Innovation is often held to be the most important driver for business success. No wonder that globally, a new product is launched every three minutes. But with as many as 80% ending in failure, getting it right has never been more important.
IRI Drivers can help you analyse the success of the marketing support for your new product after its first year in the marketplace. By analysing the effect of marketing activity on your products you can optimise marketing spend across brands.
Price Drivers enable you to make better pricing decisions by understanding your brands base price elasticity, as well as its sensitivity to competitive price changes. Price Drivers also provide the thresholds related to price points and gaps which help you to better estimate the specific effects obtained at different price positions.
Promo Drivers accurately quantify the key volume and profit drivers of different promotional mechanics and events. They also aid understanding of the return on investment of future promotional plans. These key learnings are critical in driving future forecasting efficiencies and service levels to the retail trade. Media Drivers explain the sales impact of advertising expenditure. This can help to improve return on investment of future investments by enabling advertising plans to be optimised in terms of the media used, such as TV versus radio versus press.
Mix Drivers examine all the key volume and profit drivers of a brand. The impact of price changes, advertising support, promotions and competition can be isolated.
For more information on how IRI Drivers can help you optimise your return on investment please contact Craig Lawrie on +44 (0)1344 746376 or craig.lawrie@infores.com