Say you’re a product manager responsible for a line of MP3 players. One of the players is not selling well, in spite of various promotional activities including two price reductions within the last six months. You still can’t find lift.
As with any product development cycle, you conducted focus groups and researched the market to determine the optimal feature set for your target audience, at a compelling price point. The research didn’t yield any unexpected or actionable results.
In addition to handling your regular workload, you have several hundred online customer reviews collected over the last 60 days to plow through. It’s vital to read these reviews but you simply don’t have the bandwidth to go over them all with an attention they require. You need an easy way to filter out relevant customer themes that provide quick, current, actionable insights from customers.
Competitive products offer almost the exact same features as your MP3 player at a similar price. You’re now working on a next- generation player but aren’t clear on what the “must have” features should be for this version. Not only is your market data ambiguous, but also it’s now stale after all this time.
Enter Amplified Analytics. Using AAI’s Product Reputation Market Intelligence Reporter (PRMIR), which is based on semantic analysis of customer reviews and behavioral economics models, product managers and key decision makers can quickly segregate and analyze key performance indicators (KPIs) like Customer Satisfaction (CSI) with a product functionality, reliability and a quality of support.
Top category selections, such as MP3 players, on the PRMIR data entry screen are, easily identifiable and simple to find. Users can see the ratio of reviews to products, using a significant product sampling (in the case of the MP3 player, 75:1). All listings are date stamped, so that users know precisely when data has been updated. In just four mouse clicks, a product manager is able to generate meaningful functionality rates for his or her product;
The PRMIR interface allows customers to make multiple selections of competing manufacturers and filter the number of reviews and ranges for several performance indicators, including Customer Satisfaction Index (CSI), Product Functionality Score (PFS), Product Reliability Score (PRS) and Product Support Score (PSS).
The Product Satisfaction Analysis report is generated in less than a minute. Within five minutes, in this particular scenario the product manager would discover that 5% of customers were reporting design issues with the battery compartment latch design.
When recalculating the CSI factoring out this specific design issue, the MP3 player in question outscores the competition by 4.2%. An up-to-date analysis with easily importable data is available in less than 15 minutes; the entire process takes less time than a normal lunch hour. Most important, stakeholders walk away with accurate data and tangible feedback to ensure customer satisfaction and profitability of future products.