The business world is a dynamic landscape. No matter what kind of company you are, you probably have to deal with fierce competition, changing customer loyalties, and continuous advancements in technology. Against these odds, how do you go about ensuring your business’ success? We at Gradient.io have come up with a new way to measure and improve your product’s performance: a machine learning scoring service called the Gradient Score.
Gradient is a system that informs you how well you’re faring against competitors in the market. A product’s Gradient Score is determined by how well it measures in terms of product positioning, brand presence, and customer response. But even if your business already has its own ways of measuring KPIs, here is how you can benefit from knowing your Gradient Score and it’s predictive power of sales.
Gives you timely data
To determine your product’s success, most companies usually hold evaluations on a weekly, monthly, or quarterly basis. However, by checking your Gradient Score, you can see how your product is doing in real-time. You might not know the specifics, but it can inform you early on if you need to make changes in your approach.
It’s easy to understand
Gradient.io’s interface doesn’t involve long strings of numbers or heavy business jargon. Once you search for a product, it reveals your Gradient Score, how it’s doing against its competitors (via a tiered list), and its individual score for the three components. It even has a line below each score that lets you know where your item stands in comparison to other brands.
Let’s you visualize reviews
Getting four stars or above isn’t enough to tell you that your product is doing well. As an example, Dyson’s V7 vacuum cleaner has a high Amazon rating (4.5), but its score for customer response is just “average” (517), tipping below the line. This is because Gradient Score measures not only the stars, but also a product’s reviews, velocity and freshness of reviews. So, if your items have below average scores even though they’re doing “well,” it might be time to read those reviews — especially the bad ones.
Helps you test your marketing strategies
No business becomes successful without an effective marketing strategy. After all, it’s how potential customers discover your products. To give you an idea, HP ranks its Laserjet Enterprise model as one of its best ever printers. While it boasts excellent features like mobile printing and energy efficiency, its high brand presence score (596) shows how effective its marketing is. True enough, HP did make improvements to its marketing strategy last year, leaning towards a more “holistic” and customer-centric approach. You, too, can check your Gradient Score to see if any of your listing strategies are doing well. Moreover, you can see which brands score high on presence and observe what they’re doing differently.
It’s an open database
The best part about Gradient Scores is how anybody can see them. Currently, it’s platform tracks over 1,000,000 brands and covers more than 90 million unique items. A quick search on Gradient.io will show you the Gradient Scores of all these products. If you make a free account, you now have access to the products’ Gradient Score components. Gradient.io’s database is limited to U.S. Amazon products for now, but the team is planning to expand it to other countries and marketplaces very soon.
The Gradient Score is useful in determining not only how your products are faring, but how the market is changing as well. If you’re low on product positioning, for instance, perhaps it’s because your prices are outdated. Scoring low on brand presence may indicate the need to boost your paid listing descriptions for relevance. A Gradient Score can provide you a wealth of valuable information — and it's only a few clicks away.
Article exclusively submitted to gradient.io
Written by Rita Julia