How a consumer electronics firm raised new product sales by 12%
Learn how a global company raised new TV sales by 12% and much more by uncovering consumer preferences using sentiment analysis with AI.
12% increase in sales since the initial rollout
23% increase in conversions
4.2-4.3 was the new and improved average star rating
This case study shows how a consumer electronics brand improved sales of a series of new LCD televisions after discovering its average star ratings had dropped across various e-commerce sites. The lineup offers two models, each TV slightly differing from one another by size and image quality.
Our client is a multinational enterprise offering a wide range of digital technologies or electronic devices. They have thousands of retail branches across the world, with Europe being one of its top-performing markets and where the new TVs were being sold at the time.
Uncovering deep consumer preferences of a new product launch (TV)
In recent years, on-demand data has grown in importance as more and more organizations race against one another to gain quicker access to information. While our client recognized this critical need to react fast, most executive board members were initially dismissive of the idea that the company needed more new technologies or strategies. Senior management believed their own brand was performing well and their Europe-based consumer insights specialist teams were well equipped with the right skills and knowledge to understand target markets.
However, a few weeks after introducing a particular new line of LCD TVs across several European countries, our client’s regional sales team reported a discrepancy in the revenue. Although our client’s new TVs shared similar design aspects with their main competitors, those models still somehow saw lower ROI than expected.
Moreover, the company’s analysts could not explain why this was the case. They even wondered why sales were not growing as quickly as their direct competitors’ similar models. Eventually, several board members approached Ms. Eleanor, the Vice President (VP) of Sales overseeing the European DACH region. She researched what other key competitors were doing in similar situations. That was when her team was introduced to Wonderflow’s technology to help them pinpoint the source of their problem.
Leading TV brand leverages Wonderflow: Viewing AI play in action
Our team decided to collect and analyze all TV-related ratings and reviews across five of the client’s top European markets. It consisted of mainly two parts.
Analysis Pt. 1: Competitors
Wonderflow is driven by artificial intelligence (AI) technology and uses a specific AI technique called natural language processing (NLP) to clean, anonymize, and translate data. Such data were in the form of customer feedback and that was sourced and scraped from popular consumer electronics marketplaces like Amazon. In this case, more than 75 public and internal channels were scraped for our client.
As a further result, our very own Project Management (PM) team put together a highly granular report showcasing an overview of the five selected markets. They presented the report all within three weeks since the client approached them. We learned most consumers were purchasing one of their new LCD TV models because of two reasons:
- Quality image resolution: 57% prefer a ‘great’ image resolution
- Aesthetically pleasing: 24% prefer a ‘good-looking’ TV
However, despite the stated facts, the company’s direct competitors also offered TV sets that shoppers highly favored due to design and aesthetics. In other words, it was not enough for our client to understand why specifically did sales drop for their new TV line. Therefore, a second phase was required for analysis.
Analysis Pt. 2: External Sources
We next decided to test something else by adding in several new sources for our analysis of the five markets. Specifically, our Wonderflow platform scraped data from relevant expert reviews, blogs, and videos (these were published in different languages). In just as little as six days, the system made sense of all the unstructured feedback and made another surprising discovery.
Our client’s new TV series had overall positive average star ratings. However, as it turns out, several online expert reviews intensively covered every aspect of the two particular LCD TVs, and it was all generally negative.
It was then realized that the unexpected low product sales stemmed mainly from expert reviewers telling prospective buyers to choose other similar TV models or brands over the client’s. This also indicated that technology ‘influencers’ greatly affect the consumers’ purchase decisions, thus further impacting the company’s brand image. Eleanor remarked:
Better products designed around the voice of the customers (VoC)
Using Wonderflow’s new insights, our consumer electronics client re-evaluated their entire global market strategy. Eleanor reported that her teams could access so much more valuable consumer insights from the free-text formats, such as blogs.
Among the company’s new initiatives, several of their key actions were:
- Creating new marketing campaigns that highlighted more of the LCD TVs’ best features (image quality and design) to attract more of the right target audience
- Established several new influencer partnerships, especially with popular technology expert reviewers, to understand consumers’ entertainment preferences and needs when buying new televisions
- Integrated user information about the Wonderboard into their new global communication strategies to help employees company-wide easily access the tool
- Invited our team, including PM, to conduct multiple workshops within different internal departments to educate awareness on the importance of VoC analytics
Additionally, on our end, the PM team was able to successfully implement recommendations to close the consumer feedback loop. This further resulted in creating a new (and customized) digital dictionary that produced the most accurate and actionable insights for every organizational need. As one senior Project Manager at Wonderflow puts:
Wonderflow empowers businesses with quick and impactful decision-making because it helps automate and deliver in-depth consumer and competitor insights. All within one place, results are simplified for professionals across any high-UGC organization, and department to access, understand, and share easily. Compared to hiring more analysts, Wonderflow’s AI eliminates the need for human-led setup and analysis, resulting in thousands of structured and unstructured reviews analyzed within a matter of weeks and with up to 50% or more accurate data. The system sources relevant private and public consumer feedback from over 200 channels, including emails, forums, call center logs, chat rooms, social media, and e-commerce. What’s most unique is that its AI is the first ever to help recommend personalized business actions and predict the impact of those actions on key outcomes. Wonderflow is leveraged by high-grade customers like Philips, DHL, Beko, Lavazza, Colgate-Palmolive, GSK, Delonghi, and more.