- Are you spending too much time on tactical tasks leaving you with very little bandwidth for strategic work and Customer visits?
- Is your product development funnel mostly driven by one-off stories and “I could sell gazillions if you made this change” opinions from Sales?
- Are you crystal clear as to why Customers decided to purchase a Competitor’s product instead of yours?
- Do you really know buyer satisfaction with your product and how it compares to the satisfaction with your Competitors’ product?
Automated End Customer feedback, when done right transforms Product Management.
Based on conversations with hundreds of Product Managers to understand their unmet needs and what ‘success inhibitors’ they experience most, we’ve identified two specific areas that will infuse product management with SUPER POWERS.
SUPER POWER 1: Win/Loss Analysis- A Magic Bullet
We’re not talking about the laborious task of mining through opportunity outcomes reported by Sales or a budget blowing Market Research project conducted once or twice a year. To truly tame this beast there must be a Corporate commitment to invest in a continual flow of automatic feedback from the source that matters the most- Customers- that is presented in meaningful analytics and available enterprise-wide with information like:
- How many Customers purchased a Competitor brand instead of yours, the competitor they purchased from and what drove the decision
- The percentage of sales for each Partner Channel that sold your brand versus your Competitors’ brands
- Month by month, quarter by quarter and annual trend analysis
- Win/Loss performance by market segment
- Pipeline sales plans of your product versus your Competitors product
Automatic, real time information like this will provide quantified data that prioritizes new product development, sheds light on inventory issues and illuminates factors that must be promptly addressed to protect and grow market share. It’s all about revenue, baby!
SUPER POWER 2: Customer Listening on Steroids
When done correctly, Customer Listening will give you such a competitive advantage that if business was a sport- it might be banned like growth hormones. But doing it ‘right’ requires listening to every End Customer and Prospect in an automated, highly effective manner that is shared across the stakeholder enterprise. In addition to providing you with powerful analytics – it builds great relationships with End Customers that you will be able to leverage in other functions of Product Management.
Through effective “listening”, you’ll have a continual pulse on:
- End Customer satisfaction with your brand that compares product and sales servicing satisfaction with your Competitors’ brand
- End Customer recommendations for new products and/or product improvements
- Pipeline analytics of planned purchases by product, month and Partner Channel to engage materials sourcing and production
- Up-sell and cross-sell Interests in other products or services
Consider this as a real possibility. Right now, your competitors are devising a plan to listen to your customers and steal your business. Maybe it’s time to “protect and grow” market share with these two super powers!
You can find out more about how NitroMojo supports Product Managers from the top of the funnel through post launch analysis at http://nitromojo.com/product-management/.