How a consumer electronics firm raised new product sales by 12% etc.
Learn how a global market leader raised sales by 12% and much more by pinpointing specific consumer preferences for its new TV line.
12% increase in new product sales since the initial rollout
23% increase in conversions
4.2-4.3 was the new and improved average rating range
This case study shows how a leading consumer electronics company improved sales of a particular line of new LCD TVs after discovering its average star ratings significantly dropped across various e-commerce sites. Our client is a multinational enterprise offering a wide range of product lines across many different categories. Some of its ‘award-winning’ product categories are personal care and home appliance. They have many retail branches across the world, with Europe being of its most successful markets and where the new LCD TVs were released 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 of their board members were initially dismissive of the idea that the firm needed any more new strategies and technologies. Senior management believed the firm was performing well and that their available regional team of consumer specialists were well equipped with the right training and resources.
Then, a few weeks after introducing the new line of LCD TVs in several European countries, our client’s regional sales team reported a discrepancy in the revenue. The lineup offers two models, each slightly differing from one another by size and image quality. Although the new TVs shared similar design aspects with the client’s main competitors, their own models still somehow saw lower sales than expected.
Moreover, our client’s analysts could not explain why there was a low ROI on the new product launch and wondered why sales were not growing as quickly as their direct competitors.’ Several of the client’s executives approached Ms. Eleanor, the Vice President (VP) of Sales, and oversaw the European DACH region. She explained below:
Leading TV brand leverages Wonderflow: Clicking 'play' on text analytics
Eleanor leveraged her professional network to find out what other industry leaders 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.
First Analysis: Competitors
First, Wonderflow decided to collect and analyze all TV-related ratings and reviews across five of the client’s major European markets. Over 75 public and internal sources were needed. Wonderflow’s system itself is driven by artificial intelligence technology and dubbed “the Wonderboard.”
The special system uses advanced natural language processing (NLP) techniques to clean, anonymize, and translate all the data while reporting actionable insights. Data in the form of reviews and ratings were scraped from popular marketplaces like Amazon, where the client popularly sold its consumer electronic products.
Moreover, public data about the firm’s main competitors and their similar TV offerings were also collected and analyzed. As a result, the Project Management (PM) team at Wonderflow shared a highly comprehensive overview of the client’s five major markets – all within three weeks.
Based on our analysis of the client’s competitors, key findings were:
- 57% prefer great image resolution: TV image quality was the top reason many consumers bought the client’s newly launched TVs.
- 24% prefer a good-looking TV: The second biggest reason behind the client’s new TV series sales was the design of the TV models.
In spite of the above facts, the client’s direct competitors shared similar TV ratings and reviews (TV image quality and design). So, it was not enough to explain why sales dropped, leaving the problem somewhat unresolved for our client.
Second Analysis: External Sources
As the next plan, we decided to add additional data sources to analyze the five European countries. The Wonderflow platform scoured the web for mainly expert reviews, blogs, and videos in different local languages. In just as little as six days, our system made sense of all the unstructured feedback and made another discovery.
The client’s new TV series had overall positive star ratings. However, several online expert reviews were found to be generally negative regarding the new TV series. Therefore, Eleanor and her team believed that the lower TV sales were mainly caused by expert reviewers telling many consumers not to buy their TVs. The articles even explicitly advised shoppers to consider choosing a different seller, indicating that consumer electronics influencers greatly impact the client’s sales.
Based on this new finding, Eleanor added:
Better products designed around the voice of the consumers (VoC)
Based on Wonderflow’s deep extracted insights, Eleanor and her teams re-evaluated their entire global market strategy. Alongside the firm’s local specialists, they launched an extensive influencer marketing campaign.
Eleanor reported that her teams could access so much more valuable consumer insights from the free-text formats, such as blogs. They could better visualize the patterns and trends, especially when the Wonderboard could present everything in an easy-to-grasp way. The client also adapted its marketing campaigns and communications around Wonderflow’s reports. New campaigns highlighted more of the best features of their TVs (image quality and design) to attract more of the right customers.
Meanwhile, our PM team created recommendations to close the consumer feedback loop, resulting in a customized digital dictionary that can produce the most accurate and actionable insights for every organizational department. A senior project manager on Wonderflow’s PM team, and who worked with Eleanor closely for this case, shared:
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.