How do you digitize product optimization?

Digitization has undoubtedly received a boost from Covid-19. More and more industries and areas in companies are being affected by it. At the same time, end consumer behavior is changing faster and faster, and the amount of direct-to-consumer (D2C) communication is increasing.

It is becoming increasingly difficult for companies to stay on top of developments. Market research alone can no longer provide the information in near real time to optimize products.

We are asked more often by our customers how to optimize physical products in this situation with regard to customer wishes and thus generate more sales.

Unfortunately, it is not that easy to use data for product optimization. Digitalization means, first and foremost, data-driven decisions. Customer feedback is found in diverse channels and is largely unstructured. The data silos in companies (email, ticketing system, CRM, social media, etc.) make it difficult to get a unified view of customer needs.

The goal is data-driven product development, which allows companies to incorporate real-time customer feedback into product development. This includes the 3 As:

  • Aggregation: the automated collection (aggregation) of data from different channels and silos
  • Analysis: The analysis of the data
  • Action: The application of the results

If you are interested in learning more about this, you can get a deeper insight into what data-driven product development can do in the following podcast with our CEO Korbinian Spann:

https://www.oneknightinproduct.com/korbinian-spann/

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