Jun 13, 2018
Why Competitors Reviews are a Goldmine For Research
When it comes to running a business, knowledge is key. For most of us, success is majorly determined by how well we understand our industry. In a world where consumers have limitless options, it’s important to set your brand apart and give potential customers a reason to choose you.
As most experts in the private label skincare industry will tell you, it’s not just about what you’re selling, but how you’re selling it. Positioning a product for high performance is all about understanding the consumer.
Nothing gives you a more intimate view of your potential customers than their own words and opinions. Whether you’re trying to boost sales or launch a new product, competitor reviews are a goldmine for useful, actionable information about your customers.
When doing market research, it’s important to look at a variety of competitor reviews, including 1-star reviews, to develop a well-rounded customer profile. In this article, we’ll go over 5 ways you can turn competitor reviews into useful insights for your brand.
When customers give their opinions about a skincare product it’s often to express their needs, wants, and expectations. Understanding the pain points of potential customers can help you better position your product as a solution.
For example, if you’re looking to add a moisturizer to your inventory, research what consumers are saying about that product; What results are they looking for? What ingredients are they concerned about? What disappointments do they have?
Knowing the answer to these customer-centric questions can help you make smarter decisions for your own business and position your brand as a better solution to their problems.
Choosing the right private label products for your business can sometimes prove difficult. Without the right research, you can end up blindly investing in a product without knowledge of how well it will sell.
Competitor reviews like the ones found on Amazon help take away the uncertainty of e-commerce. Researching competitor reviews can help you determine if a product is worth the investment. Reviews that express issues with the quality and effectiveness of a product give you the best information for determining its value; this is why negative reviews are so useful.
Even if a product is on-trend, if it lacks quality or effectiveness, it reflects back on your business. The products you choose to add to your inventory help establish the overall perception of your brand. Being able to foresee how your customers will react to a product is an invaluable insight that can help you save time, money, and effort.
Value is important to consumers. The price of a product helps to determine the type of solution a customer expects: the higher the price, the higher the assumption of quality and effectiveness. The same goes for your private label brand.
Reviewers aren’t shy about labeling products ‘a waste of money’ so it’s important to price accordingly. Reviews also prevent you from pricing your product too low. They give you a good idea of what price your potential customers are willing to pay in relation to the quality of a product. When items are priced too low, many consumers become skeptical about quality and effectiveness. Competitor reviews make finding the appropriate balance between quality and value much easier.
Bad reviews don’t have to mean the end of your business. Running into negative feedback is an unpleasant, but normal part of running a private label skincare brand. The best thing you can do to protect your business against negative reviews is preparing ahead.
The good thing about competitor reviews is that someone has already received the negative feedback that you wish to avoid. Reading the negative feedback received by your competitors will help you when dealing with your own. Understanding the criticisms of a product helps you better manage the reputation of your brand.
Once you’ve noticed trends amongst the feedback, you may want to develop pre-written responses to common criticisms as an efficient way to offer customers direct replies to their concerns.
Consumers rely on the information you provide when making buying decisions. Adequately illustrating products through product descriptions is an important aspect of closing a sale.
Competitor reviews can reveal whether a product matched up with the expectations created by the description. They also uncover which features consumers like the best. From this, you can tailor the information in your own product descriptions for a better response. Providing customers with the right knowledge about a product can make or break your next sale.
Market research is the cornerstone of any successful business. Running your private label skincare brand means understanding the wants and needs of your potential customers. Competitor reviews like the ones found on Amazon, help you paint a clearer picture of who your customers actually are. The more intimate your knowledge of your customers, the better you can position your products for higher sales.