3 Ways How Listening to Customer Data can Expand your Product Strategy

social-listeningImage Source: MindShare

When thinking about expanding the reach of your business, listen to your customer interactions. Place that ear on the calls, check the sentiment on digital media, look at the response to your advertising, check out their past data usage. Your product strategy needs to incorporate what you intend to deliver aligned with the answers your customer seeks.

Identify Probable Weakness and Gather Valuable Inputs

As a business establishment, you always have a major focus on product development. However, too much product centricity may lead to ignoring the need for upgrading the services. Acting on the same, you will develop an understanding on the areas which you need to work upon. The need of the hour is to pay attention to what your customers point out and work on the weak links thereafter.

Some of your clients might be engineers or technocrats who are well versed with the nitty gritty of the product range you intend to promote. They are always in a position to offer credible suggestions which will only help you make your product range better. For example, you can follow these clients on their social media accounts and try and engage them with your conversations. Promote your service and read their comments on the same. This helps them in knowing your product better.  For instance, FishEye Analytics has developed a new technology wherein the online discussions are collected and analysed. On similar lines, a company can gather insights out of the discussions being held and these inputs can be utilized to tailor the products.

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Market research, Tastes and Preferences of the Customers

Most newly established businesses grow due to the fact that the products and the services that they have to offer is the outcome of the extensive market research that has taken place in the background. This research helps in critically examining the tastes and the preferences of the customers. Now the market mix strategy is made up of four P’s: product, price, place and promotion. Here, it is important to know whether you are entering the market with similar services that exist or, you have a new market entirely? For example, goods with lots of competition will have the strategy of penetrating the market via promotional price strategy. On the other hand, entering into new market with fewer competitors could use a price skimming strategy. Market research is a vital aspect for every marketer before setting up any marketing strategy. SMS marketing is a new way of reaching out the audience and is approached by most of the companies to communicate with the mass. This can be an effective tool to jot down the taste and preferences of the customers.

For instance, all commercial electronic messages are supported with an “Unsubscribe” option. Therefore, customers using the service previously, can easily discontinue a service. This way companies can weed out the wrong customers and at the same time the new audience being targeted can subscribe the service that is being marketed . Hence, companies are able to judge the right audience. SMS marketing is so effective in nature that even the Govt. Of India is using it.

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Customer Interaction Creates a Positive Ambiance

For good ideas and innovation, you need an interaction or a debate to expand your thought processes. Customer engagement and conversations works well in creating good liaisons with them.

Social media is the best way of developing relationships. Thus, follow your customers on Twitter or Facebook or email them and start a new conversation.

Also, conduct surveys on phones and try to generate feedback or provide details of the new product that you are planning to launch. This way the product reach becomes high and there are greater chance of sales conversion.

Take a note of above listed points and you will be able to develop a fruitful relationship with your customers and work on new product range in the earnest manner.

About the Author
Kritika is a Content Marketing Specialist at VoiceTree Technologies, India. Together with team MyOperator, this IIT Delhi alumna is working to make business calls efficient and manageable for small businesses in India.