Using big and/or small data for proactive product development has many benefits and opportunities. One of these opportunities is to collect product data for the purpose of learning about product usage and for improving existing products. Additionally Firm’s can invent products with the consumer and provide increased consumer value by reducing the risks related with a new product’s launch. Using all kinds of data to understand the relationship between people and technology its called product analytics.
Data can enable awareness of your business unlike ever before. Company’s can identify consumer needs, through data mining, which otherwise have not captured yet. One kind of a data mining tool is the Internet of Things (IoT) which connect products through wireless technologies. With this real-time data about consumer usage, company’s can identify and exploit opportunities to maximize customer revenue and increase product value to the customer.
Furthermore using predictive analytics and modelling can predict the performance of the product in the market both pre- and post-launch. Predictive analytics brings together advanced analytic capabilities covering ad-hoc statistical analysis, data mining, optimization, predictive modelling and machine learning. Using predictive analytics to determine which product features and design it should introduce to next products that will create the most return for the lowest cost.
By continuously developing products that fulfil consumer needs, firms can deepen customer brand engagement and increase customer lifetime value.
To sum up, using Data can help transforming big/small data into actionable consumer insights for developing new products and improving existing ones.
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