The Value of Social Insights Companies recognize how in-tune they need to be with ever-changing market and industry dynamics. One of the best ways to do that is by always paying attention to consumer needs, which can be accomplished with an always-on monitoring, listening and intelligence approach. Read on to hear how we developed such an approach for one of our key customers. We have been working with a large packaged goods company (Forbes Top 50 for America’s largest private companies) that had just acquired a space-saving storage product and wanted to better leverage social data and insights to shorten its product innovation cycles, while also driving more real-time social engagement and content opportunities. The company was looking to gather insights to: (1) more strategically market the product on social media, and (2) improve upon the existing product and/or create a new product to meet evolving consumer needs. We aspired to help the company modify its innovation approach by uncovering consumer pain points and need states that powered specific product development steps, and get the brand better aligned with customers at each stage of the purchasing journey. Crimson Hexagon was the solution we looked to to address these needs. The Crimson Hexagon Solution We leveraged the Crimson Hexagon platform to distill critical insights from massive data sets. Through a slew of customizable queries, we pinpointed conversations around the following critical areas: (1) target audiences, including need states, (2) product use cases, (3) current market pain points, (4) innovation ideas, and (5) marketing opportunities. Within each topical bucket, we drilled into specific conversations to unearth actionable insights. For example, we found that there was an emerging need for more vertical space-saving storage solutions, as well as more options that could become part of the design/aesthetic of a room or closet. Another example we found was unintended use cases for the product – especially when it came to the preservation of sentimental items and memories from life moments. We also found that millennials were emerging as a more vocal purchasing group, with very specific needs. Around each set of conversations we then provided quantitative data as proof points for how big or small a particular set of issues was – thereby signifying the impact each topic had for the brand. Using a combination of data visuals from Crimson Hexagon and custom visuals 7Summits built, we brought the data to life. We infused our findings with qualitative support and specific recommendations that were a direct result of what the data was telling us. Consequently, we did not just tell the brand what the data was; we provided tangible steps for how the brand could learn from the data and execute moving forward. The Value for the Customer There are many ways to measure value in social insights and intelligence projects such as these, but the biggest one usually relates to money. Here, our key stakeholder said the following about the marketing and innovation deliverables we provided: “You did in six weeks and for $50,000 what would normally take us 12 to 14 months and $500,000.” Beyond the monetary aspect, we also helped the brand drastically reduce time to insight related to its marketing, audience and product questions. We helped set them up for future success months down the road. That is a powerful statement and a testament to the importance of social intelligence.