IRI Market Measurement addresses near-term measurement and optimization for digital channels via Multitouch Attribution (MTA) and long-term strategy through Marketing mix modelling (MMM). IRI is more services-oriented than some of the stand-alone analytics platforms in this Market Guide. The company is part of a large global marketing services and data provider with decades of experience supporting marketers, particularly in consumer packaged goods and retail.
IRI, that is owned by New Mountain Capital, started in 1979, and has its headquarters in Chicago, Illinois, uses both MMM and MTA categories. Its clients include consumer packaged goods, retail, and media companies. In fact, IRI’s clients include 95 percent of the Fortune Global 500 CPG, retail and healthcare companies. It makes its revenue mostly from software, but also 30% share is service based. IRS, which is worldwide in 58 countries, has a staff component of 3600 people, and it led by Andrew Appel, President and CEO.
The methodology that IRI uses is logistic regression and random forest machine learning for MTA. Logistic regression can be defined as although being a regression model, logistic regression is used as a classifier. It maps the dependent variable onto an interval between 0 and 1 and so can be translated into a probability that the variable is in a particular class. Whereas, Random forest can be defined as ensemble method that combines many dozens (or hundreds) of decision trees, which adds randomness into the test conditions at each node to reduce over fitting.
The company’s technology of Liquid Data platform offers a number of solution applications that are available a la carte. The applications include IRI Marketing Foresight for marketing mix models and IRI Lift to examine multitouch attribution and optimize campaigns while they are in-flight. Related software modules are available for pricing and assortment optimization and campaign planning. Thus, this market research company integrates all the data on an on-demand cloud-based technology platform, IRI guides its clients around the world in their quests to remain relentlessly relevant, capture market share, connect with consumers and deliver market leading growth.
The edge above the competition is that IRI has a large, separate proprietary data vending business, including a range of in-store sales and media performance benchmarks. In addition, the company has unique access to comScore Rentrak data, including county-level TV ratings and detailed set top box ad information, which improve its accuracy.
Therefore, you should consider this solution if your marketing plan includes a complex assortment of online and offline campaigns, including in-store promotions and local TV; or if you’re a consumer packaged goods, retail or media enterprise, and would benefit from modelling that employs IRI data.
IRI can power your journey, finding new pockets of growth for your business. We use our leading cloud technology platform and prescriptive analytic tools to deliver powerful market, consumer and media information, and end to end customized solutions – from insights to planning, targeting/optimization to activation/execution, all the way through to ROI measurement. A better approach is a hybrid of top-down econometrics and bottom-up attribution to develop a full understanding of what is driving the conversion goal and true value of each touch point.
Knowing which activities, inputs and channels trigger behavior most effectively on customer journeys enables marketers to make more of the right media choices and eliminate those don’t deliver for them. The era of evidence-based decision-making is upon us.