In our day-to-day lives we use thousands of products, right from a toothpaste in the morning to the processed foods for a quick dinner. Do you think all these products were originally launched in the market only due to the change in human needs? You might answer, yes, of course! However, we would say that you are partially correct.
You must be thinking, why are we saying so? It is because, most of the times, it is not the need of the people, but the brand itself creating a need for a particular product in the market! This is not a practice of the recent times, but it has been passed on from one generation to another.
Before launching a new product or a service in the market or to make modifications to it, there is a lot of background work done on it. And that background work is product specific analysis that requires analysis and study on every aspect of the product and surrounding conditions.
How product specific analysis helps?
- Product specific analysis helps in the following:
Understanding the users with product specific analysis:
- Who the users are?
- What they need?
- How to retain them?
- Geographic regions
- Aesthetic decisions, etc.
Benefits of Product specific analysis with Magento BI:
To introduce any product in the market, first the selling price is fixed. A lot of effort is put in to finalize it, right from profiling your competitive landscape to market pricing analysis and so on.
Magento BI helps you turn all the raw competitor data to facts and reports that help you decide the pricing of the product to be launched. It also automates the extensive market analysis for different market conditions and geographies.
In addition, Magento BI benefits you in analyzing the target audience and their buyer behavior.
Identification of product’s market potential
You definitely don’t want to launch a product before knowing its market potential right? And you also are aware of the hard work it takes through the process of conducting the market potential analysis for a product.
Following are categories to be analysed for identifying a product’s market potential:
Sales performance of the existing products (same product line)
Current market activity
Identify user’s identify
Magento BI simplifies your work by analysing all the data you already have in the repository and transform it in such a way that can generate results to numerous such queries within seconds.
Forecast sales volume
Magento BI enables you to analyse the customer needs as well as size the existing customer base. This helps you to estimate the volume of the sales that you are expected to make.
Not just that, it also helps you to identify the break-even point and provides you an estimate of how safe your product launch is in order to recover your investment.
Forecast of the sales volume also plays a vital role at the time of seasonal offers and discount. During this time, proper analysis of the price management and its estimation of returns is absolutely necessary.
Forecast of the lifespan of the product
The fact that ‘no product can rule the market forever’ is clear out there. Every product in the market has a certain amount of lifespan after which its need among the users starts fading followed by irrelevancy at some point.
This majorly happens due to the ever changing technology and innovations in today’s world. Using Magento BI, forecasting the lifespan of the products becomes an easy job as it estimates the market future market conditions and other activities simultaneously.
Scope of marketing strategy
Planning a marketing strategy is as important as conducting any other analysis for the product. Designing a marketing strategy comes with a lot of market research and raw data associated with it.
Magento BI collates and analyses all such raw data and transforms it in such a way that helps you design an effective marketing strategy and therefore helps in decision making.
Customer feedback analysis
You arrive at a full-fledged product only after repeated improvements, and these improvements are made based on the customer feedback received. Through this process, there are a lot of customer needs and frustrations that come forward.
Sorting the data that is not received in a uniformed manner is a huge task and it’s even more exhausting to make sense out of it.
Magento BI works wonders in places like customer feedback analysis. It sorts all the raw data available, arranges in a particular format and produces automated reports that can be used in decision making.
How can i95Dev help?
Magento BI has a lot to it than what is described above. i95Dev is a professional partner with Magento and we have decades of experience in providing eCommerce business solutions.
To know more about how Magento BI can work wonders in shooting up your success graph, please contact our Magento experts and get free consultation.