“We’re not talking about solicited feedback. We’re literally talking about people spontaneously deciding to share their thoughts and When it comes to brands, it’s extremely valuable.” Narjès Boufaden
Data is the most valuable resource in the world right now, more valuable than oil. Brands need to use data to make decisions. Data has the ability to make or break a company. Public data is that is willingly given by your customers without any form of solicitation is very valuable to the brand. It gives important insights into how the customer perceives the product and how it helps in his daily routine.
To generate any prediction while doing market research, you need enough data points. There is great risk in using small amounts of data to get to a conclusion. On the other hand having too much data, not organized correctly is a big challenge to brands. This arises when they are dealing with multiple product lines and selling in multiple marketplaces. Reading all the reviews and feedback from these marketplaces can be overwhelming.
Consumer data can give you insight into things like new versions of your product, new add-ons, new designs, some pain points that consumers are facing with your or competitor’s products. It gives you so many ideas that are useful to your brand. This data is more valuable than any market research because it is genuine and addresses specific issues that the customer has when using the product or addressing a problem in their lives.
Listen in as we explore all the aspects of analyzing consumer data and get to learn why data is invaluable to brands.
- Awareness is reserved for the living (09:55)
- The importance and valuable insights that freely given data provides to a brand (13:27)
- Why you need enough data point to generate any prediction (20:30)
- How to overcome the challenge of too much data from multiple marketplaces (24:15)
- Why price is not the first reason you are losing customers (29:36)
- How to manage communication when problems arise (36:10)
- The power and opportunity of answering a bad review (45:53)
- How the Keatext tool allows brands to aggregate consumer data and helps them make qualified decisions (41:47)