MOUNTAIN VIEW, CA--(Marketwire - Mar 21, 2013) - NetBase, the Social Intelligence Company, today announced that Lassen Innovation, a certified management consultancy that specializes in business growth, strategies and innovation mastery, used social media insights from the NetBase Social Intelligence Platform to develop Hanz, an eco-friendly and educational alternative to traditional toy construction sets. To avoid the 80 percent failure rate of new consumer products launched when relying on conventional methods of understanding the consumer perspective, Lassen Innovation used NetBase to reduce the time needed from research to design to sale.
"We already understood what our target demographic is for this segment, but most critical is the need to understand what they want and what's driving their conversations online in order to create a product that speaks to them, their children and their needs. NetBase dashboards surface those kinds of insights for us quickly and easily," said Nicholas Webb, CEO of Lassen Innovation.
The Lassen Innovation team customized a unique dashboard in NetBase Insight Composer to identify and analyze competitive intelligence around competing brands, and found a small percentage of online consumers talking about the concept of being able to build and design their own functionality in toys and not have to follow direction. These conversations generated only 0.16 percent of the overall sound bites in NetBase's real-time stream, but delivered an important insight that consumers felt creativity was being inhibited in existing products on the market.
Using this and other social insights surfaced from NetBase's natural language processing engine, Lassen Innovation created Hanz. The speed and flexibility of the NetBase platform allowed for multiple critical changes in the innovation process for the Lassen Innovation team, reducing the cost of gaining insights by 43 percent while improving the time to design by 63 percent. Hanz launched on January 1, 2013, and Lassen Innovation has already sold out of their initial production run. In over 400 technologies that have been launched by the practice, this is the greatest-ever sales interest for a product prior to its physical availability.
NetBase delivers the social intelligence that global enterprises use to monitor, understand, and engage with customers in real time. Using a high-precision natural language processing (NLP) engine combined with text analytics and machine learning, our platform processes billions of social media posts to extract structured insights delivered via customizable dashboards. Our solutions enable digital marketing, public relations, market research, customer service, sales, and product innovation leaders to craft winning strategies faster. Clients include Coca-Cola, Kraft, Taco Bell, ESPN, and J. D. Power & Associates. NetBase powers the weekly Sentiment Tracker in the Wall Street Journal and our solutions are sold globally by SAP AG. For more information, visit www.netbase.com, @NetBase, on Facebook page, LinkedIn, or YouTube.
About Lassen Innovation
Lassen Innovation is a Certified Management Consultancy made up of successful inventors and management consultants that specializes in business growth, strategies and innovation mastery. Lassen has launched over 200 technologies, and CEO Nicholas Webb has been awarded over 35 patents by the U.S. Patent and Trademark Office. Lassen provides a tremendous return on investment through a prescribed approach that targets the uniqueness of each client organization.
- Technology & Electronics
- Nicholas Webb