Bazaarvoice, a provider of product reviews and user-generated content (UGC) solutions, announced new Premium Network Insights for brands. These new actionable insights are designed to help brands focus their UGC strategy and resources so they can win at retail.
With more data that is quickly accessible and updated daily, brands can easily gauge how they compare to their competition, to further help them differentiate and stand out from the crowd. They will also be provided with the consumer information needed in order to pivot their marketing or product strategy with confidence whenever they want or need.
Accelerated by COVID-19, shopping has rapidly shifted online, where there is unlimited space on the digital shelf. In fact, in the Bazaarvoice Network of over 8,300 brand and retail sites, it has seen a 45% year-over-year increase in online orders in 2020. Retailers are more reliant than ever on brands to drive UGC, volume, and conversion, as they begin to pivot more into e-commerce. For brands who sell their products at retail, they need to adapt quickly to gain and maintain competitive advantage and favorable placement. Shoppers expect brands to provide them with the information they need to make purchase decisions, wherever they shop and with an unlimited shelf online, brands need to stand out.
“It's a massive undertaking for brands to assess how they're performing at retail, requiring manual data scraping, hiring third parties, using legacy tools which don’t provide real-time analysis, or relying on individual retailers to provide this data,” said Lucas Tieleman, Executive Vice President, Product. “Our new Premium Network Insights solutions provide unmatched sentiment analysis, UGC performance tracking, and competitor insights all rolled into one, holistic dashboard. Brands can easily prepare for important meetings, improve products and messaging, prioritize resources, and feel confident adopting strategies that make the biggest impact on their bottom line.”
“Network Insights allows us to take a step back and look at where we fit into the bigger picture,” said a spokesperson from Meyer. “We are a relatively small digital and e-commerce team, so this tool really helps us prioritize how and where we need to focus our time and efforts to ensure we are not just keeping up with industry benchmarks but surpassing them.”
Bazaarvoice Premium Network Insights solutions are broken down into three key features:
- Performance Insights: Quickly gauge how a brand’s UGC program is doing and where it can improve performance at its retailers across the global Bazaarvoice retail Network. Recommended actions are provided to hone collection and coverage strategies. Brands can also compare their performance against peers with aggregated competitive benchmarks.
- Sentiment Insights: Understand what customers like and would like improved about a brand and its products at retail through advanced machine learning and natural language processing. Using this information, brands can adjust their messaging, improve products, SEO strategy, and enable their colleagues with UGC-based intelligence.
- Named Competitor Insights: Stay in tune with how a brand’s UGC performance and customer sentiment stack up against their competition at retailers across the Bazaarvoice Network.
“Bazaarvoice Network Insights is a great way to easily see how our brands compare by product category and retailers against our peers,” said Kirsten Salmanowicz, Digital Marketing Platform Manager at Land O’ Lakes. “It’s a new opportunity for us to easily track syndication scale, review key Voice of Customer (VOC) metrics and create action plans to drive engagement where necessary. These insights are key data points across the organization from marketing, customer affairs, sales and IT to drive action.”