How to improving your decision-making
As a product manager, you know that there are several factors that affect sales volume and sales revenue such as customer experience, promotional campaigns, and your distributors. In order to maximize sales volume and sales revenue, you need to weigh different options to determine how to use your resources efficiently. In order to weigh your options, you will need to conduct data analysis to provide an unbiased evaluation.
In order to conduct data analysis, you need data. Where can you find data on customer experience, promotional campaigns, and distributors? You can find this data on Facebook, Twitter, Yelp, and distributors websites such as Amazon and Walmart.
So, you know where the data is, but how are you going to get your hands on it? Well, you can commission a project in the IT department, read the reviews yourself or look for a pre-built data visualization tool that meets your needs.
Let’s examine the facts.
1) Commissioning a project in the IT department will take time and will be expensive. IT expertise is not one-size fits all, but a very specialized field from application development, providing technical support, and planning network contingencies. It is not a promise that your IT department will be able to tackle this kind of problem in-house.
2) Reading the reviews is not the most efficient solution either. As a product manager , you so many decisions such as managing product concept, delivering the operating plan, and implementing marketing activities. In short, your plate is already full. You do not have the time to read though thousands of reviews.
3) Looking for a pre-built data visualization tool will not be as expensive commissioning a project for the IT department or as time consuming as reading the reviews yourself. It will be to the advantage to you and the IT department, for you to find data visualization tool that meets your needs.
Not every data visualization tool can process unstructured data found on Yelp, Facebook, Twitter, and distributor websites. You also need something that provides interactive storytelling, real-time collaboration, and a personalized user interface. You need Stratifyd Signals .
Stratifyd Signals has proven its worth in analyzing customer experience, promotional campaigns , and distributors.
Today, we will compare Walmart versus Amazon on the product of the Dirt Devil.
By examining the numerical data (see Table 1), we are able to learn that :
1) Price of product did not vary by distributor
2) Consumers had a shared experience across different distributors as indicated by the same star rating
3) Cost of speed- Walmart’s. expedited delivery is $2.17 more expensive to deliver 2 days earlier, but it is still $2.17 cheaper than Amazon’s standard shipping with a delay of one day.
Based on the consumer feedback (see chart 2), we can tell that customer appreciate the product’s light weight and functionality. Consumers understand that this product may not be top of the line, but it is better than a broom and dust pan. Consumers would like to see the product to have more power and mobility. Since it does not require that much power, it would be great if it was battery powered instead and provide the consumer freedom of movement.
By analyzing temporal trends (see Graph 1) , we can determine the monthly comment volume. The highest comment volume for Amazon is 439. The monthly comment average of Amazon is 219. The highest comment volume for Walmart is 33. The monthly comment average of Walmart is 16. From this information, we can infer that Amazon sells more product volume for Dirt Devil.
Based on this information we can determine that Amazon should be a better distribution channel than Walmart.
Marketing Truth: No matter how great your product is, you need to get in front of consumers to make a profit.
As you listen to your consumer through their feedback and analyze temporal trends, you will be able to know what is best. With proper data analysis, you will deal with less ambiguity and uncertainty. Your business will gain confidence and make the right business decisions. With such insight, your company can meet its company goals. You will be able to enjoy the feeling of accomplishment.
Would you like to see how Stratifyd Signals data analytics solution can help your organization find customer insights? Visit us on http://www.stratifyd.com/ for more information. If you would like a self-service trial account, please chat with us or email webcontact@stratifyd.com. We’d love to work with you.
Would you like to see the dashboards used in this article in Signals? Click here for Amazon and here for Walmart .
