IRI, Technomic Team Up for 'Restaurant to Retail Insights'
Joint service provides cross-channel purchase, restaurant visitation data
Published in CSP Daily News
CHICAGO -- 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 elusive.
Restaurant to Retail (R2R) Insights, a new joint service offering from Information Resources Inc. (IRI), a global leader in innovative solutions and services for consumer, retail and over-the-counter healthcare companies, and Technomic, a leading foodservice industry research and consulting firm, 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, the companies said.
"Chain restaurants and foodservice organizations face similar information, analytics and marketing challenges, while also having analogous growth opportunities to food and beverage manufacturers and retailers," said Robert I. Tomei, president of Consumer & Shopper Marketing for IRI, Chicago. "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," said Bob Goldin, executive vice president of Technomic, Chicago. "Understanding cross-channel behavior can drive new growth strategies for industry participants."
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 and Starbucks.