Updated: Dec 7, 2020
Black Friday sales in-store were down this year (52.1% compared with last year); however, online spending on Black Friday jumped 22% from a year ago, and with cyber Monday sales, online traffic is expected to skyrocket. In fact, Amazon has already noted that this year’s holiday season has been its biggest in history.
As consumers turn more to online for shopping, we can expect online consumer reviews to grow, as well. Insights company 4Sight, which works with companies like Procter & Gamble, Energizer, Sabra and Clorox, projects that this year’s holiday shopping will see an increase in reviews of products by 10 percent. Brands must be ready to harness this data for actionable insights.
Here’s How Smart Brands and Retailers Mine the Data to Fuel Topline Growth
1. Use consumer reviews to learn more about pain and passion points
Mine reviews across multiple platforms for a trove of data about the consumer pain points and passion points for your brand. User-Generated content exists all over the Internet, and reviews and social comments are sometimes in surprising places.
Though we often think of Amazon when it comes to online reviews, don’t discount Walmart, Target, or even sites like Influenster, Reddit, and YouTube to gain the broadest understanding of what your consumers are saying and where they’re saying it.
2. Learn what consumers are asking before they purchase your products
Gather and analyze questions to understand purchase barriers target consumers face before purchasing your product. The questions that potential consumers leave on eComm sites offer insight into what may giving potential consumers pause before trial. These, combined with reviews, can help develop high-impact content that can lead to better communication tactics on PDP.
3. Look at competitor reviews to better understand what you have and what you lack
Compile and analyze reviews of competitor’s products with a lens for understanding competitive strengths and weaknesses. By tapping into the insights in your competitor’s reviews, you’ll also have a benchmark for your own brand, as well a more holistic understanding of the category and unmet consumer needs.
4. Refine your consumer personas using reviews
Utilize the information from reviews to refine your target customer personas. What motivates your consumers, what deters them? Seek to understand what else they are buying and loving to inform your advertising and targeting.
Even once we’re out of the COVID pandemic, it’s clear that many of the habits formed over 2020 will be with us to stay. Consumers had already started shifting to the eComm environment – COVID just accelerated that change.
By capitalizing on your consumer’s unfiltered feedback, you can prepare not only for the next holiday season but for the year ahead, as well.