Product Launch Strategy

Vixplor-Cloud Data Analysis Manufacturing

Tapas Chakraborty | 14 Oct 2021

What should be the strategy when launching a new product?
A premium audio product manufacturing company is planning to launch a new wireless speaker and wants to understand the market before launching i.e. major competitors, key product features, probable price range, target customers etc.

A premium audio product manufacturing company is planning to launch a new wireless speaker and wants to understand the market before launching i.e. major competitors, key product features, probable price range, target customers etc.

Input:

Name of the competitor products. In this case Bose SoundLink Color Bluetooth Speaker II Portable Bluetooth Speaker, JBL Charge 3 20 W Portable Bluetooth Speaker, and Marshall Acton II 60 W Bluetooth Speaker.

Our approach:

Data Collection: For this specific purpose, data was collected from various online platforms e.g. Amazon and Flipkart (Compare products, Identify key features), Twitter (Identify if the tweet is related to a product, then analyze sentiment and identify topic whether the tweet is for complaint or Praise or just a query).
Data Analysis: Data received from above mentioned platforms may contain irrelevant data(tweets) or missing values (Flipkart data with product features) or outliers. Our platform will provide an option to remove such cases. Then machine learning models were applied to generate insights from the data i.e. identify key product features, probable price range, target customers etc.
Data Visualization: Two dashboards have been developed for this purpose
Competitor performance: A dashboard that allows users to monitor competitor performance by company, products, and features.
Goal dashboard: A dashboard that allows users to analyse various scenarios e.g., factors need to be taken into consideration for optimizing sales volume.