In this digital arena, everything is about what you offer to the customers whether it is the price or the products. There is a completely new category of software that helps in creating an unparalleled product experience for the consumers. It helps in converting the leads and retaining them for a longer duration. It is known as product intelligence. PriceIntelGuru is one of the leading product intelligence companies.
Product intelligence is the response to shifts and changes in how we interact with products and how businesses compete to retain and engage the customers. It is about how cross-functional team access helps in acting on complex behavioral data. Getting an insight in to these shifts as well as how product intelligence fits into your business enables you to retain customers and support product-driven growth in a sustainable manner. The software will allow your team to connect strongly with their work and be of great help to the consumers.
In today’s blog, we will guide you through the significance of product intelligence and how it can be helpful in your online retail business.
So, let us explore more.
Experience with Products
For under standing product intelligence, it is important to first explore the personal equation between the products we use and the products we stop using. At present, users have ample choices. People also enjoy more access to the products via TVs, consoles, cars, tablets, phones, laptops, etc. All of these mediums add to the experience of a consumer. If a specific product doesn’t add value, interest us, connect us, enlighten us, make our job easy, attract or inspire us, we reject them and try something new. It simply means that consumer loyalty needs to be earned.
Almost, 73% of the customers share that experience is the number 1 factor that leads to loyalty. Loyal customers are 5 more times likely to buy again. This is what makes the companies put effort to earn consumer loyalty. They offer differentiated products and unique experiences by using data to getting a hold of the relationship with the products we love.
The shift has been observed across different verticals such as media, consumer goods, banking, and healthcare.
The pertinent question is what about the businesses which lag behind? The answer is they lose their customers. Such companies have to make extra efforts for engaging the consumers. However, the customers might leave and the company loses its market share. In the end, they are left behind. There is also an internal impact of the same. There is a drop in morale which can lead to reactive decision making. In simple words, the stakes are high!
Course of Action
The idea is to device a different course, best teams focus on the following aspects while addressing the challenges:
- Get an insight into the customer journey. Right from page views to complete experience across the devices.
- Ask and answer questions and make data-based decisions
- Optimize for engagement and lifetime value?
- Sustainably and consistently deliver incredible experiences
- Discover changes that can transform the game in a meaningful manner.
Companies that follow this practice can improve their outcomes, increase their revenue, improve loyalty, and introduce innovation.
How Product Intelligence Comes into the Picture?
With product intelligence, businesses make use of consumer data for building incredible product experiences which can convert and retain the consumers. The software is user-friendly for all the teams which impacts the overall digital experience. It enables companies to understand their consumers in a better manner, offers desired product experience, and achieve measurable outcomes for the business.
One might wonder what makes product intelligence different from business intelligence or marketing analytics. The answer is the need the product is filling. Product-led growth is a unique challenge requiring new classes of products. With product intelligence a business can handle the following:
- Complex behavioral data results from complex experiences over the different time spans and different contexts.
- The unique manner in which cross-functional products and teams collaborate.
- How actions are taken by the digital team and the impact of these actions.
A business can’t be everything to everyone. Product development demands are unique and hence a business needs a unique approach.
Principles of Product Intelligence
1. It is not possible to isolate customer data management, behavioral targeting, analytics, and experimentation from one another and optimize the product experience.
You might have the best analysis, charts, and data tools but in the absence of the right data, a business will struggle. The three components of product intelligence are as follows:
- Product Analysis
It’s a real-time analysis for monitoring and exploring the consumer behavior along with a cross-platform digital journey. It helps understand the effect of product bets.
- Customer Data Management
It is all about data pipelines with tools to monitor data and accessibility. It helps in creating accurate windows into the behavioral data.
- Behavioral Targeting
It is all about integration into other platforms and connecting data to other tools for powering personalized experiences and analyzing results immediately. It helps in keeping up with regular releases and enables the teams to understand how the releases can improve experiences to enhance consumer lifetime value.
2. Platforms and integrations don’t offer a great product experience but teams do! Businesses need to help them collaborate in an effective manner.
Modern product teams are cross-functional as well as collaborative. The back-and-forth process is fast and fluid. Collaboration is a whole model and not simply offering access to the notebooks and dashboards. The business needs to push the teams around the learning loop.
The process begins with a handful of employees or teams. Other teams witness what’s happening. They observe the impact and wish to be a part of the same. With product intelligence, an advanced version of the learning loop can be applied.
Product intelligence helps the teams in using consumer data for building great product experiences for converting and retaining the consumers. In a market that is highly competitive, the experience can be the key differentiator.
Benefits of Product Intelligence
1. Customer Experience
Customers are the key to keep on growing. You need to give a better customer experience to keep on their loyalty. Customer service is important for businesses to retain and garner a sense of belonging in them. Product intelligence helps in identifying the loopholes in customer service and their experience. PriceIntelGuru has the best product intelligence to offer distinguished firms.
It is not a hidden fact that when you provide a solution to a problem, people tend to lean toward that. As most customers feel more attached to the brand and believe that their problems are being noticed.
2. Improved Product Development
Products are everywhere and we use millions of products day in day out. So, providing what’s best for the customers and improving their experience is significant. Product intelligence mainly focuses on the products. Now, when a company develops a product, it has to focus on the problem-solving approach we discussed earlier. You might be wondering, how can that be done? That’s where product intelligence comes into the picture. The software helps in filtering the issues from the products and lets you understand where you can develop a solution.
You can design a system that can help in getting appropriate feed backs from the customers and then you can drive your team towards solving their pain points.
3. Better Competitiveness
Being in an online retail business means you need to be competitive at every step of the way. And when we say competitive, it doesn’t always mean price. It means every aspect of the marketing mix. You have to first be prepared for the business challenges and begin making changes that can drive growth.
To elaborate, when in online business, data is everything. And you must keep up with the changing market trends. Failing to do so can lead to obsoletion. Now, we don’t want that, right? So, product intelligence software helps in upgrading your products and services in a manner that would be accepted by the customers. And you can make your product the best out of the rest.
4. Product Improvements
Product updates or developing a new product variation should not be done on guesswork. All things should be about delivering a product that can drive more business. And, if you need to change the product or make an improvement, then product intelligence can help you get an insight into the features that are more needed by the customers.
Who all can Benefit from Product Intelligence?
Product intelligence can be used by product managers, product designers, marketing teams, and sales teams. Everybody can get a slice as they can better sell the product in the manner it is meant to.
Power up with PriceIntelGuru’s Product Intelligence
Investing in product intelligence software can be one of the best decisions for any business. It will help in collecting and analyzing data about a business’s product performance with the users. You will find top product intelligence software in the market and you can choose the one based on your budget and features. Contact us to know more.