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Rich Product Data Accelerates the New Product Introduction Process

Shamanth Shankar

By Shamanth Shankar

On April 16, 2018

You would be surprised of how many companies (and I am talking here about giants with a history of excellence) are still stuck in the old days of data management.

Detailed product data is an invaluable resource for any company who wishes to spot the emerging trends ahead of their competition. When combined with customer and competitor insights product data can uncover golden nuggets of information that will innovate the way you do business and reduce the costs of the products you deliver to the market.

A stagnant product portfolio can have dire consequences for any organization:

  • a sluggish performance and loss of market share
  • bankruptcy, especially in the face of new, more creative and ambitious business rivals
  • high costs of maintaining a profitable market share or entering new markets
  • technological elimination

Product data is not only the foundation, but also the lowest common denominator in a multi-functional group collaboration (marketing and sales, operations, engineering/R&D, and procurement). By taking a closer look at the structure of their products (and by default product data) organizations can innovate and keep abreast of the latest market developments by:

  • Identifying and generating ideas and concepts for new products
  • Establishing a price point and the key features for your future product lines
  • Projecting sales based on market microsegments and niches
  • Pinpointing huge cost-saving opportunities based on new market information and reducing the price of your core product portfolio
  • Creating efficient designs and emphasizing the product attributes and features that matter the most to customers.

 

Join us for an overview of how product data impacts the digital customer experience in retail eCommerce and omnichannel environments. Learn about the importance of product data and upcoming advances in mediums that will change the shape of product information.

A prime example is Nike. Beginning in 2016, Nike brought to the market a wide range of performance-ready designs and technologies which keep them ahead of the pack and meet the demands of athletes. Product data combined with a good marketing strategy is crucial if you are looking to reshape your brand image and offer that “connected” experience.

One step further: Smart products and interconnected stores

new product introduction In addition to their modern designs, Nike has combined marketing and big data analytics to create an “immersive atmosphere” in their shops. The company has opened a 55,000 square foot superstore in an attempt to strengthen their direct-to-customer business. The store is entirely interconnected and bridges the gap between the digital world and brick-and-mortar through cameras which will track your in-store progress and upload it onto your Nike+ app. Furthermore, this shopping center hasn’t abandoned the old, proven ways of creating long-lasting relationships with their clients. If you are interested in purchasing a product, you will be allocated a salesperson to guide you through your choices. Now you can buy affordable sports apparel and feel like you are shopping in a luxury department store.

Interconnected products and services, which are built and act like an elaborate system designed to serve the customer, represent the next step on the product evolutionary map. Smart products open up the door to new functionalities, greater reliability, and creativity by transcending the traditional product boundaries.

Getting a good grasp on your product data will reshape your business model and bring to light new ways in which you can utilize it to maximize the value chain and build desirable products around the fundamental capabilities of smart, connected products (monitoring, control, optimization, and autonomy) [4].

Resources used

  1. https://www.mckinsey.com/business-functions/operations/our-insights/designing-products-for-value
  2. https://news.nike.com/news/nike-inc-innovation-2016
  3. http://www.businessinsider.de/photos-of-nike-store-in-soho-2016-11?r=US&IR=T

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