Product development is one of the most critical aspects of your enterprise. It is something on which you rely to ensure that you remain competitive and meet the needs of your target audience.
Strangely, though, only a minority of entrepreneurs are actually using reviews to inform their product development and overall strategy. Many still ascribe to old notions of market research and are unwilling to change their tack.
This strategy (it should go without saying), is unwise. In a sense, you’re “leaving data on the table” that you could utilise to further the objectives of your business.
Top global companies now take online user reviews into account when making decisions about which projects to pursue. They make use of big data, as the following infographic discusses, which informs their decisions and helps them get away from gut-instinct decision-making.
That’s not to say that product development is wholly consumer-driven: it’s not. It just means that the company has an additional data point that it can use to ensure that it makes the right decisions. After all, customers sometimes don’t know the full costs of their demands, even if they seem reasonable.
If you’re interested in the impact that online reviews have on product development, be sure to have a glance at the following infographic. It charts how they should ideally impact the product development process and how some firms are putting them to good use.
Gathering reviews might be a little scary, but they have real-world usefulness that could help you gain a competitive advantage.
Infographic by University of Alabama Birmingham Collaboration.