Optimizing the Pet Product Portfolio with Yellow Tokens
Scenario
A leading company in the pet products segment, offering a wide range of items such as pet food, toys, accessories, and hygiene products, began facing challenges with the performance of certain products in the market. Despite initial success and a solid reputation, sales of some product lines started to decline, and customer feedback indicated dissatisfaction with specific items. The company needed a way to capture customer perception spontaneously, without directing questions, to identify issues that traditional surveys with direct questions were not revealing.
Problem
The Product Management team faced the challenge of identifying which products were underperforming and understanding the reasons behind customer dissatisfaction. Internal surveys and traditional market research methods were limited to directed questions, which failed to capture the spontaneous perceptions of consumers. This made it difficult to identify issues that customers weren't explicitly mentioning but were crucial for improving the product offering.
How Yellow Tokens Helped Through Understanding Customer Feedback
To address these issues, the company implemented the Yellow Tokens platform to collect spontaneous comments and reviews from consumers on Amazon.
With Yellow Tokens, the team was able to:
- Collect Spontaneous Customer Feedback on Pet Products: the tool automatically gathered feedback from customers about a variety of pet products, including food, toys, and accessories, providing a consolidated view of consumer perceptions.
- Identify Underperforming Products and Common Issues: analysis of the feedback revealed that some products, such as specific pet foods and certain toys, were receiving negative reviews regarding quality and price. Conversely, products like pet beds and hygiene accessories were well-received, but there were suggestions for improvements in durability and innovation.
- Analyze Value Perception and Competitor Comparisons: Yellow Tokens helped identify that customers perceived greater value in products with natural and organic ingredients, as well as toys that offered durability and safety. Comparisons with competitors revealed a growing demand for sustainable and innovative products in the pet segment.
- Generate Action Plans to Adjust the Product Portfolio: based on the insights collected, Yellow Tokens generated action plans to discontinue underperforming products, adjust formulations and packaging of pet foods, and develop new product lines based on natural ingredients and sustainable features.
How Yellow Tokens Elevated the Role of Product Management
The implementation of Yellow Tokens transformed the approach of the Product Management team, allowing for a more customer-centric and data-driven strategy:
- Data-Driven Decision Making: with detailed insights into spontaneous customer feedback, the team could make more informed decisions about which products to keep, adjust, or discontinue, improving the efficiency of the product portfolio.
- Development of Products Aligned with Customer Needs: the tool helped the team identify opportunities to innovate and develop products that truly meet customer expectations, such as durable interactive toys and pet foods with natural ingredients.
- Improved Value Communication: with a better understanding of customer preferences, the team was able to adjust marketing campaigns to highlight the benefits and differentiators of the products, enhancing value perception and attracting new customers.
Results Achieved After Using Yellow Tokens
After implementing Yellow Tokens, the pet product company observed significant improvements in various areas:
- 40% Increase in Sales of Adjusted Products: changes made based on spontaneous customer feedback led to a significant increase in sales of adjusted products and new launches.
- 35% Reduction in Customer Complaints: with improved product quality and clearer communication about item benefits, the number of complaints decreased significantly.
- Strengthening of Brand Reputation as Innovative and Sustainable: the company successfully positioned itself as a brand that truly understands and cares about pet owners' needs, attracting a broader audience and increasing loyalty among existing customers.
Yellow Tokens became an essential tool for the Product Management team, enabling quick and informed adjustments to portfolio strategies and helping the company remain competitive in the dynamic pet products market.
