Retail and healthcare data giant IRI has introduced a solution which links media exposure to actual off-line purchases down to the specific product and household level, in order to determine which digital media is most effective with target audiences.
The firm's new 'IRI Lift' solution, developed in partnership with Kantar Shopcom, provides a visualization platform which delivers campaign analysis and results within five weeks after an ad campaign launches. The tool draws upon IRI's 30+ years of sales lift measurement, marketing mix and analytic modeling expertise, combined with integrated big data assets.
This dataset includes household transaction data for 60 million frequent shoppers, and all-outlet consumer panel data from grocery, drug, mass and convenience outlets, in addition to IRI's point-of-sale data collected from 95,000 stores covering more than 400 billion transactions across all outlets. It also includes macroeconomic factors, health and wellness attributes and more than twenty causal variables, such as price, promotion, weather and gas.
Srishti Gupta (pictured), President of IRI's Media Center of Excellence, comments: 'In today's complex, multichannel environment, advertisers and agencies must be able to measure actual sales lift because it's the best measure of advertising success. IRI Lift is the only solution available today that delivers deeper, more accurate insights while the campaign is in flight. Taking action on these insights in real time allows advertisers to course-correct and optimize their campaign for maximum sales lift'.
Web site: www.iriworldwide.com .
All articles 2006-21 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.