combining consumers’ retail point-of-sale (POS) data with insight into what those same consumers buy and eat at major chain restaurants. The customizable, cross-channel analysis enables collaboration between manufacturers, retailers and restaurant operators and generates opportunities to increase sales through innovation, product placement, licensing and co-promotion.
IRI is the global leader in innovative solutions and services for consumer, retail and over-the-counter healthcare companies. Technomic is the foodservice industry’s leading research and consulting firm.
“Chain restaurants and food service organizations face similar information, analytics and marketing challenges, while also having analogous growth opportunities to food and beverage manufacturers and retailers,” says Robert I. Tomei, president, Consumer & Shopper Marketing, IRI. “Combining IRI and Technomic’s expertise and experience enables a more detailed and holistic understanding of consumer and shopper attitudes about food and beverages. By combining actual retail purchase and restaurant visitation data from the same households, we’ve created a powerful tool for both CPG and restaurant executives seeking to protect their existing business and also grow their share of total meal occasions.”
“R2R Insights opens the door to a full understanding of the patterns and correlation of what consumers buy for consumption at and away from home,” says Bob Goldin, executive vice president, Technomic. “Understanding cross-channel behavior can drive new growth strategies for industry participants.”
Manufacturers: Think about your branded products being sold in popular restaurants. If limited service restaurants are going to offer oatmeal, shouldn’t it be your brand of oatmeal? Data from R2R Insights can help support your goals of expanding distribution beyond retail and into the right restaurants. For example, a manufacturing client used the R2R Insights solution to determine which of its brands would be the best fit as a side dish for a burger restaurant, as well as which burger restaurant would sell the most product.
Restaurant Operators: Think about extending your reach and generating growth by getting your products onto grocery store shelves. In addition to helping determine which retailer(s) should carry your brand, R2R Insights can enhance your brand positioning and messaging to help make the biggest splash when introducing your brand at retail. Alternatively, for restaurants seeking to sell branded CPG products, R2R Insights can help you determine which brands are best for your diners. R2R Insights can help a restaurant’s menu innovation by looking at household retail purchases to help create new products in line with their purchasing behavior. This will help not only create new products, but also will reduce the risk of failure when launching new products. In addition, a holistic view of the consumer’s purchasing behavior can help strengthen the relationship between restaurants and manufacturers in foodservice.
To generate R2R Insights, more than 50,000 IRI Consumer Network® panelists completed a Technomic survey on visitation frequency, meal occasion and menu detail for the 23 largest limited-service chain restaurants, including:
|Arby’s||Chick-fil-A||Dunkin’ Donuts||Little Caesars||Pizza Hut||Subway|
|Baskin Robbins||Chipotle||Einstein Bros||McDonald’s||Popeye’s||Taco Bell|
|Boston Market||Dairy Queen||Jimmy John’s||Panera Bread||SONIC||Wendy’s|
|Burger King||Domino’s||KFC||Papa John’s||Starbucks|
R2R Insights delivers unique, strategic insights and a broader view of shopper behaviors than previously available. It is a completely custom, collaborative analytical solution that enables CPG and limited-service restaurant executives to strategize on how to collaborate and grow their businesses.
IRI and Technomic’s ongoing relationship will result in additional R2R Insights surveys and findings in the future.
Technomic provides clients with the facts, insights and consulting support they need to enhance their business strategies, decisions and results. Its services include numerous publications and digital products, as well as proprietary studies and ongoing research on all aspects of the food industry.
IRI is a leader in delivering powerful market and shopper information, predictive analysis 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 healthcare industries by pinpointing what matters and illuminating how it can impact their businesses across sales and marketing.
Move your business forward at iriworldwide.com.