IRI®, a fast-growing, global leader in innovative solutions and services for consumer, retail and media companies, and Nissin Foods USA, a food company that specializes in the production and sale of convenience food and instant noodles with brands such as Top Ramen® and Cup Noodles®, have partnered to drive Nissin’s consistent growth through innovative product launches, including Cup Noodles® Stir Fry™ and Hot & Spicy Fire Wok. These successful launches have driven incredible growth for Nissin, as it expands the premium segment. Nissin is reporting increasing dollar sales and purchase frequency at three- and six-times the broader Instant Noodle category performance, respectively, over the last year.1
Marketing Technology News: IRI and Banyan Partner to Unlock New Opportunities for Retailers and Consumers
“The results of Nissin’s product launch strategy demonstrate the value add that IRI’s solutions and talented teams can have for our small and midsize clients. We look forward to continuing to partner with Nissin as they release new, innovative products that meet the needs of their consumer base.”
Nissin leveraged IRI’s Market Shopper Intelligence and Hendry Market Structure solutions for a fast and holistic read of the category landscape through concept testing and consumer attitudinal learnings. This enabled Nissin to not only determine the potential size of the market opportunity, but also identify specific consumer groups that were likely to maximize sales of the new products.
“As an innovation leader in the ramen category for more than 50 years, Nissin is constantly evaluating opportunities to grow our market share within the premium ramen segment,” said Michael J. Price, president and chief executive officer of Nissin Foods USA. “Our partnership with IRI has offered invaluable insights into the competitive landscape and consumer attitudes, helping us to implement internal strategies that increased our dollar sales and purchase frequency. We look forward to leveraging IRI’s platforms and talented team for future product launches as we continue identifying new ways to delight our consumers.”
“Understanding where a company stands relative to its peers and with consumers is essential when considering the launch of new product innovation, particularly for small and midsize CPG companies which are often better able to capitalize on emerging opportunities with expedited rollouts of new products,” said Bob Sanders, executive vice president and practice leader for Health Care, Home and Mid-Market at IRI. “The results of Nissin’s product launch strategy demonstrate the value add that IRI’s solutions and talented teams can have for our small and midsize clients. We look forward to continuing to partner with Nissin as they release new, innovative products that meet the needs of their consumer base.”
Marketing Technology News: Southeast Asian Venture Builder RedFOX Labs Launches First SHOP Auction for RFOX VALT Metaverse