Nowadays, customers make decisions after comparing many products online for distinguished aspects like price, features, size, and delivery. The product intelligence software can help in simplifying the process for companies. You might wonder how. Well, over the time, most businesses have invested in digital transformation. We spend a significant time using the digital products. This has led to a drastic shift in the relation between customers and the businesses that create products for their customers. So, here product intelligence helps companies diversify many aspects on every level.
To begin with, the response to this transformation can be termed product intelligence. It is about change in how customers interact with the products and how companies compete to engage, retain, and please the customers. It also consists of cross-functional teams accessing and acting on complex behavioral data.
Today in this blog, we will understand the concept of product intelligence and its impact in growing your business.
In simpler words, product intelligence is the process of collecting, analyzing, and acting on the data on how customers use your product. The process relies strongly on the operational and product data for improving product experiences and product development. Having a significant volume of data means that the analysis is based on the complete picture of the way the customer is interacting with your product. It helps in getting insight that is not possible to gain from product data alone. Let us get a better look into the tools of product intelligence.
Product Intelligence Tools
PriceIntelGuru is one of the leading pricing companies enabling you to make a mark on the graph with prominent milestones. There are many analytical solutions which are specifically built for delivering the insight required by the stakeholders for making informed decisions in all kinds of industries. When it comes to brilliant price intelligence tools, not only enable a business to aggregate data analytics but display it in diverse ways for meeting the needs of various teams such as sales, marketing, product, and engineering. And as a big organization that is a must for your smooth operations.
However, the tools are as good as the data they access. The investment made by a business in product intelligence tools will pay off only when it provides a holistic view of the customer experience during the entire lifecycle.
If the data required for analytics is incomplete, the use fulness of the product intelligence tool will be affected.
What Makes Product Intelligence Platform Beneficial?
Unlike conventional business intelligence tools, which are generally used for offering a high-level overview of business metrics and analytics, product intelligence tools offer product performance and product analytics.
1. It is For Every Department
A business might wonder if the product intelligence tools are only beneficial to the product managers and designers. That is not true. Almost every department of the business can benefit from access to product intelligence. Let us explain. For starters, the marketing department can create targeted campaigns for new users and customer success can help in figuring out potential risk customers when product usage decreases.
2. To Stay Ahead of Competition
First and foremost, product intelligence allows you to gain a deeper understanding of your customers and their needs. By analyzing customer data, such as purchase history and browsing behavior, you can identify patterns and preferences, and use this information to create more targeted marketing campaigns and product offerings.
3. Better Product Development
Product intelligence has a product in its name which means it enhances your product development process. Every company manufacturing products or selling them need the best product to beat the competition. Now, if the product is not appealing, then customers might purchase but will never become loyal customers. And with millions of products around us, it is difficult to make a home in every customer’s heart. Price intelligence helps you understand the customer likes and preferences which in turn enables you to make a product that they will buy and cherish for a longer time.
4. Optimal Supply Chain
Logistics is at the crux of every business. Market demands need constant observation as one company’s loss is another’s gain. For example, if you know about the inventory and the gap in the market then you can provide the product when it is in demand ensuring better sales.
5. Data Speaks
Data extraction helps companies evaluate and understand the value of their operations. According to a recent survey conducted by Deloitte, businesses that implement product intelligence technologies are 36% more likely to achieve higher customer satisfaction rates than those who do not. Furthermore, they are38% more likely to achieve better financial results, including revenue growth and increased profitability.
Owing to its usefulness across the business, an appropriate product intelligence platform is the one that offers an easily accessible and collaborative environment where data can be collected and analyzed by different teams. The tool should be able to use data and statistics in real time so the decision makers have access to up-to-date product information just a few clicks away.
More About Product Intelligence
1. Choice and Experience: For understanding product intelligence, one needs to first explore personal relations with the products we use. Today, consumers have more choices than ever and they are connected to phones, laptops, tablets, watches, TVs, consoles, cars, bikes, and more. This has transformed consumers into experience buffs. If a particular product doesn’t make our life easy, is not effective, doesn’t delight us, or doesn’t inform or connect us, then we write it off! As there are other millions of products in line to make their way toward us.
In short, consumer loyalty needs to be earned. 73% of people share that experience is the top factor that leads to loyalty. The loyalty of customers is cherished by companies as that creates a circle of purchase. Because loyal customers are more likely to recommend your products to their peer groups. Loyal customers are five times more likely to purchase again. This is where companies try to compete and earn the loyalty of consumers by offering a different experience. They can understand the complex relationship with products we like with the help of data.
This shift can be witnessed across different verticals such as media, healthcare, banking, and consumer goods. Many businesses need to think about the experiences that people are going to have and establish a meaningful and emotional connection with them.
2. The Stakes are High: The pertinent question is what happens to the companies that lag behind. The simple answer is, they lose customers. The longer answer is that they need to pay more for attracting new customers. Basically, they desperately utilize money for keeping the customers. Sadly, customers still leave and switch to a competitor. Now, that is completely un predictable but what you can predict is their LTV with the help of periodic feedback and suggestions from the customers. If a company does not engage with its customers, then they end up losing its market share and falling behind further. It also leads to a drop in the morale and reactive decision making. The stakes are high and it becomes a self-reinforcing loop.
3. The Path Forward: It is important to chart a different course. The idea is to understand the customer journey right from the page views to the end experience across devices. Businesses need to ask and answer their own questions and make informed decisions based on the data. They must look for optimizing the engagement for sustainable growth. Delivering compelling experiences is a must along with discovering ways to innovate and change the game in a meaningful way for the customers.
It is important to chart a different course. The idea is to understand the customer journey right from the page views to the end experience across devices. Businesses need to ask and answer their own questions and make informed decisions based on the data. They must look for optimizing the engagement for sustainable growth. Delivering compelling experiences is a must along with discovering ways to innovate and change the game in a meaningful way for the customers.
Companies following these practices can enjoy better outcomes in terms of higher revenue, increased loyalty, and quick innovation.
Companies that have difficulty in adopting the above-mentioned practices experience decrease in revenue growth and it gets challenging for them to catch-up with the competitors.
The Gap
There is a huge gap between customer expectations and deliverance. Now, companies spend billions of dollars to just understand the consumer behavior. It has become easier with the intervention of machine learning and data. But still, businesses need to make the required cultural shifts. It begins with offering a direct access to the customers along with qualitative and quantitative insight. That is only possible with a good product matching tool like ours. Companies must empower the teams to do experiments that offer valuable insight. Then the team must have data literacy to make sense of the insights. The business and teams need to shift their focus from ‘delivery teams’ to ‘problem solving teams’.
Two Key Product Intelligence Principles
1. A business can’t isolate analytics, customer data management, behavioral targeting and experimentation from one another and expect to optimize the product experience significantly.
2. Product intelligence platforms and integrations won’t offer great product experiences, it’s the team! A business must help the teams in collaborating effectively.
Product intelligence enables the team to use customer data and create great product experiences meant for converting and retaining the customers. In a highly-competitive market, experience makes all the difference.
Expand the Power of Product Intelligence
As we march into the world of AI and machine learning, understand that keeping it simple for customers is going to be the priority. Product intelligence can help you achieve that in an efficient manner. You can take a chance which you will never regret with us. Are you ready to move ahead with us? Reach us to leap to the next level.
