Before You Develop Your Next Product, Tune into Your Customers
Posted on Fri, Jun 29, 2012
Study after study finds products failing in large numbers and largely due to products insufficiently meeting the wants and needs of consumers.
Listening to customers does not mean bowing to their every request. But it does mean understanding:
- What customers like or dislike about your current product offerings?
- What features do your customers – or not-yet-customers – wish your products included? Which features are less desirable?
- Under what circumstances do your products fail?
- How do your products stack up relative to your competitors’ offerings?
Surveys, focus groups, point-of-sale and customer service interactions are critical. But if you are not tuning into the opinions being expressed in social media outlets like Twitter, Facebook, YouTube, blogs, portals, and wikis, you are missing an incredible ‘listening’ opportunity.
With the explosion of social media usage, social data is expanding at a frenetic pace and companies – big and small - are scrambling for new and innovative ways to harness and make sense of consumer sentiment being shared online.
Advanced semantic research capabilities from Invention Machine’s Goldfire, the Optimal Decision Engine, help organizations recognize customer opinions, perceptions, attitudes, habits, and expectations - relative to their own brands and to those of their partners’ and competitors’ - in order to drive innovation and product development.
Goldfire finds consumer comments made relative to brands, products and services and hidden in unstructured social data and transforms this data into actionable innovation intelligence. Intelligence that can drive product development and new revenue streams.
Unlike traditional “sentiment analysis” applications that offer a quantitative counting of the number of “likes” or “dislikes”, Goldfire’s unique question answering technology understands the context and intended meaning of words expressed on social sites.
Goldfire’s Consumer Sentiment lenses filter out useless chatter such as abbreviations and shorthand and organize meaningful content into categories of: Likes, dislikes, wishes, failures, deficiencies, desires, appreciations, and positive, negative, and neutral comparisons. Engineers and scientists can then use these insights as on-demand focus groups to glean product, market, and competitive details.
How is your organization tapping consumer sentiment to deliver new and improved product offerings?
Learn how companies are using Goldfire to Drive Innovation through Semantic Analysis of Consumer Sentiment