Image and video analytics are at the frontier of mobile and social interactions currently. Read on to understand the use cases and open problems.
Sramana Mitra: Let’s start by introducing our audience to yourself as well as to Crimson Hexagon.
Stephanie Newby: I’m the CEO of Crimson Hexagon. We are a big data, social media analytics company. We actually have a market leadership position in our market, which is very exciting. The reason is we have three things that’s very compelling from a customer’s point of view. Number one we have a huge base of data set of over 800 billion posted social media data since we started in this business, which was in 2008.
What that enables our customers to do is mine all of this data to get insight from consumers about what they’re talking about whether it’s a brand, or a customer service issue. Secondly, we have very deep data science that is patented and protected and therefore, we have aspects of our technology that enables customers to have the flexibility to ask any question of social media. It could be, “What are people saying about last year’s Super Bowl campaign?” These specific questions can have answers that are tailored to the things that are relevant for them. That’s the unique attribution that we have. Finally, we remain on the cutting-edge by experimenting with new ways of using social media.
We would assert people to create audience analytics and customer segmentation through social media. This is not just through people opting in to segments but rather based on their behaviOr on social media. Also, we are doing very cutting-edge work on image analytics. These are the reasons why customers buy from us. We’re a global company. We have people across the country in the US as well as in Europe and the reselling network in the Far East.
Sramana Mitra: Where is the company based?
Stephanie Newby: It’s based in Boston.
Sramana Mitra: Where is the technology from? Is the technology coming from out of a university? What is the genesis of the technology?
Stephanie Newby: The original technology was sourced from Harvard University. We have a license for that. We’ve actually improved upon that original technology and so we’ve got five additional patents since then. It’s a combination of machine learning algorithm, deep learning, and natural language processing. We use any of those technologies in various aspects of the platform.
Sramana Mitra: Talk to me about your customers. What is the segmentation and what is the positioning of the company vis-a-vis customers?
Stephanie Newby: Typically, customers are marketing because they’re very strategic and they tend to be very focused on the positioning of their brand. They care a lot about what their customers are saying about them. There’s a large volume of conversation in social media starting way back when led by the media and entertainment industry because people love talking about movies, shows, and sports. Since those early days, there have been fast followers in the CPG industry, consumer side of financial services, and in the travel industry in particular.
Marketers have tended to be the main focus. For our product, we’ve done the best with the ones looking for strategic insight to drive really important business decisions. They tend to be consumer insight groups and market research. We also have a lot of uses outside of marketing including product development, PR and corporate communication, HR, and customer care. Social media is being used very broadly across enterprises today.