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Success in any walk of life is admired and the FMCG industry is no different. But more than admiration, people want to know the secrets of success so they can replicate, and hopefully, better them.

The Naked Shopper theme set out to reveal the truth about successful brands and innovations in the FMCG world and was able to call upon some of the biggest and well-respected names in the industry. From the research and technologies fields, the IRI Summit welcomed such luminaries as IBM, Mintel, The Henley Centre and TNS, while manufacturers were represented by global giants Johnson & Johnson, Kellogg’s and Procter & Gamble amongst others.

Download summaries of key speeches:

» Riding The Big Waves Into Our Emerging Future by David Morgan, Executive Director Analytic & Insight Services, IRI

» How To Get Close To Your Shopper by Stephen Vowles, Chief Marketing Officer, Stop & Shop Supermarket Co.

» Better business performance through deeper consumer insight by Rod Street & Kevin Houston, IBM

» Reaching the over-50s by Peter Ayton, Mintel

» Stripping back to basics by Martin Glenn, CEO, Iglo / Birdseye

» Global Macroeconomic Trends And Drivers For Retail by Martin Pickering, Chief Analyst, The Economist

» Supermarket Wars: The Future Of Global Retailing by Andrew Seth and Geoffrey Randall

» Winning The First Moment Of Truth? by Jesper Wiegandt, Marketing Director, Procter & Gamble

» Achieving growth in mature markets by Kevin Brennan, Kellogg's

» Is Britain different? by Dr Michelle Harrison, The Henley Centre

» Innovation in practice by Neil Dickenson, Johnson & Johnson

» The Benefits Of Consistently Managing Brands On A Global Scale by Terry Tyrell, European Chairman, Enterprise IG

» A European Guide To Shopping by Judith Passingham, Managing Director, TNS Worldpanel

» Growth, Innovation And The Customer: Lessons Learned At Amazon.com by Eric Broussard, VP, Amazon Europe

» Profiting from proliferation by Johanna Waterous, Director, McKinsey & Company

Note: Adobe PDF files

One common theme of the two days centred around the ever-changing retail environment, and the roles of the shopper, retailer and manufacturer therein. As the behaviour and attitudes of consumers develop, producers and vendors of fast moving consumer goods must also adjust accordingly.

The proliferation of product choice in-store means that the shopper must choose one product from 1000 every minute in a typical shopping trip. And in an average day, a consumer could be presented with up to 3000 messages about products but will probably only act on three of them. So by necessity the consumer is becoming an adept editor.

Retailers must contend with the changes in consumer behaviour, such as types and number of shopping trips, from top up shops to single meal requirements. This sort of challenge manifests itself in providing the types of store that best meets the shoppers’ needs both locally and, if necessary, globally.

Meanwhile, manufacturers, or at least the most successful ones, are realising that the myriad of choices now available mean that the consumer is genuinely becoming king. In addition to this, consumers (particularly British ones) are becoming more cynical in general and as there are so many choices, can afford to demand more transparency of product, more truth about what they’re buying.

Other highlights of a fascinating event included a look at the ageing population in the UK, the opportunities for the burgeoning over 50s demographic and beyond that, a slightly dark but not unrealistic look at marketing the final years of one’s life. Already big business in the US, it will be interesting to see whether the more cynical British will embrace or reject such a thought-provoking idea.

As for the future, innovations within the FMCG industry will continue to be successful as long as some basic but crucial rules are adhered to. Aside from inspirational ideas, success depends on truly knowing your target market, working hard, attention to detail and ensuring plans are executed well. A simple formula but if you can get it right, an extremely effective one.

For further information and the full slide presentations from the conference, please contact Rebecca Eyles at IRI

IRI Website »

ABOUT INFORMATION RESOURCES, INC.
Information Resources, Inc. (IRI) is the world’s leading provider of enterprise market information solutions and services, empowering its clients to grow their business profitably in a complex marketplace. Driving the transformation of the consumer packaged goods (CPG), retail, and healthcare industries, only IRI provides a unique combination of real-time market content, advanced analytics, enterprise performance management software, and professional services. The company’s portfolio of services, solutions, and technology enable leading retailers and their suppliers around the globe to see what they are missing, act faster with greater confidence, and win at the shelf. Ninety-five percent of the FORTUNE Global 500 in CPG and retail leverage IRI to power their business.

Date article published: 13/12/2006

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