Product Market Analysis
Measuring online reviews of competing products is a vital step that’s missing from most brands’ market analysis.
Understand the True Voice of the Consumer
A typical market analysis explains an industry’s market segmentation, focus and forecast, specifically defining:
- growth rate
- other characteristics
- major customer groups
- customer demographics
- target market
- potential market share
- competitive analysis
There are a variety of tools that a brand may employ to garner these pieces of the product market analysis. One such tool that is typically left out of this type of analysis is feedback from the mouths of customers themselves. When analyzing your current market or a market you’d like to expand into, it’s aways a good step to start with customer product reviews. These reviews contain less bias than other forms of consumer feedback, and they allow you to see the good, bad and ugly of the most prominent products within a market from the eyes of the consumer.
How Real Brands Use Reviews: Better Boxers
An apparel developer was having customer satisfaction issues with its boxer shorts. After getting flack from everyone from customer service to marketing, they went forward with what they thought was the complaint – the seam on the back. To be sure before making a change to no avail, 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 also gone? Negative reviews and dissatisfied customers.