When it comes to competitive analytics tools in 2018, the possibilities are endless. From market research and surveys to social media monitoring and keyword rankings, every new competitive metric claims to deliver business-altering insights.
That’s all well and good, but where does the customer come into play? We know that customers trust one another over all other sources. So why do all of today’s competitive analysis tools deliver everything but the customer?
The One and Only Way to Listen to the Competitor’s Customers
Truth is, listening to your competitor’s customer used to be impossible. Beyond sending in spies or hacking their customer support systems, how could you hear their customers’ opinions?
But today, it’s easier. The solution? Product reviews.
Product reviews are the only form of competitor analytics that actually let you hear what the customer has to say about the competitor. All it takes is partnering with the right product review aggregation and analysis service.
Calvin is pleased with himself. He just read through the blender reviews and avoided purchasing a product that wouldn’t have worked for him due to poor ice crushing ability. Man, it’s nice to have this network of opinions to tap!
Identifying why a Customer Chose a Competitor Using Product Reviews
Once a partnership is formed, a brand can begin textual analysis to uncover insights. In the examples below, the customer is telling Hamilton Beach, a small appliance company, why they chose the competitor. In both reviews, the Oster did not blend frozen items like ice and fruit. The crushing capabilities of the Hamilton Beach blender were preferable.
Search the competitor’s reviews for your branded terms.
Or, search your own reviews for competitors’ branded terms.
Opportunity Awaits When Blind Spots are Eliminated
This is constructive feedback Hamilton Beach could use to improve its products. If they spot this trend in more reviews, even looking at additional competitors beyond Oster, the decision is all but made for them: improve frozen blending capabilities and customer opinion will follow. The solution could also be as simple as adjusting product descriptions so that expectations on how to best blend fruit are communicated up front.
Brands that are not monitoring and measuring their reviews have blind spots. That is to say, there are influential opinions being published about their products and brand, and they aren’t even seeing them, let alone taking action on them. Incorporate the same for competitor reviews, and results will come quicker and the impact will be greater.
Channel Signal has seen amazing outcomes when companies remove their blind spots and get a clear picture of their performance in the competitive landscape.
Learn how companies are seeing and using product reviews in a whole new way. Read the case studies.