Step Three: Apply Predictive Analytics to Consumer Feedback
The First Insight solution analyzes direct consumer input in real-time, using proprietary analytic models. One of the key differentiators of First Insight's model is its ability to identify consumers who are more accurate in their ability to predict new product success. Due to their relevant understanding of your products and brand, a higher weight is applied to their input, while a discount is applied to the input from those who are less accurate.
The model generates measurable data on perceived consumer value, unit sales, revenues and gross margins. This fact-based view of an items success allows you to make the most accurate retail decisions. Within each First Insight game, consumers are also given the opportunity to comment on why they rated and priced each item. These qualitative responses give further insight on overall consumer valuation and individual attributes.