Product marketing is an engine for growth at many organizations, and analytics can help you develop products that perform better in the market. The more information product designers have access to, the better they’re able to do their jobs. With an explosion of in-house analytics being collected at many companies, an organization’s data strategy is becoming a vital component of a successful product development and marketing strategy. What analytics can you leverage for smarter product marketing?
Understand who your customers really are: Product designers typically approach a challenge from one of two perspectives. One is that they’re trying to improve an existing product. The second approach is that they’re solving a problem. Answer the question of who your customers for this product really are. Look at demographics and behavioral data to form a well-rounded picture of who the audience is and what they’re really looking for in products. When product development is tied to customer needs, products automatically perform better in the market.
Competitive and market assessment provide context: How are your products performing in the market today? And how does that compare to competitors and adjacent categories? When organizations track their competitive performance, it can help put their existing products into context. For example, one fitness tracking company found that its existing products sales were beginning to lag. A closer assessment showed that the competitors that were performing well offered deeper data analysis and a wider range of features. Product designers were able to take this information into account when developing the next generation of products and services.
Consider practical usage analytics: Many companies track basic usage and performance analytics associated with their products. For example, one toaster company noted that their products took half the time to do their job than their competitors did. While it was a matter of only seconds, this turned into marketing gold for their messaging team. Harried customers who literally wanted to save every second possible responded to the marketing campaign. Product designers, in turn, were able to hone in on this fact and dial up features that would help improve performance that other companies overlooked as insignificant.
Don’t overlook market research: Tracking market research results over time should be part of your company’s data strategy. For example, has customer sentiment changed toward a particular product over the last decade? A close analysis of analytical data can help product designers determine why something is flailing and what the root cause is. The right analytics approach can help you see how a variety of factors—such as changes to a product—have led to changing sentiment, market share, and much more.
Product designers who are informed by data can create a brand’s best chance for delighting customers, outpacing the competition, and setting the standard for their industry. Evaluate your analytics strategy to determine how you can expand your data and research to lead to the products your most important customers need today.