07 Aug Press Release: SymphonyIRI Research Reveals Consumers’ Expectations of CPG Industry
Savvy Marketers Who Understand Expectations and Related Consumer Perceptions Have Distinct Advantage in Addressing Consumers’ Needs
CHICAGO, Nov. 1, 2010 – Emerging from the economic whirlwind of the past few years is a new breed of astute shoppers who are seasoned in bargain hunting and coupon clipping and remain hungry for value. In addition to a new addiction to deals, shoppers have also cut back on the number of channels they patronize, concentrating on stores for lower prices, visiting stores less frequently and spending less per trip. SymphonyIRI Group, Inc. research illustrates that these learned coping behaviors are here to stay. Both manufacturer and retailer marketers must continue to develop compelling new strategies that accommodate this significant revision in shopper attitudes and behaviors, according to the recently released research, “Times & Trends, Consumer Expectations: Is CPG Serving to Satisfy?”
“CPG marketers have an opportunity to step up to the plate and position themselves as a critical haven for shoppers navigating for value and affordability,” says, John McIndoe, senior vice president, Marketing, SymphonyIRI. “Because shoppers are expected to enter stores with a tight fist and sour attitude, marketing integrity is critical to winning their hearts and minds during this time of transition. It’s a very unique time for CPG leaders to gain a competitive edge by protecting and growing customer loyalty through product and marketing innovation.”
According to the newly released SymphonyIRI research, marketing messages must not only “wow” customers while providing affordable reality, but also address core needs. Products must deliver on their promise or be left on the store shelves collecting dust. The Times & Trends report offers new insight on recommended manufacturer and retailer strategies, which include:
* Product Marketing: Retailers must continually refine assortment to reflect new product introductions that fit needs and wants across core and target shopper segments. Manufacturers must collaborate with key retailer partners to understand how their most important shoppers are consistent with their key consumers/targets, and leverage that knowledge as the foundation in all marketing strategies to maximize growth.
* Shopper Marketing: Retailers should consider partnering with manufacturers in new and non-traditional ways on the development of loyalty program offers targeted at the needs and wants of key shopper segments. Manufacturers should consider establishing an on-package system for identifying key product attributes, such as low-sodium, better-for-you, and added nutrients, while educating consumers about the importance of those attributes.
* In-Store Marketing: Retailers should create multi-product, solutions-based displays and work with manufacturer partners to develop effective product adjacencies which are reflective of the attitudes and behaviors of key shopper segments. Manufacturers should create store signage that clearly communicates product benefits.
“This change in shoppers’ attitudes and behaviors does not have to be a black cloud hovering over the CPG and retail industries,” says Susan Viamari, editor, Times & Trends, SymphonyIRI. “It is also a fruitful opportunity for leaders willing to accept the challenge and acknowledge the new evolved shopper.”
SymphonyIRI Times & Trends Webinar
SymphonyIRI is offering a free webinar, entitled “Consumer Expectations: Is CPG Serving to Satisfy,” at 11 a.m. CT on Nov. 9. To register for the webinar, hosted by Susan Viamari, editor of Times & Trends, please visit: http://www.symphonyiri.com/NewsEvents/EventsWebinars/ConsumerExpectationsWebinar/tabid/297/Default.aspx.
About the Report
This month’s “Times & Trends, Consumer Expectations: Is CPG Serving to Satisfy?”
is a free report available from SymphonyIRI, the world’s leading innovation partner that enables CPG, retail and healthcare companies to create and maximize new opportunities. The findings of this report were compiled based on information from SymphonyIRI Shopper Marketing Suite™, SymphonyIRI Loyalty Advantage™, SymphonyIRI ShopperSights™ and SymphonyIRI Digital Media Solutions. To download the report, visit: http://www.symphonyiri.com/Insights/Publications/TimesTrends/tabid/106/Default.aspx.
About SymphonyIRI Group, Inc.
SymphonyIRI Group, formerly named Information Resources, Inc. (“IRI”), is the global leader in innovative solutions and services for driving revenue and profit growth in CPG, retail and healthcare companies. SymphonyIRI offers two families of solutions: Core IRI solutions for market measurement and Symphony Advantage solutions for enabling new growth opportunities in marketing, sales, shopper marketing and category management. SymphonyIRI solutions uniquely combine content, analytics and technology to deliver maximum impact. SymphonyIRI helps companies create, plan and execute forward-looking, shopper-centric strategies across every level of the organization. For more information, visit http://www.SymphonyIRI.com.
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