In order for CPG brands to compete and thrive, they must uncover, analyze and act on real-time customer feedback. Learn how natural language processing (NLP) can provide access to actionable customer insights.
Today’s consumer packaged goods (CPG) marketplace is more competitive than ever. With over 30,000 new products released each year, brands no longer have the luxury of resting on their laurels. In order to grow customer loyalty, win shelf space and boost revenue, brands must tap into the mind of the customer – but many don’t know where to start.
In fact, many CPG brands are still relying on outdated methods of collecting data such as consumer panels, focus groups, and surveys. These inefficient strategies provide poor sampling, size limitations, high costs, and a margin of human error. As a result, brands are stuck with subpar and stale data.
In order to drive true product innovation and differentiation while expanding SKUs, brands must uncover, analyze and act on real-time customer feedback. Thankfully, there’s a vast amount of data available online that brands can leverage to grow and compete. With the right AI-powered, natural language processing (NLP) technology, accessing this data from hundreds of sources in real-time is not only now possible – it’s easy, fast, and affordable. Here are three places to apply NLP to better understand your customer:
1. Social Media: Our always-online culture has provided brands with a huge opportunity to tap into the customer’s mind. Social platforms such as Instagram, Reddit, Facebook, and Twitter are a hub for stream-of-conscious style reviews. By listening to the online buzz, brands can proactively act on customer feedback and market gaps instead of being surprised when sales plummet, retailers drop them, or a survey tells them that a change was needed 12 months ago.
NLP enables brands to analyze these reviews in real-time with greater accuracy than ever. Companies can receive updates on customer feedback as often as they want it – from hourly alerts to daily round-ups – to make crucial product tweaks directed by consumers themselves.
What’s even cooler is that NLP is currently being advanced to differentiate between fraudulent and legitimate reviews. It will also soon be capable of prioritizing comments, likes, and more to detect urgency and prioritize “must-fix” attributes.
2. Online Reviews: Consumers’ ability to provide direct feedback on purchases is one of the best sources of first-person data available to brands. Gone are the days where brands must rely on retailers or other 3rd parties for access to proprietary customer data. Rather, brands can simply check their product’s reviews (as well as their competition’s) on Amazon, Target, and other retailer sites to assess how customers perceive its smell, taste, price, and more.
But few brands have the manpower, time, or resources to analyze the thousands of reviews available online. With NLP, this data is unlocked and delivered into the hands of your company to drive product innovation. Plus, leveraging tech to analyze reviews erases subjectivity from human assessment.
3. QR Codes: CPG products that utilize QR codes provide brands with an opportunity to engage with the customer 1:1 in a real-life setting rather than a focus group or test lab. This evergreen approach to consumer surveying and feedback is more affordable and bountiful than traditional market research performed by legacy firms.
QR codes can be used to track product movement and popularity against criteria such as a store, geographical region, customer gender and age, and more. In addition to collecting feedback, QR codes help brands prioritize more popular SKUs in retail outlets that offer limited shelf space, and can help collect valuable data for future marketing campaigns.
Leveraging NLP in these three underutilized places can help generate more accurate, first-person feedback in real-time. As a result, brands can understand the customer and drive innovation accordingly. The possibilities are truly limitless when the customer is essentially guiding your product team.
If you’re ready to take the next step in your product innovation journey, learn more about how Native AI can help you today.