Wouldn’t it be great if companies can get real results at a fraction of the cost and more than 70 per cent faster than traditional research companies? Rahim Penangwala, Founder, UserQual, shares more details about his start-up and how his product can help the industry.
Tell us a bit about your product.
UserQual is a feature-rich product testing platform for digital product creators as well as consumer packaged goods companies to gain valuable consumer feedback. It has powerful video analytics and some mind-bendingly awesome AI tools, that can give travel and hospitality companies real results at a fraction of the cost and more than 70 per cent faster than traditional research companies.
Why is market research/data key in predicting market trends, especially in current times?
Data can help you gain key insights and information about your customer, product, competitors and market. Acting on this data will lead you to identify new opportunities for your business by creating delightful experiences for your customers. The mistake a company makes is assuming that they know their customers and building products that don’t reach their full potential. Data gathering very often happens post product launch in terms of heat maps, funnel analysis etc. But most of the time it is too late. An average customer takes less than 5 seconds to decide if she wants to spend time on a product. Once a customer deletes an App, you have to spend 3x the amount to get him to re-install your App. Hence, acquiring rich and steady data, pre and post product launch, is key to keeping pace with market trends and keeping your competition at bay.
How can your product guide travel and hospitality companies?
A customer’s decision journey is divided into hundreds of micro-moments across devices and channels. With UserQual, your product ideation and creation will be enhanced due to 360-degree feedback from potential customers. Post product creation, you can engage with customers throughout their journey by interacting with them at every micro-moment of booking a travel related activity, conducting A/B tests and incorporating all the feedback received to enhance a customers’ product experience. This will be key in planning ahead given the current volatile times.