Market researcher Mintel has collaborated with Information Resources, Inc. (IRI) to launch a unique tool that is positioned to reduce the cost of new product development, according to the companies. Mintel’s GNPD IRIS, a product that works in conjunction with the Mintel Global New Products Database (GNPD) to allow CPG companies to monitor the sales successes and failures of new products and established brands. GNPD IRIS has the potential to ultimately reduce development costs by up to 80%, according to Mintel.
GNPD IRIS will help companies identify emerging trends and make smart choices in product innovation by monitoring the successes and failures of their competitors. By looking at the sales of products with similar features GNPD IRIS will help companies establish realistic benchmarks about the sales potential of their new product ideas before committing to the next stage of development.
GNPD IRIS integrates the existing Mintel GNPD tool with IRI InfoScan, a scanner-based tracking service that processes point-of-sale data from stores on a weekly basis across seven countries. Data is provided for major channels of distribution in France, Germany, Italy, Netherlands, Spain, the UK and the U.S. GNPD IRIS is an extension of GNPD and subscriptions are available from Mintel. More info: www.mintel.com.