|Consumer insight for product development
Consumer insight for product development
IWOM contains rich product feedback, suggestions, advice and even complaints. This type of spontaneous consumer feedback is not probed and is not limited compared to traditional research methodologies. The data contains valuable insight into consumer preference, usage habit, customer needs, most sought-after features and drivers for purchase. CIC provides “Consumer insight” solutions to dig out the value for brands’ product and service development.
Toyota Camry: In January 2008, CIC started providing customized monthly IWOM tracking and research reports for Toyota Camry, including a key part on Consumer insight for product service development. During the analysis, we found that automobile forums have high interactions and activity, creating over 10 million posts per month. Huge amounts of information and product feedback could be found in these posts, covering every step the purchase behavior, including pre-sale consulting, test driving, purchase experience, post-sale and maintenance. Meanwhile, there was also feedback towards 4S dealers. At CIC we quantifiy this feedback through our text mining technology to provide a quantitative and qualitative analysis for Toyota Camry, to help them audit and improve the whole service system.
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