Can harnessing big data help create niche products?

It’s safe to say we are well and truly into the “information age” and that companies that succeed in business will be those that can use data the most wisely. Over time, companies are getting better at this and it is putting them at a clear competitive advantage. Many however, still aren’t using all of the data resources available to them which can lead to missed opportunities! One of the biggest is that of online reviews. Every time a customers posts a review of one of your products, it contains vital information that you can then use to your benefit. Your clientele can highlight issues that you might not even be aware of, letting you know their concerns and giving you the opportunity to continuously improve. 

Now not everyone is confident using big data to make decisions about the future direction of their product development. It does come with risk, and you’re not always sure that it will pay off for your business. Here we have an easy to understand overview of how it all works. It shows you some of the critical ways that online reviews can impact the product development process. First, it talks about the opportunities offered by big data. It then goes on to discuss the number of reviews that you need to extract meaningful information. Warning: it’s more than you think! After that, it plots the relationship between all your sibling products and how reviews can affect that. And finally, it finishes with a word of caution about how you respond to customer feedback. Read on and prepare to be enlightened…

Click here for more info on this infographic.

Has this got you thinking more about big data and what it all means for business?

TDP x

The Daily Pretty

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