The Benefits of Product Review Analysis with Text Analytics
In some ways, product management comes down to listening to customer feedback on your product’s performance and understanding those things customers truly like and where there’s room for improvement. As margins become slimmer and the total costs associated with new products continues to grow, gathering and analyzing vast amounts of data to better streamline development and execution becomes greatly important to good product analysis. Product review analysis allows companies to leverage huge amounts of information through data analytics platforms powered by artificial intelligence and machine learning. By utilizing these new technologies, product managers are given the ability to merge their structured and unstructured data from multiple channels and process the entirety of the data set in minutes, not months.
With faster access to relevant insights, decision makers can make better use of their product review analysis to inform strategies for improvement. Analyzing and understanding customer feedback from textual data allows businesses to truly gauge product performance and recognize areas of opportunity for change. Product reviews provide sentiment analysis into the mind of the customer, revealing their needs and expectations surrounding a product. In most cases, reviews come in the form of textual feedback on sites like Amazon or Target.com. Advanced text analytics through sentiment analysis tools process these reviews to show the context behind this mountain of unstructured data.
Understand product review analysis can provide several key benefits to businesses as they move through product launches and subsequent refinement of their offering. As an example, perhaps Keen has a certain type of sandal. This sandal has sold very well and is quite popular, however, customers are dissatisfied with the way a buckle rubs against the side of the foot. Keen would be able to analyze the large amount of textual data to realize that customers enjoy the product immensely, but dislike only one particular part of it. In this scenario, Keen could make changes to the already popular product to expand their reach, removing the one consistent stumbling block to complete customer satisfaction.
Getting the most from product review analysis can provide benefits beyond just understanding. By hearing the voice of the customer, businesses can make changes to operations, manufacturing, or marketing to better inform their customer base and be informed in return. These changes can create better efficiency in the timeline for product refinement, help to reduce costs by understanding the expectations of the customer base, and increase brand loyalty as customers recognize that their voice can be heard. Proper product review analysis can protect the bottom line for companies before, during, and after a product launch to ensure the best product performance and accurately measure customer feedback for better results every time.