Featuring an interview with Virginia Weil, Global President of Ipsos Product & Pack Testing.
As we all know, the internet has disrupted almost every industry. Every day new technologies are released, changing the way people live their lives. One behavior that has seen a considerable shift is the behavior of shopping. Ecommerce has dramatically increased as consumers are constantly connected through their devices. This new inter-connectivity has also led to an increase in online reviews, where consumers share their experiences with products they have purchased or used. With all this online data, Ipsos has created a new methodology to leverage these social insights through a product testing lens.
Introducing Ipsos’ new offer called Product Intelligence, which allows you to test products without products. This new offering leverages online rating & review data to help clients understand their brand’s product performance vs. the competition, and identifies strengths and weaknesses that the brand can leverage or needs to improve. And most importantly, Product Intelligence will provide feedback on in-market products in a fraction of the time and at roughly half the cost of traditional product testing. Weil states that this new methodology is important because:
“It provides agile research by using existing data sources in a fast and cost-effective way.”
Testing Products without Products
Our goal is to provide clients with rich insights found within unfiltered conversations in the consumers own voice. Weil explains why ratings & review data are especially insightful when she says:
“The information collected gives you access to organic consumer conversations to understand what drives product satisfaction and how product features are associated with each other.”
Here is how Product Intelligence delivers these insights:
- Online reviews are identified and acquired from ecommerce sites. Review data is essentially product user experience data, and offers granular insights into specific product features.
- Once we have collected the reviews, we use advanced text analytics. This analysis codes the data using a form of artificial intelligence to identify the frequency and co-occurrence of words and phrases and whether the associated sentiment is positive or negative.
- At the same time, we use human-based analytics through which our team reviews the data to get a sense of the context and nuances related to the consumer feedback.
- Statistical methods are then used to measure the impact of review commentary to star ratings.
- And finally, everything is compiled to offer a clear view of product strengths, weaknesses, and how your brand compares to competitors. If needed, next steps for product improvement can be identified for further refinement.
When Can This be Used?
With resources and budgets becoming more strapped than ever, full benchmarking programs are being dramatically reduced at many companies. However, the information that benchmarking can provide is no less valuable. Product Intelligence provides a way for us to use existing data to curate diagnostic product insights, without the costs or logistics involved with placing people with products to test. Weil describes how this new type of research can be used as a benchmarking tool when she says:
“Product Intelligence can be used as supplement to benchmarking studies, as a check-in between benchmarking cycles, or as a standalone initiative. It is the perfect pulse-check to address “real life” performance versus the competition.”
Contact your Ipsos Representative today to learn more!