Why Is It Crucial For Product Managers To Prioritize Customers Needs With A Customer-Led Product Strategy?

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Tal F.
on November 10, 2021 · · filed under Product Management Best Practices Customer Service

Doesn't that seem self-evident? However, developing a truly customer-centric company strategy entails balancing many various elements, not only customer service. Customers are frequently overshadowed by more powerful stakeholder groups and other objectives.

According to one study done by SalesForce, 80 percent of customers believe that the experience a company gives is just as significant as its products or services. As a result, it makes perfect sense to consider the things you offer from the clients' point of view.

Making sure your products and services deliver delight to clients at every point of their journey can help your business thrive and survive even in difficult times.

Prioritizing Customers Needs

When launching a new concept, product, or system, ask yourself the following questions:

  1. Who will this benefit?

  2. How will it assist the individuals who will use it?

  3. What are the aims of the firm for this product or service?

You can develop something that people actually appreciate by asking – and answering – these questions.

Anticipating what items consumers will want and ensuring they have them will result in greater brand loyalty and customer retention.

But first, you must understand exactly what the buyer expects before you can offer it. It is critical to leverage essential consumer insights and then put them into action.

For example, if you learn that the majority of consumers prefer to get their purchases as soon as possible, you may utilize retail inventory management software to expedite the process.

Based on a study done by CapeGeminim states that 81% of consumers are eager to raise their spending with a company in exchange for a better experience! This is why having companies focused on customer experience is highly beneficial for companies' overall growth and revenue.

Examining the Data

You may believe you have a good understanding of what your consumers want, especially if you've been running a successful business for a long time.

However, here's a sobering statistic generated by Growth Sandwich showing that while 80 percent of businesses feel they provide a superior customer experience, however, only 8% of customers agree! This demonstrates that you should not claim to be customer-focused if your products and services do not reflect it and it is a good idea to note that not everything a company does is considered customer-focused. Because of digital technology, there are more outlets for analyzing consumer behaviors and identifying critical insights – and data compiled by SuperOffice show that insight-driven customer experiences help firms retain 89 percent of their customers. You may create a complete picture of your target consumers and identify their requirements by combining data from customer surveys with qualitative and observational insights.

It's also a good idea to keep an eye on what your competitors are up to, as well as non-competitors, to gain a sense of best practices. You don't have to replicate their technique, but you may sift through the finest elements and combine them to create the ideal plan for you.

In certain circumstances, forming a collaboration with a rival might actually help the consumer journey. If you are unable to provide a product or service that your customers require, put your rivalry aside and collaborate with a firm that can!

Making a Strategy

After you've considered the improvements you could make, it's time to develop your plan of action. This framework should always put the client first, while also ensuring that any modifications are feasible within the context of your broader company strategy.

Product roadmaps may be used to promote alignment throughout the organization and are valuable in planning and development. Begin with the product vision statement, then outline your objectives and initiatives.

The customer-led product strategy must be embedded at all levels of your organization, so all workers must understand who the product is aimed at, what its unique selling features are, and what the long-term goal should be. Collaboration between your customer service and marketing divisions is a smart strategy to improve the customer experience.

It is critical to hire the proper individuals who sincerely believe in your vision, as well as to keep them informed and motivated. Using video conferencing software can assist in maintaining face-to-face communication with individuals in different company sectors.

Docsie has a ton of collaboration tools embedded right into its platform for easy collaboration. To learn more click here.

Change Adaptation

Customers' behavior has shifted as a result of the digital world, with customers becoming more picky and impatient in the products and services they purchase.

They now have bigger expectations and more options than ever before, so if you don't satisfy their wants, they may move somewhere just as simply. While new technology makes it simpler to engage with clients, it also makes it easier for them to complain!

When compared to newer enterprises and start-ups led by millennials, older businesses, in particular, may struggle to adjust to the new pattern. However, it is really a question of "adapt or perish." Companies that continually find new methods to create and promote their products will be successful in the long run.

Taking Advantage of Technology

According to an estimate generated by eMarketer, there will be over 230 million digital shoppers in the United States by 2021. The function of technology provides several chances to deliver an excellent customer experience and collect consumer information at all touchpoints.

Customer service automation is one such feature, and we're seeing firms use innovations like call recording services to make life easier for both consumers and employees.

Meanwhile, the emergence of artificial intelligence may provide further insights into the consumer experience through the use of intelligent chatbots and analytics.

Technology will continue to grow in significance, but you must ensure that it is always valuable to the client and aids rather than hinders their trip! The latest technology may not be the greatest choice for arranging appointments for older clients and more conventional organizations, where it offers advantages and problems.

Personalization

A customer-led product strategy entails studying which items consumers like and perceiving them as more than just transactions. However, simply providing consumers with good items and a pleasurable, hassle-free experience is insufficient.

Personalization is crucial because it helps clients feel like they are truly valued by the company. Finding methods to customize both the product and the whole process will increase customer retention – and a pleased customer will tell others about their positive experiences, increasing your rating on product review sites.

It should go without saying that you should provide an excellent omnichannel experience as a matter of course. Still, providing individualized assistance to clients while they explore and, ideally, make a purchase is beneficial. Customers like little features like adding more filters to restrict their browsing options and save time.

A customer-facing product roadmap may be used to keep specific consumers up to date on your progress and how you're integrating their comments, allowing you to establish a stronger connection.

By chatting to new service users and frequent visitors, you may inspire personnel to build empathy for the consumers. If a client has chosen to move to a competing firm, attempt to find out why – and see if there's a way to entice them back in.

Keeping the Momentum

A customer-led product approach necessitates being proactive rather than reactive. Make sure to ask the appropriate questions before the consumer begins their experience, allowing you to maintain control of the process.

The onboarding system is critical in implementing your product plan after a consumer has been persuaded to establish an account. You might keep them coming back by sending targeted messaging or giving free trials or discounts on things you know they'll enjoy.

If you want consumers to pick you above your competition, the significance of website upkeep cannot be stressed. Ensure that your whole online presence is designed to provide the greatest possible experience for all visitors, regardless of device, including tailored product recommendations and lots of up-to-date, relevant information.

The ultimate goal is for delighted customers to keep returning, which means you won't have to spend as much money on marketing and sales operations - which is particularly good news for small firms.


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