How to gain a competitive advantage with product intelligence
In a market that evolves at lightning speed, maintaining an industry lead means adopting the most advanced strategies. Mastering how to gain a competitive advantage with product intelligence is fundamental for making strategic, data-driven decisions that align with consumer demands.
There’s also the all-important push when it comes to staying relevant and competitive while prioritising elevated customer experience. This article sheds light on the value of market trends to stay competitive in business for profound longevity in your field.
Keep reading to learn how this approach promotes business competitiveness and furthers product development.
The challenges businesses face when maintaining a competitive advantage
Managing a superior position in today’s market is not an easy feat. There are many challenges organisations face that hinder them from being relevant and prosperous in the long term. Here’s how these challenges are present in practice.
Rapid changes in the competitive landscape
Competition is always dynamic in manufacturing industries since new players are constantly being introduced into the market, with new technologies developed frequently.
As highlighted in the Vypr Consumer Trends Insight Report 2024 (CTIR 2024), consumers are eager for brands to release new products every six months. With 65% of consumers endorsing this statement, there’s an urgency to identify gaps in the market.
This puts pressure on businesses to constantly look for ways of protecting their products from copycats. They also have to launch new product development plans regularly.
An overwhelming amount of consumer data
Organisations today are blessed with a lot of data regarding their customers. However, many issues arise when analysing the data. In the CTIR 2024, it’s revealed that only 28% of companies succeed in transforming the information overload into actionable product data.
Without the right tools and strategies, businesses may struggle to interpret user behaviour. Meaningful insights can further product development and enhance existing marketing strategies.
Adapting to changing customer preferences
Customer preferences are dynamic, with consumers expecting products that not only meet their needs but also anticipate future demands.
The CTIR 2024 showed that 68% of consumers are more likely to switch brands if an industry player offers a competitive product that better meets their evolving needs. By not keeping up with expectations, businesses risk eroding customer engagement and, eventually, their market share.
Efficient resource allocation
It’s often difficult to decide which area should receive more attention — should it be innovation, clients, or marketing? Without adequate clarity on their product’s performance and customer needs, companies risk investing their money and effort in the wrong areas.
A recent report shows that many companies (58%) struggle to evaluate the potential risks associated with new product introduction and, sometimes, throw their resources to the wind. This demonstrates the need for careful analysis to galvanise making more informed decisions.
How product intelligence can amplify your business edge
As consumers’ expectations grow higher and markets evolve dynamically, companies and their management cannot afford to stick to traditional competitor strategies.
Product Intelligence is one such approach that allows companies to:
- Leverage customer insights to meet certain business objectives
- Analyse customer data and user behaviour
- Utilise product analytics to drive informed decisions and gain a competitive edge
With the focus on how customers interact with the product, businesses can stay ahead and also enhance customer experience to foster business growth.
Using customer feedback as a tool for constant enhancement
Deciding where to focus resources — whether on innovation, customer success, or your marketing teams — can be a challenge. CTIR 2024 highlights that 74% of products successfully launched into the market were based on ideas that were gathered through customer feedback.
You can use a product intelligence solutions platform like Vypr to gather and analyse customer surveys, focus groups, and product review data. This kind of product analytics helps identify gaps in product performance so that you can make adjustments that enhance user satisfaction.
Customer data platforms: Technologies for planning customer interactions
The use of a CDP allows a company to accumulate customer data and use product intelligence to integrate this data and pinpoint tendencies in users’ behaviour. This process enables companies to establish strategies that are suitable for customers to transform enterprise development.
According to CTIR 2024, firms that are good at making sense of customer data are 48% more likely to be better than their competitors in regard to product innovation.
For example, by monitoring how users interact with products, companies can gain insights into customer behaviour. Armed with user behaviour data, they can make informed decisions that improve customer experience as a competitive advantage.
Using product analytics to monitor product performance
Product analytics tools are important for tracking the product’s performance throughout the entire development process. Using KPIs and sales performance measures, one is in a position to evaluate the efficiency of marketing communication strategies and make necessary changes.
According to CTIR 2024, companies that track their products’ performance through analytics experienced a 32% boost in their ability to stay ahead of the competition. These tools assist product managers and marketing departments to keep up with the competition and the competitive advantage of the product.
Improving customer satisfaction through product intelligence
By analysing customer data and insights collected through product intelligence, businesses can enhance user satisfaction. This approach enhances product development and ensures that the product remains aligned with the evolving needs of existing customers. Improved product awareness then becomes a happy side effect.
Findings in CTIR 2024 show that companies that put efforts into achieving customer satisfaction with the use of product intelligence gained a 27% uptick in customer retention. When organisations provide clients with products that go beyond their expectations, customer success will drive business success.
Testing new features and improvements
Scaling product intelligence is essential for testing new features and making continuous improvements that keep your business competitive. This process involves product managers analysing data collected from real-time user interactions to identify patterns and assess the effectiveness of new features. Quality control is also part of the testing process.
By focusing on the required customer data and monitoring product key performance indicators, businesses can develop strategies that align with market trends and customer expectations. Finally, product managers, designers, and developers must come together for strategic planning on the next steps for implementing these changes effectively.
Product intelligence is about staying competitive in business
So, what must companies do to be competitive in today’s market? Well, they need to be prepared for the competition, which is where product intelligence comes in.
The use of product intelligence data in strategic management and product development will help businesses overcome the existing difficulties of a rapidly evolving market. The most important activities include analysing the key indicators of user data, monitoring product KPI, and focusing on customer feedback.
In the long run, competitive product intelligence aids firms in decision-making, innovation, and positioning their products. These actions help them maintain competitiveness with the potential of becoming market leaders.
Using project intelligence is like booking a first-class ticket on a customer’s journey with your business. Try Vypr now — insights into market trends for better decisions and winning products!
Vypr: Gain a competitive edge with robust insights into customer behaviour & more
Established in 2013, Vypr found its groove in the food and beverage sector. We have expanded throughout numerous fields, such as retail, beauty, financial services, and leisure. Our company pioneers — with the vision of becoming the world’s foremost provider of product intelligence to drive competitive advantages and business excellence.
Vypr is the world’s leading product intelligence platform that enables businesses to rapidly understand changing customer behaviour through fast, cost-effective consumer insight. By collecting customer feedback and analysing customer reviews, Vypr combines qualitative and quantitative methods to deliver some of the most robust insights available.
Now that you know how to gain a competitive advantage with product intelligence, take the next step and book your game-changing demo with Vypr.