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In today's rapidly evolving business landscape, staying competitive and innovative is crucial for any organisation's success. For organisations seeking sustained growth and market dominance, product monitoring and reviews play a pivotal role in keeping their products and business strategies on the right track.

In this blog post, we will explore the importance of regular product monitoring and reviews, backed by real-world examples, including identifying areas of risk and opportunities for growth.

Skyjed's comprehensive product lifecycle management platform can be a game-changer in this process. Just ask us how.

Product monitoring involves continuous analysis and evaluation of a product's performance, customer feedback, market trends, and competitors' activities.

Here's why it matters:

By closely monitoring product usage, customer complaints, contact centre, and customer feedback, product teams can identify pain points that might hinder user satisfaction, and increase product cancellations and new sales.

Here are some examples of how product monitoring customer pain points can help.

Insurance Industry:

Scenario: An insurance company noticed a decline in policy renewals and an increase in customer complaints about their claims process.

Customer Pain Point: After analysing customer feedback and conducting surveys, they found that policyholders were dissatisfied with the lengthy and complex claims process. Customers often had to submit multiple documents and wait for weeks to receive claim updates and approvals.

Solution: The insurance company revamped its claims process by implementing a digital claims platform. This platform allowed policyholders to submit claims online, upload documents easily, and receive real-time updates on claim status. As a result, the claims process became more efficient and customer-friendly, leading to increased policy renewals and positive customer reviews.

Banking Industry:

Scenario: A bank noticed a decrease in the number of new customers opening savings accounts and a rise in customer complaints related to account fees.

Customer Pain Point: After analysing customer feedback and account usage data, they discovered that customers were dissatisfied with the high fees associated with maintaining a savings account. Many potential customers were discouraged from opening accounts due to concerns about the fees eating into their savings.

Solution: To address this pain point and attract more customers, the bank introduced a new savings account offering with no monthly fees and no minimum balance requirements. Additionally, the bank leveraged its mobile banking app to send personalised notifications to existing customers, informing them about the fee-free savings account and encouraging them to switch to the new option if they were eligible. Customers appreciated the transparency and flexibility offered by the fee-free account, leading to an increase in new account openings and a reduction in customer complaints about fees.

Superannuation Industry:

Scenario: A superannuation provider noticed a trend of members opting for early withdrawals or switching to other funds.

Customer Pain Point: After conducting member surveys and exit interviews, they found that many members were concerned about the way the fund performance and fees were easily understood and communicated resulting in a lack of confidence by members. They felt disconnected from their retirement savings.

Solution: The superannuation provider launched a user-friendly online portal that allowed members to track their fund's performance in real-time, view detailed fee breakdowns, and access educational resources about retirement planning. This transparency, increased knowledge sharing and accessibility-built trust with members and encouraged them to stay with the fund.

E-commerce Industry:

Scenario: An online fashion retailer noticed a significant drop in sales for a specific clothing line despite heavy marketing efforts.

Customer Pain Point: After monitoring user feedback and conducting surveys, they discovered that customers were dissatisfied with the sizing options for the clothing line. Many customers felt that the available sizes did not cater to a diverse range of body types.

Solution: The retailer used this valuable feedback to revamp their size chart and expand the range of sizes offered and launch a campaign focused on this update. As a result, they saw a notable increase in sales and customer satisfaction, attracting a more diverse customer base.

Healthcare Industry:

Scenario: A healthcare software company observed a decline in user engagement and an increase in customer support inquiries for their patient portal platform.

Customer Pain Point: Through continuous product monitoring, they found that users were frustrated with the complexity of accessing medical records and booking appointments through the portal.

Solution: Based on this feedback, the company revamped the user interface, making it more intuitive and user-friendly. They also introduced an AI-driven chatbot to handle basic inquiries and assist patients with appointment scheduling. These improvements led to a reduction in support requests and an increase in overall user satisfaction and engagement.

Consumer Electronics Industry:

Scenario: A smartphone manufacturer noticed a rise in negative reviews for a new flagship device within a few months of its launch.

Customer Pain Point: After analysing customer feedback and the increase in complaints, they discovered that the device's battery life was significantly shorter than advertised, causing frustration among users who expected a better performance.

Solution: The manufacturer acknowledged the issue and released a software update that optimised battery usage and improved the device's overall performance. This swift response helped restore customer confidence, resulting in positive reviews and increased sales.

Food and Beverage Industry:

Scenario: A packaged food company experienced a decline in repeat purchases for a particular snack product.

Customer Pain Point: After conducting customer surveys and analysing purchase patterns, they found that the product's packaging was not resealable, leading to freshness and convenience issues for consumers.

Solution: The company redesigned the packaging with a resealable zipper, making it easier for consumers to keep the product fresh between snacks. This simple improvement led to increased customer loyalty and repeat purchases.

These examples demonstrate how product monitoring and customer feedback can uncover valuable insights about customer pain points, allowing businesses to make data-driven decisions that enhance their products and boost customer satisfaction across various industries and increase product growth.

Regular monitoring allows businesses to adapt swiftly to changing market trends.

 Here are some examples of how product monitoring market trends can help.

Electronics Manufacturing Industry:

Scenario: An electronics manufacturer closely monitored market trends and noticed a growing demand for wireless and portable devices.

Market Trend: The industry was experiencing a shift towards wireless technology and increased demand for eco-friendly and energy-efficient products.

Product Strategy: In response to the market trend, the electronics manufacturer invested in research and development to create a new line of wireless and energy-efficient devices, such as wireless earbuds and solar-powered chargers. By aligning its product offerings with the emerging market demand, the company gained a competitive advantage and increased market share.

Insurance Industry:

Scenario: An insurance company continuously monitored market trends in the insurance industry and identified a surge in demand for usage-based insurance policies.

Market Trend: Customers were increasingly interested in personalised insurance coverage that aligned with their specific needs and behaviours.

Product Strategy: To cater to the market trend, the insurance company introduced usage-based insurance policies that leveraged telematics and IoT technology. Customers could now customise their coverage based on their driving behaviour, usage patterns, and other risk factors. This innovative approach attracted a new segment of tech-savvy customers and bolstered customer retention.

Superannuation (Retirement Savings) Industry:

Scenario: A superannuation provider actively monitored market trends and recognised a growing interest in socially responsible investing.

Market Trend: Investors were increasingly looking to align their investments with their ethical and environmental values.

Product Strategy: To respond to the market trend, the superannuation provider introduced a socially responsible investment (SRI) option within their fund offerings. This option allowed investors to allocate their retirement savings towards companies that demonstrated strong environmental, social, and governance (ESG) practices. By offering SRI options, the provider attracted socially conscious investors and strengthened their position in the superannuation industry.

Banking Industry:

Scenario: A bank closely monitored market trends and identified a rising preference for contactless and digital payment options.

Market Trend: Customers were embracing digital banking solutions for convenience and safety, especially during the COVID-19 pandemic.

Product Strategy: To stay relevant and address the market trend, the bank invested in upgrading its mobile banking app to offer enhanced contactless payment features. They also introduced digital wallet integration, allowing customers to make secure payments using their smartphones. This proactive approach led to increased customer satisfaction, higher adoption rates of digital banking services, and a competitive advantage in the banking industry.

E-commerce Industry:

Scenario: An e-commerce company closely monitored market trends and observed a growing demand for sustainable and eco-friendly products.

Market Trend: Consumers were increasingly conscious of their environmental impact and sought products that were ethically sourced and environmentally friendly.

Product Strategy: To capitalise on the market trend, the e-commerce company launched a dedicated section on its website for eco-friendly products. They partnered with eco-conscious brands and certified suppliers to curate a wide range of sustainable items, such as reusable products, organic clothing, and eco-friendly home goods. By responding to the market demand for sustainable options, the company attracted environmentally conscious consumers and saw a significant boost in sales and customer loyalty.

Healthcare Industry:

Scenario: A healthcare provider closely monitored market trends and identified a rising interest in telemedicine services.

Market Trend: Patients were seeking more convenient and accessible healthcare options, especially during and post the COVID-19 pandemic.

Product Strategy: To adapt to the market trend, the healthcare provider expanded its telemedicine offerings. They introduced virtual consultations with healthcare professionals, enabling patients to receive medical advice and prescriptions from the comfort of their homes on an ongoing basis. Additionally, the provider integrated telehealth platforms with their patient portal, streamlining appointment scheduling and prescription refill requests. This proactive approach not only enhanced patient satisfaction but also improved the overall efficiency of the healthcare services, reducing wait times and increasing patient retention.

These examples demonstrate how businesses in various industries successfully reacted to market trends through regular monitoring and swift strategic action. By staying attuned to market changes, companies can seize growth opportunities, cater to evolving customer preferences, and position themselves as industry leaders.

Monitoring helps detect Potential Product issues and risks early on, preventing costly recalls or reputational damage.

 Here are some examples of how product monitoring product risks can help.

Consumer Electronics Industry:

Scenario: A consumer electronics company closely monitored user reviews and support inquiries for a popular electronic device.

Potential Product Issue/Risk: By analysing customer feedback, they detected a pattern of device malfunctions related to a specific component.

Preventive Action: The company took immediate action to investigate the issue, identify the root cause, and initiated a product recall for the affected devices. By recalling the products before the issue escalated, they minimised the number of dissatisfied customers and potential damage to their brand reputation.

Insurance Industry:

Scenario: An insurance company closely monitored claims data and customer feedback for a specific type of insurance policy.

Potential Product Issue/Risk: Through product monitoring, the insurance company noticed an increase in the number of claims and complaints related to a particular coverage option for home insurance policies.

Preventive Action: To address the potential issue and proactively manage risks, the insurance company conducted a comprehensive risk assessment of the coverage option in question. They found that the coverage had inadvertently omitted protection against a specific type of natural disaster that had been increasing in frequency in recent years.

In response to this discovery, the insurance company took swift preventive action by enhancing the coverage option to include protection against the identified natural disaster. They also communicated the update to existing policyholders and ensured that they were aware of the expanded coverage which resulted in some premiums increasing for the next period.

By taking proactive measures to enhance its insurance coverage, the company minimised the risk of potential financial losses resulting from future claims related to the natural disaster. Additionally, their responsive action reinforced their commitment to providing comprehensive coverage and excellent customer service, thereby strengthening customer trust and loyalty.

In the insurance industry, proactive monitoring of claims data and customer feedback is crucial to identify potential coverage gaps and emerging risks. By promptly addressing these issues and enhancing their insurance offerings, insurance companies can protect their customers and build a reputation for being reliable and responsive, essential factors for long-term success in the industry.

Superannuation Industry:

Scenario: A superannuation provider closely monitored investment performance and customer feedback on their retirement funds.

Potential Product Issue/Risk: Through product monitoring, they identified an underperforming investment option that was not meeting its stated objectives.

Preventive Action: The superannuation provider proactively communicated with affected members, providing them with the option to transfer their funds to better-performing investment options without incurring any fees. By being transparent about the underperforming option and offering an appropriate solution, they protected their members' retirement savings and upheld their reputation as a trustworthy superannuation provider.

In each of these examples, organisations with proactive product monitoring allowed them to detect potential issues early and take preventive actions to protect their customers and brand reputation. Regular monitoring and swift responses are crucial to ensuring product quality, safety, and customer satisfaction, which are essential factors for sustained success.

2. The Value of Comprehensive Product Reviews:                       

Product reviews involve in-depth assessments at defined intervals, examining various aspects like market positioning, financial performance, and alignment with business objectives. Let's see how they contribute to growth:

Here's why it matters:

ASSESSING MARKET COMPETITIVENESS

A thorough review enables companies to gauge how their products fare against competitors.

Here are some examples of how product monitoring market competitiveness can help.

Fashion Industry:

A clothing retailer realises that their pricing strategy is not competitive compared to other similar brands in the market. They adjust their pricing and offer promotional discounts to attract price-sensitive customers and increase sales.

Food and Beverage Industry:

A beverage company identifies a growing trend of health-conscious consumers favoring natural and organic ingredients. They reformulate their products to include natural sweeteners and eliminate artificial additives to stay competitive in the market.

Travel and Hospitality Industry:

A hotel chain discovers that its online booking process is cumbersome compared to competitors' seamless platforms. They invest in upgrading their booking system to provide a more user-friendly experience, leading to increased online bookings and customer satisfaction.

Automotive Industry:

An automobile manufacturer realises that their fuel efficiency ratings are lower than those of competitors' models. They invest in improving engine efficiency and aerodynamics to enhance fuel economy and stay competitive in the market.

Retail Industry:

An online marketplace identifies that shipping times for their products are longer than competitors'. They optimise their supply chain and logistics to offer faster delivery options, attracting more customers and improving overall customer experience.

Health and Wellness Industry:

A fitness equipment company discovers that their customer support response times are slower than competitors. They implement a dedicated customer support team and chatbot feature to address inquiries promptly and improve customer satisfaction.

Financial Services Industry:

A credit card issuer notices that their rewards program is not as attractive as competitors'. They revamp their rewards structure, offering more appealing cashback and loyalty incentives to attract new cardholders and retain existing ones.

Electronics Industry:

An electronics retailer observes that their return and exchange policy is more restrictive than competitors'. They revise their policy to offer a more lenient return window, building trust with customers and reducing buyer hesitation.

Real Estate Industry:

A real estate agency discovers that its website lacks comprehensive property search filters, making it less user-friendly than competitors' sites. They update their website with advanced search options and interactive property maps to enhance user experience and engagement.

In each of these examples, companies assess their market competitiveness through product monitoring and reviews, allowing them to identify areas for improvement and stay ahead of the competition. By being proactive in addressing market trends and customer preferences, product teams can position their product and drive growth in their respective sectors.

EVALUATING PRODUCT LIFECYCLE STAGE

Understanding a product's lifecycle stage is vital for strategic decision-making.

Here are some examples of how assessing a product’s lifecycle stage can help.

Fashion Industry:

A clothing brand recognises that a particular clothing line is at the growth stage, gaining popularity among a specific target audience. They allocate more resources to expand the line, introducing new designs and styles to capitalise on its success.

Food and Beverage Industry:

A beverage company realises that a once popular drink is now at the decline stage, with sales stagnating. They decide to discontinue the product and focus on launching innovative beverages and new packaging to cater to evolving consumer tastes.

Automotive Industry:

An electric car manufacturer notices that their flagship electric vehicle model is at the growth stage, with increasing demand. They invest in expanding production capacity to meet customer needs and explore international markets to boost sales.

Retail Industry:

An e-commerce retailer analyses that one of its product categories is at the introduction stage, with low sales but significant potential based on other market brands. They allocate marketing resources to raise awareness and promote the product, targeting early adopters and trendsetters.

Health and Wellness Industry:

A fitness equipment company assesses that a fitness tracker they launched is at the growth stage, witnessing a surge in sales. They collaborate with fitness influencers and health bloggers to amplify brand visibility and expand the product's reach and production.

Financial Services Industry:

A fintech startup identifies that its digital payment app is at the introduction stage, gaining traction among tech-savvy early adopters. They focus on enhancing the app's features and user experience to attract a broader user base and increase adoption rates.

Electronics Industry:

An electronics manufacturer evaluates that one of its smart home devices is at the maturity stage, with competition intensifying. They introduce a limited-time promotional offer to boost sales and retain customer loyalty.

In these examples, product teams evaluate the life cycle stages of their products to make informed strategic decisions. By understanding where each product stands in its life cycle, companies can allocate resources effectively, introduce improvements, and plan for future innovations to sustain growth and success in their respective industries.

 IDENTIFYING GROWTH OPPORTUNITIES

Product reviews can uncover untapped opportunities.

Here are some examples of how product reviews can uncover opportunities.

Technology Industry:

A software company discovers that a particular feature within their productivity software is highly praised by users and gaining significant traction. They decide to invest more resources in enhancing and promoting this feature to attract new customers and retain existing ones.

Fashion Industry:

A clothing brand reviews customer feedback and sales data and identifies that its activewear line is exceptionally popular among fitness enthusiasts. They decide to collaborate with fitness influencers and launch targeted marketing campaigns to capitalise on the growing demand for activewear.

Food and Beverage Industry:

A restaurant chain finds that a specific menu item, such as a unique dessert, is receiving rave reviews and becoming a social media sensation. They consider expanding the dessert menu along this theme and exploring new dessert concepts to drive foot traffic and customer engagement.

Travel and Hospitality Industry:

A hotel chain analyses customer feedback and booking patterns and notices that there is a surge in demand for pet-friendly accommodations. They decide to designate more rooms for pet-friendly stays and offer additional pet amenities to cater to this niche market.

Automotive Industry:

An electric car manufacturer reviews customer surveys and realises that many customers express interest in long-range electric vehicles. They prioritise research and development to extend the driving range of their electric car models, aiming to attract environmentally conscious customers with longer commutes.

Retail Industry:

An e-commerce platform identifies a growing trend in eco-friendly and sustainable products. They introduce a dedicated section for sustainable brands and eco-conscious products, tapping into the increasing demand for environmentally friendly alternatives.

Health and Wellness Industry:

A vitamin supplement company analyses customer reviews and finds that a specific vitamin formulation is gaining popularity due to its unique combination of nutrients. They focus on marketing this formulation and introducing new variants to cater to different health needs.

Financial Services Industry:

A fintech startup discovers that a certain financial planning tool within their app is driving high user engagement. They optimise the tool's functionalities and collaborate with financial advisors to offer personalised financial planning services, attracting more users seeking comprehensive financial solutions.

 3. Skyjed's Pioneering Product Lifecycle Management Platform:

Skyjed's product lifecycle management platform is an indispensable tool for organisations aiming for sustained growth.

Product reviews involve assessments at defined intervals, examining various aspects like market positioning, financial performance, and alignment with business objectives.

Skyjed has a plethora of pre-built product review and monitoring templates available

Here's how it can transform product monitoring and reviews:

• Comprehensive Data Insights: Skyjed provides key performance metrics and insights dashboards that consolidate crucial product data. This empowers product teams to make data-driven decisions with a holistic view of their products.
  
  
• Continuous Monitoring: The platform offers real-time product monitoring, enabling businesses to stay agile and responsive to market trends and customer feedback.
  
  
• Lifecycle Insights: Skyjed provides valuable insights into the product lifecycle stages, helping product teams make strategic decisions and allocate resources effectively.
  
  
• Growth Opportunities: By analysing product reviews and customer feedback, Skyjed helps businesses identify untapped growth opportunities and tailor their strategies accordingly.
  
  
• Compliance Management: Skyjed ensures compliance with industry standards and regulations, mitigating legal risks and preserving brand reputation.
  
  
• Data-Driven Decision-Making: With comprehensive analytics and reporting, Skyjed empowers data-driven decision-making, fostering a culture of continuous improvement.
  
  
• Customer-Centric Approach: By understanding customer pain points and preferences, Skyjed enables businesses to enhance the user experience and boost customer satisfaction.
  
  
• Proactive Strategy Actions and Risk Mitigation: Skyjed's platform helps businesses detect and address potential opportunities and risks early on.
  
  
• Strategic Alignment: Skyjed aligns product strategies with business goals, enabling organisations to optimise resources and focus on high-impact initiatives.
  
  
• Cross-Functional Collaboration: The platform facilitates seamless collaboration across teams, ensuring all stakeholders are involved in product reviews and decision-making.

Regular product monitoring and reviews are indispensable for organisations seeking growth and success in a fiercely competitive market. By understanding customer needs, identifying risks, and capitalising on growth opportunities, product teams can remain agile, and customer-focused.

Skyjed's innovative product lifecycle management platform takes this process to the next level, fostering actionable insights and strategic decision-making.

Embrace the power of product monitoring and reviews with Skyjed and unlock the full potential of your products and strategy.

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