How To Use Product Intelligence To Win Customers?
Assessing the viability and acceptance of a product is crucial for a brand to maintain its image and goodwill. The dominion effect of a happy consumer influencing another to try the brand is dependent on understanding the insights. The decision-making process is impacted without access to data-centric Product Intelligence insights and predictive analytics.
A product intelligence platform will help in assessing important data-centric views such as
- Difference between first-time users and consumers who are repeating the product
- Active users for services that are based on a subscription model
- Determining the features that consumers liked about the product
- Scope for improvement and errors encountered by users
These factors will act like data points for the product development and marketing teams who will work on suggestions and improve the product design accordingly. Most of the time data is available outside the product and there is no one-size-fits-all rule in the assessment of product insights. For instance, a few decades ago when information was not as easily accessible as now. Most companies manufacturing consumable goods advertised the return of empty bottle caps or wrappers for free. Though this step is a fantastic marketing idea at the time. It did not attract unwanted attention to products with lukewarm or tepid consumer interest in them.
What is a product intelligence platform?
A product intelligence platform is a tool that aids in ascertaining the availability, specifications, promotions, leaders, laggards, ratings, and other relevant information of product launch and performance.
Both manufacturers and retailers can analyze and understand the changing trends and keep up with whatever is the latest flavor or consumer preferences. When the product line matches the consumer’s choice, sales scale the heights without additional marketing or advertisement. It helps in gaming a comprehensive insight that is critical for even the basic survival of the business.
In current times, consumers are spoilt for choice, and they lack patience. Companies cannot be complacent about their product intelligence insights otherwise they will find themselves fighting a tougher battle even to stay afloat. So if a company’s product intelligence fails to ascertain the pulse of the impatient consumer, they will lose them to the competition.
How can product insights help the business?
Depending on the type of product, getting insights from the interface of the product may or may not be feasible for all types. To overcome this lacuna where a product that is once out of the track of a company’s coding system, should still be able to provide the required data that can reveal the basic information such as the product’s most used features, functionality, and utility rating from a customer is important.
Customers leave a lot of information that grazes past other touchpoints outside of the product. Consumers buying a pan can leave a review by themselves about the good and bad features of the product. Even no inclination to comment after buying a product can be determined by sending an email to the customer, to comprehend their review after using it. Understanding these elements is necessary to join the missing pieces in a puzzle to develop a good product and understand customers better. It will help teams understand which features and attributes make the product more appealing to end users.
Here are a few points that discuss strategies to optimize the use of product intelligence platforms to gain consumer’s perspectives and win their vote:
Predict and plan
Consumer insights platforms should be used in tandem with product intelligence tools to determine their activity and plan. For instance, if a consumer surfs the internet and buys baby diapers, then in all possibility he will buy related baby care items. Then using AI tools targeted advertising can help reach out to the consumer and advertise the baby-care product line of the company.
Use CPG displays
Consumer packaged goods, if displayed properly, will help achieve the determined sales growth without additional effort. Products that are always bought in a hurry should be easily accessible. Other stuff that normally consumers spend some time before deciding to buy can be displayed in further sections. Using data analytics check the CPG display compliance and adhere to the rules. This step helps in both compliance and sales growth.
Portray the differentiator
Making great products and making saleable products are two different aspects. If you are making a product that connects with the concerns of determined people who want to make a change. Then let that be displayed as the unique selling point. A company making plant and vegan-based beauty products that have not been tested on animals and are cruelty-free should focus on advertising these points as the differentiator.
Size-up the competition
Getting to know the competition is useful in taking accurate decisions in real-time to stay ahead in the league. In short, understanding the basic product metrics of the competition is also necessary alongside one’s own product’s metrics. If you can determine when the competitors’ products are low in supply. You can use the opportunity to use your product ahead in the line. If a competitor offers a better product mix for assorted or combo packs, then the brand has to up its game.
This information has to be processed quickly to avoid critical mistakes that can affect sales growth. Real-time competitive intelligence helps in identifying gaps that can be used for the benefit of one’s own brand’s business.
E-commerce and regular stores are still competing and vying for the preferred shopping channel. So determining product intelligence from multiple channels is key to trade and commerce going forward. Consumers are buying from multiple channels and most appreciate targeted advertising as it narrows their search to the right option.
A product intelligence platform is an indispensable tool for every business. As it not only helps in improvising the product and launching appropriate new ones. But also helps determine the stock requirement. This tool also helps in determining the shelf or store age of a product specifically for the kind that is fast consumables.