{"id":24518,"date":"2022-11-14T20:26:34","date_gmt":"2022-11-14T20:26:34","guid":{"rendered":"https:\/\/www.revuze.it\/blog\/?p=24518"},"modified":"2022-12-16T13:54:12","modified_gmt":"2022-12-16T13:54:12","slug":"product-performance-analysis","status":"publish","type":"post","link":"https:\/\/www.revuze.it\/blog\/product-performance-analysis\/","title":{"rendered":"Product Performance Analysis: Putting Your Data Into Action"},"content":{"rendered":"

The world changes over time. That\u2019s a fact whether we like it or not. When looking into your numbers, you might notice factors that seem to change for no real reason but time. Understanding why these changes occur and why your products perform how they do is the heart of product performance analysis and the key to your business\u2019 growth.\u00a0<\/strong><\/p>\n

What makes a great product? Is it audience reception? Hitting a certain number of units sold? Making a certain amount of profit?<\/span><\/p>\n

The answer depends on the industry, business, and specific strategic goals. A profitable product can be considered a failure, while a break-even one is a resounding success.<\/span><\/p>\n

In order to determine your product\u2019s performance and analyze it with your business plans in mind, you need a method that yields information on the individual product level. In other words, you need to employ product performance analysis.<\/span><\/p>\n

What is product performance analysis?<\/b><\/h2>\n

Product performance analysis is all about measuring how well your product is doing with respect to the goals that you set out to achieve. It\u2019s a process conducted by higher management, as they\u2019re the ones with the information necessary to make such evaluations.<\/span><\/p>\n

Unlike other analysis methods, product performance analysis is highly individualized, targeting a specific product at a time. It\u2019s extremely rare for a business to launch multiple products with the same goals in mind, after all.<\/span><\/p>\n

This means that every time you <\/span>launch a new product<\/span><\/a>, you\u2019ll need to perform product performance analysis from scratch. But worry not! Once you\u2019ve got the hang of it, the process of data gathering and analysis is actually quite simple, and similar methods can be used each time.<\/span><\/p>\n

After all, it\u2019s not <\/span>how<\/span><\/i> the data is being gathered that changes but <\/span>what<\/span><\/i> data you need.<\/span><\/p>\n

The advantages of analyzing product performance<\/b><\/h2>\n

Before we get into the nitty gritty of how product performance analysis works, let\u2019s talk about some benefits.<\/span><\/p>\n

What we\u2019ve laid out below will give you a general idea of what product performance analysis can do for you. Granted, this isn\u2019t a complete list of the benefits it provides. That would stretch the word count into the high thousands as we\u2019d need to get into really specific, niche situations.\u00a0<\/span><\/p>\n

Let\u2019s see what you have to gain.<\/span><\/p>\n

Increased knowledge of customer-product interaction<\/b><\/h3>\n

Knowing how your customers interact with your products is vital when you\u2019re in the <\/span>product development<\/span><\/a> stages of your project.<\/span><\/p>\n

When designing a product, the first thing you should think about is what exactly that product will be used for. Then come the following questions:<\/span><\/p>\n