Product Development Strategy
The missing piece of your product development strategy
Designing, creating and marketing winning products and services for consumers is no easy feat. Today’s connected consumers want to be empowered to make research-based decisions. They read reviews to discern whether a product can meet their exact needs. They rarely choose based off the latest push marketing campaign. And they’re eager to share their own experience with others. The format 90% of them use is product reviews.
Knowing that so many consumers are making decisions with a little help from their friends – other online reviewers – should be the impetus for to re-evaluate your product development strategy. Incorporating trends from product reviews can create better products.
Reviews are more accurate than surveys & focus groups
Develop better new products and refine existing ones based on product review research. This new product development strategy is consumer-focused. Unlike internal data, it tells you "why" sales are trending up or down.
Are product features working as intended?
Use Channel Signal as a part of your product development strategy to hear consumers describe, in their own words, what they like and don’t like about their products.
- Go beyond the stars – a text-based analysis of low (1 and 2 stars) and high (4 and 5 stars) reviewed products to see what’s working and not for customers.
- Sort how you want – See review trends by product, category, review site and more.
- Let us do the work for you – our analysts will be proactive with your data and pull out low-hanging-fruit type of insights that you take action on.
How are products getting used?
You may have designed your product for one thing, but people may love it for a completely different reason. The only way to understand expectations and real life applications for your product is through reviews.
What are my competitors doing right (or wrong)?
Whether you’re developing a new product in an existing space or refining your current products, competitor data can help give you an edge. As part of your product development strategy, review data can help you “one up” your competitors on what they’re doing right and wrong.
How Real Brands Use Reviews: Apparel Developer Fixes Tag Issue
An apparel manufacturer was having customer satisfaction issues with its men's boxer shorts. After getting flack from sales reps and customer service, they went forward with what they thought was the complaint – the seam on the back.
Before making this change, the marketing department measured their product reviews using Channel Signal. They found out the issue wasn’t the seam at all. It was the annoying waistband tag. The tag is now gone, replaced by a heat stamp tag.
Know what else is gone? Negative reviews and dissatisfied customers.