Proof of Concept
Let’s face it. In the pre-digital world - proof of concept boiled down to chucking a product onto a shelf, sitting back and waiting for feedback from customers - one by painstaking one. Today, we have moved into a digital society; where proof of concept, product launch, and customer
feedback are all one joint force. One must intentionally collect valuable data for a successful launch and growth.
Let’s take a closer look at each of these elements. Proof of concept (or PoC) demonstrates how ideas translate into the real world, and how feasible the concept is. It can greatly reduce the risk of failure.
A product launch is a marketing strategy, calling for scrupulous planning and a scheduled order of events with the end-goal in mind every step of the way. Companies are becoming more and more aware of changes in purchasing dynamics, constantly seeking new ways to improve and upgrade their service offerings.
We’re living in a generation of increased access to content, external influencers and more competition than ever. Companies analyze data via social and web to demonstrate their PoC, launching a product according to what the masses demand. Feedback is a continuous force, directly influencing the success of a product – even before it’s launched.
Direct feedback from the end-customer is the only way to know whether your product will be a hit or miss. Sales and marketing involves a lot of guesswork. If sales miraculously increase, most businesses assume it boils down to the perfect strategy. If they don’t see any improvement, they tweak until things look up.
Today, teams use technology to see EXACTLY what their strategies are doing. No more
guesswork. It’s so, SO important to use data analytics to monitor your customers’ behavior and engagement with your business, tying this into your strategy. Business that don’t embrace this technology, lose. Period.
Fact: 85% of new products fail. Why? Because companies fail to combine proof of concept, product launch, and customer feedback to create a winning strategy. Customers expect brand innovation, and it’s your job as a company to give that to them.
Customers expect brand innovation, and it’s your job as a company to give that to them.
Did you know that 91% of customers would rather go to a competitor than complain? Or, that it
takes 12 positive experiences to make up for one unresolved negative one? You can’t afford to ignore this data. The online world has changed everything for businesses, and one bad review is like a tattoo that you can’t remove from your online presence. You need to use data to your advantage, and make sure you are constantly meeting the demands of your evolving audience.
Let’s look at a case study. Facts don’t lie, especially when it comes to investing data back into your business. A study was done on the CEO of a leading e-commerce floral company. He made analytics a key part of running his business. He built an in-house team, exposing them to over ten years of data to unearth new opportunities with the potential to give them an edge over their competitors.
Michael was certain that every part of his business could be optimized. The results were nothing short of incredible. Before using analytics, his business was doing alright, growing by 10% yearly. Since he started used his in-house team to analyze data, his yearly business growth skyrocketed to 30% a year. The proof is, and always has been, in the pudding.
Perhaps it’s a good idea to look at how professional social media analysts approach social data. They analyze data across all major social networks, providing marketers with insight as to how to measure success and comprehend how network changes impact a brand strategy.
It’s not just about how much engagement you have. It’s about getting down to the nitty gritty.
WHY are they engaged, or not engaged? What posts are working best, at which time of the
day? The digital world changes daily, and constant research and analysis is the only way to stay at the top of your game. Don’t be shy go get deep into the data.
There are seven main areas that analytics has the power to transform; boosting revenue,
increasing profits, and sending customer satisfaction soaring.
Improved service level performance
Better order fulfilment
Better supplier management
Maximized customer valued
More efficient product management
Gone are the days of posting flyers around town, crossing your fingers and hoping for the best. Your customers are all online, giving them the ability to provide instant, continuous feedback – even when you’re asleep. You need to use this to your advantage, and the rest, as they say, will be history