Announcing 4sight’s Compass Report
More than 85% of new CPG launches fail within two years. Honing in on what makes those 15% who achieve long-term success stand out from the rest of the category is critical to winning. Currently, there’s a gap in consumer insights that are focused on understanding the appeal of top performing products, what it takes to win in specific categories and how new product initiatives measure up to category norms. 4Sight’s new Compass Report looks to close that gap.
What is the Compass Report?
The Compass Report delivers robust insights on product performance and what drives consumer choices in the market. It leverages consumer feedback to establish category norms and map new initiatives against these norms by establishing both winning Brand Attributes and winning Brand Health Diagnostics.
The Report achieves this by first pulling a representative and broad spectrum of reviews for products in a category. As an example: for a Specialty Skin Care Moisturizing Compass Report, we pulled 240+ products (across 80 brands) for a total of 125,000 reviews over the past three years. Leveraging natural language processing and machine learning algorithms, the report establishes category themes and drivers of choice, along with critical tiers within the category (top 15%, middle 70%, lower 15%), as well as with themes and drivers for the top and bottom tiers of the category.
The Compass Report also identifies product attributes and product health diagnostics, i.e., what makes the top great and what to look for, and what is dragging down the lower-rated products within the category. It also measures Trust scores from consumers’ own words rather than an artificial question about the “brand I trust”. Finally, the report maps four new, noteworthy initiatives against the top and bottom of the category.
4Sight’s brand strategy team distills the complex analysis into a detailed report focused on key takeaways that Marketing, Product Development and Product Innovation teams can drive into action. These insights can add the voice of the consumer to numerous strategic and tactical business decisions.
What Does it do for You?
Brands and manufacturers receive actionable consumer insights tied to what it takes to win in the category, delivered in a cost-effective report that provides actionable quantitative consumer analytics, supported by qualitative verbatims.
The Compass Report provides foundational insights to influence product development decisions, focusing on those design elements that differentiate the most appealing products in the category. The report incorporates consumers' language tied to important choice drivers that can be tied into creative briefs and marketing content. It also offers the opportunity to monitor the performance of new products and quickly assess if they are on a path to consumer success or if there are any specific watchouts related to consumer appeal that need to be addressed.
If you’d like to learn more about the report and talk to a senior member of the 4Sight team, reach out to us at firstname.lastname@example.org.