There has been a staggering increase in the influence that Consumer Generated Content (CGC) (social chat, tweets etc.) has over purchasing decisions both online and offline. This is according to a recent study by bazaarvoice, a leading social media monitoring service. The report reveals that "71% of consumers indicate that CGC influences their decision to purchase."
The Importance of Listening
CGC is the online record of what customers are saying about your products - it's basically any piece of online customer feedback – both good and bad. This feedback could be a website review, a post on Facebook between friends or a comment on a forum. With "64% of US online consumers conducting online research before making a purchase", it has never been as important for Retail Brands to listen in to the 'chatter'.
Gain ONE VIEW of Product Performance
Online customer feedback is now an essential part of any product's performance. Feeds from services like bazaarvoice are now part of our UBX baseHUB™ software. This information accompanies feeds from other product performance sources such as product testing results, in-store and call centre feedback and sales data. This is all brought together to create ONE VIEW of product quality performance giving Retail Brands clear commercial advantages.
Understand and Drive Product Quality
Having ONE VIEW provides Product, Brand and Quality Managers with the ability to see the complete picture of product performance helping to answer questions such as: What are my customers saying? What do the testing results say? How is this reflecting in my sales? It also helps them to fully understand and drive the quality of your products.
Improve Product Launch Success
Similarly, Brand Managers are empowered through direct access to good and bad customer feedback. When combined with sales data for their products it can improve decision making on product development and new product introductions - What can I do differently on my next product launch to increase success?
The value and necessity of bringing together all of these insights into one place creating ONE VIEW of product performance is unquestionable. I'd suggest that the true question is: are you going to do it first or are your competitors?