Until now, retailers and manufacturers have relied predominantly on historical sales data to make decisions on design, selection, pricing and marketing for the next round of products. Although useful, historical data provides a rear-view mirror approach rather than a forward look.
The time has come to apply disciplined business intelligence, combined with real-time consumer insight, before big decisions are made. Knowing what consumers will buy and what price they are willing to pay, prior to making the big decision, is a strategic advantage that can benefit the entire organization and differentiate you from the competition.
First Insight’s InsightSuite combines the reach and real-time nature of the digital world with predictive analytics, providing retailers and manufacturers with inventory investment guidance, optimal starting price points, and segmented marketing data for new products.
Our suite of solutions provides merchants, planners, buyers and marketers with actionable data to make smart decisions, all delivered in an intuitive, easy-to-use interface that can be configured to your specific needs.
All of this information is delivered in as little as 48-72 hours.
Our collective experience in retail has given us the knowledge to deliver InsightSuite, a powerful platform offering the following components:
- InsightSelection: First Insight’s core new product ranking and recommendation solution enables merchants and planners to forecast performance of new products before they are launched. Also provides aggregated comments from consumers using a proprietary word cloud technique, and allows merchants and designers to drill down and see detailed comments.
- InsightPricing: Enables companies to accurately set entry price points using a predictive model which identifies the market’s response to alternative pricing decisions. Generates a market response (or price elasticity) curve, enabling ‘what-if’ analyses. Also provides an accurate forecast of a new product’s Average Unit Retail (AUR) price prior to product introduction.
- InsightMarketing: Lets retail marketers understand the optimal customer profile for a new product, well before that product hits the stores. Retailers using Insight Marketing are able to target specific customer groups with tailored messaging for these new products, dramatically increasing new product sell-through and margins.
Our 4-step process for delivering these results is called an Insight:
- Select the products you want to validate
- Engage consumers through customizable online games
- Apply First Insight analytic models, always controlling and weighting for the most accurate information
- Gain Insight on how products will perform and how to price them to optimize margins.
First Insight’s predictive analytics put you and your organization ahead of the curve when designing, selecting, pricing and marketing new products.