Episode 198: Rima Nair on how the world of customer insights is evolving

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September 3, 2019

Our guest today is Rima Nair, a McKinsey alum who is a Principal at IRI, a leading provider of big data, predictive analytics and forward-looking insights that help CPG, retail and media grow.

In this episode, Rima explains why the largest consumer packaged goods companies subscribe to IRI’s information sources, and how the world of customer insights is evolving.

You can learn more about IRI at https://www.iriworldwide.com/en-US/

You can reach out to Rima on LinkedIn.

HIGHLIGHTS

Will Bachman: Hello Rima. Welcome to the show.

Rima Nair: Thank you Will. Thank you for having me on.

Will Bachman: So for listeners who are not familiar with IRI, let’s start with just a general overview. For someone who hasn’t heard of the firm, tell us how would you describe IRI and give us a sense of the range of services that you offer your customers.

Rima Nair: Sure. IRI stands information sources incorporated. We are headquartered in Chicago. We do have some businesses internationally as well, but the bait business is obviously the US. We started life as a market research firm. We’ve been around since the 1980s, perhaps before, started life with simply data collection and providing data to manufacturing clients. So very much a data supplier. Over time this morphed into providing insights and analyses using batch data and then also now an overlay such as consulting using that data [inaudible 00:01:08]. Clearly, TPG clients do not have the time to gather their own data or even spend time analyzing the data. They need somebody to do it for them and provide the insights and the recommendations in order to solve their business questions. We offer a wide variety of services and obviously now we don’t want to be just known as a data supplier, so there’s always subscription services surrounding panel data, which is perhaps our biggest or oldest subscription service.

Rima Nair: It’s a joint funnel with Nielsen, which you might have heard of in the market research space. Essentially, it is data that covers household purchases across the US and we have a very robust panels in the US. We also have a point of sales data to match with this family data and then a variety of subscription services that are overlaid on top of these. So just slicing, dicing the data every which way. There are different visualization tools and platforms that we offer. There are newer services such as e-commerce and surveys specifically with the changes in the industry on marijuana, cannabis, et cetera. All of that is also a new survey that our ad hoc consulting project also that we offer quite simply any kind of business issue that the clients might have. It’s something that we have the data for that we can leverage and aim to solve.

Will Bachman: Let’s dive into some of those areas. So panel data with household purchases, what sorts of information is in that and how do you get it?

Rima Nair: Sure, so this started with providing a [inaudible 00:03:12] literally to a group of houses right across the US and so what occurs is when they do their budgeting and bring it home, they scan these products and that is data that’s collected in our bands. So we literally know when the transaction occurred, where it occurred, what time of the day it occurred. The household is getting a household ID. We know there’s a zip code, we know what products they bought, how many units. They do input their own price, we know whatever structure’s done deal. There’s a variety of measures really that are providing children and families. The one advantage of [inaudible 00:03:52] over and above what the households are scanning or the primary shopper in the household is scanning is that these products are also coded in panel based on the product attributes. So, for example, we have a team that is responsible for coding.

Rima Nair: In other words, if you pick up, let’s say a can of soda, that can of soda has a variety of attributes. One is packaging, the packaging is in canned format. Two is the product type, it is a soda. So carbonated soft drinks is coded under that product type. Then maybe it’s a cola, so it’s coded as a cola versus a non cola, maybe it has no fruit, fruit juice. So it’s coded as 0% fruit juice. There’s a variety of other such attributes that are available across all product types, across all categories. All of those are measured and coded in our panel data so that you’re able to analyze the different attributes that may cost these products. And again, slice and dice the data depending on what the client’s business question is.

Will Bachman: So the person and the household has to take a scanner and scan everything that they buy?

Rima Nair: That’s correct, yes. So these are households that have been in our panels for a very long time and essentially is… the saying goes, “If it’s on the planet, scan it.” So if the product has a bar code, they will scan it. Of course now that problem has been compounded with all of this online shopping, and random weight, and fresh produce and all that. So we have other data sources that take account of that. But just traditional packaged goods that are available on shelf that have a barcode that you can bring home and scan, those households do scan.

Will Bachman: And what do the households get out of it? I mean do you pay them?

Rima Nair: They are paid. Yes.

Will Bachman: So I’m just thinking about myself about trying to do that practically in my life. Trying to scan everything that comes into my house.

Rima Nair: No, I agree. I agree. Yeah. This is not something that you or I would want to do now, right? But think about when this first started in the 1980s and when there really wasn’t that much data to go around and the best source of analysis really came from qualitative data. So all you could do was really grab a random sample of the population and ask them what they bought and why they bought and trust that the answers they were giving you were correct and well thought out and honest. Right?

Rima Nair: What family data does is it takes that a step forward so they don’t have to tell us what they’re thinking. They don’t have to tell us why they’re doing something. They just have to scan it and show what they did. So whether or not they remember and whether or not you trust their memory, this is actual behavior. It’s not claimed. It’s not stated. It’s actual behavior that’s occurring in the market. And that actually is perhaps IRI and Nielsen biggest strength in the joint panel that they have because it’s been able to provide so much information to all of our CPG clients.

Will Bachman: Okay. So there’s some hardworking households out there in the US where someone in the house is taking a scanner and scanning every barcode that enters that house.

Rima Nair: Yeah.

Will Bachman: Okay. And I imagine it must be difficult to get representation for some socio-demographics like, yeah.

Rima Nair: Yes. Fair point. Yeah. Right. Well, so what you’ll see is that the [inaudible 00:07:36] you older because they have more time to do things like this. So you’ll find it a little bit underrepresented when you are talking about millennials and perhaps even gen X.

Will Bachman: Okay. Interesting. Okay. So that’s one big source of data is you have people… And are people just using an app on their phone now or do they have a physical actual kind of scanner like you’d find at the grocery store sort of shooting and scanning all the barcodes coming in?

Rima Nair: That’s a great question. I do not know if that has been updated to an app to make it easier. I know that it literally used to be the scanner that you would see in a grocery store. I do not know if it has been updated to make it easier for them to scan product.

Will Bachman: Okay, no worries. I always just ask the most trivial questions trying to imagine how that works. Okay, so that’s one source of data you have people scanning all the stuff coming in their house and then point of sale data, how does that work? I guess you would buy it from the stores and the stores would let you know, is it tied to a given credit card so you could tie back to a person? Tell me a little bit about what we would find if we started exploring your point of sale data.

Rima Nair: Right. I don’t know the nitty gritty of the point of sale data, but I do know that both IRI and Nielsen have point of sales data, which they’ve had for a long time. The assumption there is that because it’s disaggregated, right? It’s easier to… I’m sorry, [inaudible 00:09:14] aggregated. It’s Aggregated data, so it is easier to get to a data like this because you’re simply looking at total sales of any product, right? In any category and then summing it up for that category across the United States. And that’s how you’re getting to a point of sales data.

Rima Nair: Since you brought up the question of retail and credit card, we do have [inaudible 00:09:36] shopper loyalty data, which takes into account specific set of retailers and all the things the shoppers that shop, right? And again the purchases are linked to their shopper loyalty card. So we’re able to get very granular there, especially when panel data and somebody might buy a fresher [inaudible 00:09:57] or whatever and they forgot to scan it or there is no barcode with people who are regularly shopping at Target for example. And they tend to the Target for all of their shopping prejudices. You would be able to see very granular level of data there and track dat household across [inaudible 00:10:18].

Rima Nair: So smaller data sets certainly than panel. But because of a fewer number of retailers, we also get more details… And that’s linked actually to sort of their loyalty program to understand what their purchases are. So it’s sort of a subset of the family data except the collection occurs after retailer in the store as opposed to these people bring it home and scanning it.

Will Bachman: Okay, cool. Give me a sense of the types of clients that IRI serves.

Rima Nair: Oh, these are varied. The bulk is certainly consumer packaged goods. Some certainly can do more durable goods, but it’s perishable and nonperishable. So from home care, health care, snacking, beverage, food companies, all of these fall under the IRI banner.

Will Bachman: And I think that you said before that IRI will kind of have a subscription services. Tell us some of those in terms of… Like what are the types of services that they offer as a subscription?

Rima Nair: Right, right, so the panel data really, or even the POS is where the subscription service comes in. So for certain clients we maintain custom databases for them. So just the way they like looking at their businesses. So let’s say you’re talking about a beverage company, right? And they make carbonated beverages, and they make juices and they make, let’s say, sparkling waters and they like to think of their businesses in these three different ways. So they would like for their databases to reflect that, whatever the internal hierarchy is within each of these product types, right? So if you started with carbonated beverages, they like to separate cola from non-cola, they like to separate underneath cola, they like to separate diets from regular, then they want to look at it by package. So all of that custom hierarchy is built into the database that then becomes an ongoing subscription service for the client.

Rima Nair: What occurs with other ad hoc analyses is that we can use that database as well as IRI syndicated database is not maintained for any specific client, but available for purchase by any client on an ad hoc basis for whatever the analysis they want. The analysis can then show that the database hierarchy for the client you’re thinking about is actually not the right way to think about, right? Because that’s not how shoppers shop. And I’ll just make this up, right? Shoppers actually rate the diets versus regular split higher than the cola versus the non-cola aspect in carbonated beverages. So then that’s how you want to view your business. You want to view your business the way consumers are thinking about your category, not because it’s easier for you to think about cola versus non-cola because that’s how you’ve set up your business unit or that’s how you’ve set up your brand deeds and that then becomes an example of a subscription service to provide to the client.

Rima Nair: Another is the shopper loyalty data. That’s also a subscription service where they may be very interested in a certain geographic region and perhaps they intend to take their business there or launch new products in that area, and therefore for the next year or two before they launch their new products, they would like to maintain the database there or understand just the dynamics of the market in that specific geographic region. And therefore they would sign up for the subscription service in that geographic region from shopper loyalty data. So just two examples of what subscription services you might have. The panel is perhaps the most common.

Will Bachman: What you’re saying there about the different ways to define the market really strikes me is that sometimes you ask like, “What’s the market size?” You got to ask like, “Well what do you mean by the market? I mean, do you want to get soft drinks? Do you want to get diet soft drinks? Do you want to get diet cola soft drinks?”

Rima Nair: Exactly.

Will Bachman: Do you want to get diet cola flavored, fruit flavored soft drinks? And it’s an interesting idea to match it not to what is internally, but really to how consumers think about it. And that’s interesting. So consumers think about really diet sodas as a category and not colas as a category.

Rima Nair: Oh, I just made that up.

Will Bachman: Yeah, obviously.

Rima Nair: Yeah. Yeah. Just to say if they’re thinking about it differently than you as a manufacturer are, then clearly there’s a disconnect, right? You can’t run your business just because that was how you set it up, and therefore you’re going to continue running the business that way.

Will Bachman: Well, I mean even if you were making that up, it applies to me. I mean, if I’m going to get a soda, which I try not to, but if I was and I’m going to get maybe a diet coke or a diet Dr Pepper, I’m not… So it’s really just always between something like that.

Rima Nair: Yes. And we have seen actually that that’s a very, very strong preference among consumers. If they’re the regular coke drinkers, they’re not touching anything but a regular carbonated beverage. Right? They’re not touching diets and vice versa for those who like diet products only. So clearly there’s some very strong loyalties in the market towards certain product types.

Will Bachman: So you talked about the service, what is the typical questions that your clients are working to answer with these information sources you provide? Talk about that a little bit.

Rima Nair: Sure. So I’ll talk about this in the context of my team perhaps because it’ll be-

Will Bachman: Yeah, just do that. Yeah.

Rima Nair: … Easier to provide a concrete example.

Will Bachman: Tell us about your team a little bit first. Let’s give us a little intro on that.

Rima Nair: Yeah. So we are part of the market and shopper intelligence vertical within IRI and our specific vertical is the innovation and activation team. Yes, it’s about innovation. And we’re talking about how do you go figure out white space opportunities for your clients to take their businesses into. But it’s also very much about understanding what the current landscape is for their businesses and what’s going on. So let’s say the example of beverage since we’ve been talking about sodas. If you’re talking about a beverage and you have a gym [inaudible 00:16:57] come to you and say, “Well, we need to understand what’s going on in our business and we’d like to have our brand grow and launch new products, but where should we go? Should be go into sparkling juice? Should we go into sparkling water? Should we go into Dario’s [inaudible 00:17:11]? Movies? Where can we take the juice equities?” And if you just analyze the juice market, then all you’re doing really is going to share within that market.

Rima Nair: Whatever strategies you come up with will all relate to going to share within the juice market. But if you think broadly in terms of beverage and say, “Well, juice is just one item among beverages.” Right? This giant world of beverages, then where do juice sit? And what are the adjacencies to juice? How can viewers bear in this market? Are they looking at juice as light juice versus regular juice or are they thinking about it in terms of juice diet? Orange juice is very different from all other juices. Or are they thinking about the mixers for alcohol separately? Where does juice really fit in this landscape? Right? Where would milk be? Where would milk substitutes be? Where ready to drink tea and coffee be? Because very drink tea also has juice flavors. Once you understand that layer of the landscape and say, “This is how shoppers are thinking about the market, this is how beverages are clustering in the market like these products are clustered together. Those products are clustered separately.”

Rima Nair: Then you understand what are complimentary clusters in the market. In other words, what products are providing confidentially benefits to other product types, right? So you’ll have let’s say three or four groups of clusters in the market, each providing a unique and complimentary benefit to the others. So the same household, for example, might buy orange juice as well as coffee, as well as tea, as well as almond milk, all four different occasions, or perhaps even for different people in your houses, but they’re still being purchased by the same household. So clearly they’re meeting very different needs. They’re all complimentary needs, but they’re meeting very different needs. On the other hand, if you’re looking at two brand of oranges, that’s when you’re getting into substitutable behavior, right? A shopper has a preference for only Tropicana orange juice over Dol or Minute maid, or whatever other brand of orange juice there might be in the market, right?

Rima Nair: That’s when you’re getting into the right pick branding or the right pick brandy. And that’s also important to know because you need to know who your immediate competitive set is. If you’re going to launch new products in the market, you want to know where that volume’s going to come from, right? Whom are you going to hit most in order to get that volume? You really don’t want to be cannibalizing yourself and getting this big size of fries because, “Hey, [inaudible 00:19:37] , we stole the volume from our own rent.” You really want to be launching in a space where you currently don’t pay so that whatever volume you get is incremental to your [inaudible 00:19:48] , right? Any new brand or even a brand extension that you have and are not seeing any other space is incremental to your portfolio. So that’s essentially the service we provide and there’s a lot of additional pieces of that can be added to it.

Rima Nair: So it’s completely customized to the client’s business questions and the kinds of business questions then are, “Can you help us forecast what my size of price is? So I know what this landscape looks like, I know what beverages look like, but I’m a juice firm, what if I decided to get into sparkling water and sweeten it with juice because I do have the manufacturing capacity for that, right? The capability for that. Can you tell me what my size of price will be?” And we’re able to do that. We’re able to forecast based on the landscape that we have because you can look at point of sales data and say, “Well, here’s the price of that sparkling water segment.

Rima Nair: And if you get a new product in it, if you enter that in, so you’ll get X percent shares. These are all the attributes the new product is expected to have. It’s providing some kind of new unique benefits for consumers. So perhaps it’s above bar compared to other products that are on the same show says it will be. And this is where it will source volume from and shows how instrumental it will be to the juice portfolio, right?” We’re able to do that as well. And sometimes it’s just a question of hey, we don’t think we can do anything more here, but how do we continue to just grow share in our own category, right? This is what in the maintenance game? What is it that he can do?” And you just say, “Okay, so here you are in the space.” And what are the competitors you’ve got to watch out for and you just pay the maintenance game with one brand and write the other brand into new areas that you currently don’t compete in.

Rima Nair: So it’s a variety of business questions that we get from our clients, not just about we want to innovate, but also we need to understand where we are now because because consumer behavior keep changing and not changing fast, but it does change, certainly over five years. So we need to understand the shift in behavior and whether we’re seeing these concrete shifts in their purchasing power as well.

Will Bachman: Yeah, that makes sense. Could you walk me through a sample engagement that your team has done? Obviously sanitize it, but just kind of walk me through the stages.

Rima Nair: So here’s an example. We got a question from a client that had done some exploratory work on traditional milk can mess up the juice and said, “You know what? We think this is an interesting space. We’d like to launch new products and new brand in the dairy alternative space. And we know that there’s soy milk, and almond milk, and cashew milk, and coconut milk and all that out there, but we’d like to launch it, but we need to understand what the landscape is now. So they’ve done whatever numbers they’ve done and they decided this was a place that they wanted to look at. So we said, “Sure, we’ll examine the landscape for you.” So we pulled into the hopper traditional dairy milk, and half and half, and evaporated milk, and condensed them, and all of these milk substitutes, and protein shakes, and yogurt drinks and whatever else that might have something about milk or milk substitutes in it.

Rima Nair: And we said, “Let’s see how consumers use it.” And what we saw was that traditional milk is very distinct from all of these plant based milk, but consumers were taking it one step further. Sheep milk, goat milk, camel milk, all of this, non cow’s milk is still considered coming from an animal. It’s not plant based, but it all plastered with plant based milk. Basically saying that what’s driving consumers is not that the milk comes from a cow or from an animal versus from a plant. What’s driving consumers is the digestive health benefit, the infamous anti inflammatory benefits that they’re getting from these non traditional milks than they are from traditional milk. They’re giving up traditional milk because it’s been around forever. Right? You automatically anxiety towards it when you are a child, when you have a child. Right?

Rima Nair: The reason to give it up is because of health benefits because of lashes and dollars so for some others health issue that you are trying to control. And it was that that was driving consumers towards plant-based milk foods. It wasn’t that consumers were giving up traditional milk totally. They were also buying plant-based milk in addition to traditional milk. And that was a huge surprise finding for the client because they were assuming, oh they’re leaving one to go to the other. Right? And [inaudible 00:24:41] is never that quite simple when you’re looking at consumers, right? I mean, they’re not just saying, “Oh yeah, I’m going to give this up and pick up something else.” They are also fine things. They’re switching between things. They go back to certain things after awhile. So behavior is changing in different ways because there are that many more choices available to them, that many more products available to them. So when we figured this out, so obviously we started with a proposal and the kickoff, and we figured out the analysis, we took these recommendations to the client and we said, “Well, here’s what they found out.”

Rima Nair: And that enables them to think about their product in a more concrete manner. It enabled them to think about what the messaging should be for the product. How should you target your consumer? Who was your target here, right? You can’t forget the boomers because they do have purchase and [inaudible 00:25:34] . On the other hand, you don’t want to lose the millennials because of their growing purchasing power. So how do you go after both? Should you go after both? What should you say about your product, right? What would you call out on packaging to attract the right kind of consumer?

Rima Nair: So after all of this… And this of course took several weeks, several meetings in between to bring the client along on this journey. And then at the end of it is when the shared with ad hoc their concept, what they were planning to introduce into to the market and said as they crystallized the concept, they would like for us to forecast that. And at some point then we’ll be ready to forecast for them this new product that they’ve come out with as they’re working on tweaking whatever their planned distribution is or planned pricing or whatever, still going on in R and D.

Rima Nair: They thought that they would be ready to launch, but they weren’t quite yet and they had some more tricks to do in R and D before getting the product out. So that’s essentially soup to nuts. We could forecast it for them and they could also do store testing to see if we actually got a prototype out on shelves. And they must bind it. Will This they actually respond to it the way we want them to respond? So that in a nutshell is how a typical engagement would go about eight to 10 weeks longer depending on how many additional work streams in my tab I was working on puts back to this?

Will Bachman: What do you see as some of the kind of cutting edge, new emerging approaches to gathering these types of consumer insights?

Rima Nair: I’d say e-commerce is a big one because there’s this huge flux of purchasing now online, right? I mean it’s not just people buying diapers and paper towels, it’s perishable goods old, so, right? Nobody wants to drive to the store anymore to buy this big gallon of milk. People are getting it all delivered at home. So for me, that’s become a bigger piece of the puzzle. And it’s important to clients to know where the consumers are behaving differently when they shop online or is the behavior patterns still the same? It’s just that the brands available online might differ than the brands available at a brick and mortar store. So you’re still following your same logic in your decision making process, which just the choice is available to you might differ in terms of that or is it significantly different because for whatever reason online you’d paint differently than when you’re in the store.

Rima Nair: I would say e-commerce is certainly a big piece of the puzzle. Trying to understand this. Digital marketing. That’s another one that we’ve been asked about very often. What do we do? How can you include that in any forecasting work, right? It’s very easy to forecast or rather it’s straightforward to forecast when you’re thinking about traditional items like traditional marketing levers, like the price of the product, the number of items you will have on shelf for the product, the planned media spend for the product. What does the product looks like, the image, the description, and then where is the product going to be launched? Is it going to be national, et cetera, all of that. How much support are you going to provide? Product, et cetera, right? Those are very straightforward marketing inputs. But what about word of mouth, Instagram, right? One great example is Halo top. Halo top went from nowhere to $300 million plus last year, right?

Will Bachman: I’m sorry, what’s that product again?

Rima Nair: Halo top ice cream.

Will Bachman: What is that? Halo what?

Rima Nair: Halo top I treat. It’s a brand and yes, I had to go to my local jewel to look for it and I found it. And I said, “Huh, I never even noticed this. I knew Ben and Jerry’s. I knew [inaudible 00:29:44] having dogs and I knew a bunch of other ones and all of a sudden there’s this new brand sitting in the freezer section called Halo top ice cream. And they are one of the two brands that blew past the a hundred million dollar mark quite even. They had distribution issues earlier on. that were beyond but one they, I figured that out. They new by word of mouth. They spent maybe $4 million on advertising, which is ridiculously low in these days, but they grew because of Instagram and because they counted the number of calories in that one point.

Rima Nair: That was pretty much you can go into this food hits the bottom of the hard codes cartons and they called out the protein on the packaging. And so when you think about things like this, there are lots of thoughts now that are bloating category boundaries, right? They’re breaking the traditional mold of well when you spent heavily like the date, coke’s, and Pepsi’s and Campbell’s and [inaudible 00:30:56] rocks and all of these other fun… The amounts they spend, these little brands are not spending that much and yet they’re breathing past the a hundred million dollar mark. Clearly the rules have changed and that becomes an important thing to consider when you’re doing any kind of analysis.

Will Bachman: That’s amazing. Instagram, protein.

Rima Nair: Yeah. yeah. Instagram. Yes. Instagram is what helped halo job get to $300 million plus 4 million, literally $4 million in traditional advertising.

Will Bachman: Wow, that’s incredible. They must have a pretty good Instagram social media manager at that firm.

Rima Nair: Yes. Yeah. Yeah.

Will Bachman: Okay. So e-commerce and you mentioned questions around do customers behave differently online? Is that something that you find? Do people shop differently?

Rima Nair: No, not really. I haven’t done it for a variety of categories, just a few, but what I’ve seen is that the behavior remains the same, right? If I’m buying a certain product that are going to be certain attributes that are very important. One, am I buying it for my entire household or for myself that was German site it. I might also want to know whether I buy a certain flavor because that’s what my household preferred and then there might be a certain brand that I am loyal to or brand is less important because there are so many brands that offer the same flavors and therefore I’ll take brand the last. That decision hierarchy, Spencer to mean the same whether you’re buying online or not. It’s just that whatever you’re seeing online, some brands don’t have that much online and some brands do and so you’re restricted to your choices when you’re buying online, but you’re not going to make any major changes in behavior, you know, because there are certain needs that have to be met like a family or for yourself.

Will Bachman: How do you personally kind of stay in touch with the latest trends in your industry? Do you spend much time going in-person to conferences or events or are there online, digital trade journals that you follow? How do you keep an keep up to date of what’s going on?

Rima Nair: Great question. I read as much as I can, so mental reports. We try to share articles internally. Whoever has read something interesting, we share that. Any kind of talk leadership white papers put out there by anyone in our industry once they’re circulated and we can get our hands on them. We certainly do read them. I have not been to too many trade shows or conferences or whatever, but certain other senior leaders in the phone do a 10 fees and then those webinars become available to everyone else.

Rima Nair: IRI has an online IRI university, just sort of a nice hub for all of these articles and white papers, et cetera, to be stored so that you can go and read them at your leisure. We do have an annual conference. I went last year and this year also to our IRI summit, which is way… Not only showcase what IRI has to offer, but also networking with clients and other industry professionals to understand what their business issues are, what new things they’ve come up with, and what interests them. Their business issues might have changed over the year and because of some new dynamic in their markets and access to that certainly helps and trying to stay abreast of current events.

Will Bachman: Yeah. For you personally, Rima, any practices that you’ve adopted maybe a long time ago, maybe last week that you found really help your productivity or effectiveness?

Rima Nair: I can’t think off the top of my head about any practices that they’ve adopted. No, I think really the place where I found we’ve gained the most efficiencies is in automation. So the more we’ve been able to automate certain pieces of the process, the better it has been because you’re taking human error out of the equation and you’re also able to cut down on time of course of analysis. And then you’re also able to focus on really what matters, right? What’s the output of this and what’s the insight that you can provide to the clients? Those really are rare. I’ve seen the biggest gains for our business.

Will Bachman: Fantastic. Well, Rima, this was really informative. I didn’t know about this world and it was really interesting to hear about IRI’s business. Thank you so much for joining.

Rima Nair: Of course. Thank you so much for having me.