July 29, 20212 min read
Here are the facts: 84% of consumers trust online reviews as much as a personal recommendation, and consumers are also willing to spend 31% more on a business with excellent reviews. In other words, customers are paying close attention to feedback about your products across a wide variety of digital channels and using that information to guide their decisions. But, many brands are not doing the same thing, even though these product insights are right there for the taking.
Brands that capture product insights from review sites, social media, and other digital channels to build a customer-centric product strategy can help grow their business dramatically. But, capturing this huge volume of fragmented, unsolicited feedback is only part of the story. How will that data be used across your entire organization to improve products and delight customers?
While every organization is different, here are 19 different use cases to consider when incorporating product insights into your business. Are you missing out on any of these?
Product design: Identify design issues and highly-rated features for both your own and competitors’ products.
Product innovation: Identify new product ideas and improvements based on customer suggestions.
Top attributes: Identify top attributes loved by customers, and why.
Low performing attributes: Identify the attributes that are most disliked by customers.
Quality issues: Identify quality issues early and rectify them at the manufacturing level.
Product and brand performance: Identify top and low performing sub-brands/products/SKUs based on key product metrics.
Customer reaction to new releases: Monitor new product releases and learn which attributes are liked and disliked.
Unified customer view across channels: Centralize customer feedback and data across channels, including offline data from brand surveys.
Track key product metrics: Track key product metrics like star rating, experience across products and brands and how they change over time.
Competitor benchmarking: Understand what customers are saying about competitors’ products.
Promotion assessment: Identify how customers receive offers and promotions. Are they talking about it?
Point-of-market entry: Use usage patterns to identify new market segments or fulfill an unspecified user requirement.
Brand positioning: Judge overall brand sentiment. Identify cases where the brand positioning is going wrong.
Inventory management: Improve inventory management by identifying product availability issues, popularity of sales channels, etc.
Retailer management: Analyze customer’s voice for any particular retailer, offline or online, to streamline operations and maintain quality.
Crisis management: Detect potential crises at an early stage through active monitoring of customer reviews and social data.
Crisis mitigation: Identify cases where a user propagates false information about the brand/ product before it gets out of control.
Smart alerts: Use AI to get notifications when changes are detected in key product metrics like experience score, star rating, sentiment, etc.
Lead generation: Identify and interact with clients who are talking about buying a product or are looking at competitors’ products.
Chances are that this list helps you think about a number of new ways you can use product insights to enhance your products AND your customer experience, from product to marketing to operations to sales and beyond. And therein lies your next challenge: how do your teams actually use these insights?
Our Product Insights Playbook shows you how you can bring product insights into the heart of your enterprise and empower your teams to build a customer-centric product strategy. Learn how Sprinklr Modern Research, part of Sprinklr’s industry-leading unified customer experience management (Unified-CXM) platform, can help ensure that you’re building a customer-centric product strategy that delights customers, improves products, and contributes to the bottom line.
Dive into the playbook now and learn how to capitalize on Product Insights.