Milla, the co-founder and CPO of a restaurant reservation platform, faces challenges after a new feature fails to meet expectations, highlighting the importance of consumer insights in product management. Consumer insights, which involve understanding customer needs, behaviors, and motivations, are crucial for creating successful products and are part of a broader framework alongside market, business, and technology insights. By leveraging consumer insights effectively, companies can decrease customer acquisition costs, reduce churn, and increase customer loyalty, ultimately enhancing customer lifetime value and driving growth. The Pirate Funnel, consisting of stages such as acquisition, activation, retention, revenue, and referral, demonstrates how consumer insights can be applied to influence user behavior and improve product outcomes. The article underscores the significance of a structured consumer insights strategy, which involves establishing objectives, identifying target customers, timing data collection, and determining the types of insights needed. Examples from companies like Nike, Zalando, and Lego illustrate successful application of consumer insights to foster growth and customer engagement.