Connect with us
Connect with us to discuss how we can assist you engineering a solution that collects and analyses customer feedback and competitor offerings, as well as generative AI to generate new feature ideas.
Business Challenge
Current products are stagnating or being disrupted
The challenge you face
- You have not refreshed your product portfolio in quite some time, and your existing products are starting to stagnate in the market.
- Competitors have launched new products that offer better value to your customers.
- Some of your customers are defecting to your competitors as they perceive them to be offering better value.
Implications of not addressing the challenge
- Lower revenues and profits.
- Loss of market share or complete displacement of your product portfolio in the market.
- Business stagnates or is forced to shut down.
What does success look like
- Current products are improved with new features that customers deem valuable.
- Customers continue to buy the improved products and their life is extended.
- The share of market stabilises or starts to grow.
Algonomix solution
- The two-pronged solution involves what customers think as well as what competitors are doing. From a customer perspective, this involves building feedback systems that enable churning customers to provide feedback on their reasons for wanting to leave. From a competitor perspective, automated tools can be built that scan the market to see what products and product features the competitors are offering that meet the needs of customers.
- Armed with the knowledge of the reasons for churn and what competitors are offering, the solution would then use generative AI to suggest potential new features and improvements to existing products.