The way that firms develop products is changing fast. Historically, the dominant approach was to sit a bunch of people down around a table and discuss the company’s next moves. Typically, product development professionals would use survey data and technical bubble charts to back up their proposals. But in the digital age, there are way more potential sources of information on which to base a decision.
As the following infographic points out, companies now can use product reviews to inform their development strategy. Review volumes are reaching sufficient levels for big data experts to extract actionable information that companies can use.
It’s not plain sailing, though. Firms still have to find people capable of carrying out the underlying fundamental analysis. Furthermore, they need to be aware of the qualitative challenges of interpreting review data. It’s not always clear whether reviews are representative of the needs of the vast majority of customers.
Review data can profoundly impact the decisions you make about product development. Feedback on your current products can yield vital ideas that your team might overlook. You can gain much better insights into what the market actually wants instead of what you think it needs.
If you’re interested in the relationship between developing a new product and online reviews in the digital age, please take a look at the following infographic. It reveals some of the challenges that firms face as well as some solutions they could use. Read on to find out more about this fascinating idea.
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