{"id":11509,"date":"2022-05-09T16:16:25","date_gmt":"2022-05-09T16:16:25","guid":{"rendered":"https:\/\/www.revuze.it\/?p=11509"},"modified":"2022-12-15T13:06:22","modified_gmt":"2022-12-15T13:06:22","slug":"how-to-use-product-insights-to-inform-product-strategy","status":"publish","type":"post","link":"https:\/\/www.revuze.it\/blog\/how-to-use-product-insights-to-inform-product-strategy\/","title":{"rendered":"How To Use Product Insights To Inform Product Strategy"},"content":{"rendered":"

When it comes to improving your products and developing the strategy by which you intend to market them, nothing is more important than knowing what works and what doesn\u2019t. In business, very few stakeholders will want to take a step forward unless there is a decent chance of return on investment.<\/span><\/p>\n

Unfortunately, we live in a world where changing expectations and shifting culture means that it isn\u2019t always clear cut what will be successful and what won\u2019t. That\u2019s where <\/span>product insights<\/span><\/a> based on market research can help.<\/span><\/p>\n

What Is Product Strategy?<\/b><\/h2>\n

Product strategy is a plan encompassing everything that you want to achieve with a specific product, what steps you intend to take to see that through and how that strategy links to the overall goals of your business.<\/span><\/p>\n

\"Product<\/span><\/p>\n

There are a number of elements to a product strategy, starting from the very beginning with the drawing board and finishing up with where you want the product to sit in the market. Each step posits certain questions that you need to ask yourself before moving forward:<\/span><\/p>\n

Design:<\/b> What do you intend to sell? How will your design attract consumers? Will your design stand out amongst the market or will it conform to the accepted norm?<\/span><\/p>\n

Features:<\/b> What will your product do? How will that set it apart from others in the same market? Are you going to combine multiple features into one item?<\/span><\/p>\n

Quality: <\/b>What will your product\u2019s quality be? Are you intending to create disposable or multiple use items? Your product\u2019s quality should match those already within the market at the least, and exceed if you intend them to be reusable.<\/span><\/p>\n

Branding:<\/b> Will you market your product as part of an existing line? WIll it be standalone? Brands have <\/span>reputation and power<\/span><\/a>, something that will help a lot when you\u2019re starting out.<\/span><\/p>\n

Target Market\/Demographic(s):<\/b> Who do you intend to sell to? Do you have a niche audience or is this new product something anyone would buy? You can charge more for specialized products that few will buy, but there will be fewer sales overall.<\/span><\/p>\n

Positioning:<\/b> Where do you plan to position this product in the market? Is it intended to replace the current frontrunners? Is it going to be an affordable alternative?<\/span><\/p>\n

All these questions are easy enough to answer from your own perspective, but you need to remember that you and your team aren\u2019t necessarily going to be representative of your customer base as a whole.\u00a0<\/span><\/p>\n

If you\u2019re going to answer these questions for consumers in general, you\u2019ll need information on what they want and what you can give them – product insights.<\/span><\/p>\n

[banner_text text=”Research insights on any product” button_text=”Get started” button_link=”https:\/\/sentimate.com\/signup\/”]<\/span><\/p>\n

What Are Product Insights?<\/b><\/h2>\n

Product insights are a peek into the consumers\u2019 minds when they\u2019re using a product. Put simply, it\u2019s a broad term that covers any and all information you might have that describes a <\/span>user\u2019s experiences<\/span><\/a> related to a product and the analysis of those. You can split product insights into two types:<\/span><\/p>\n

Qualitative Insights<\/b><\/h3>\n

Qualitative insights are factors that you might call arbitrary or without a scale. This type of insight is usually found in the more expansive surveys and reviews that users and buyers leave behind on products. Don\u2019t be fooled into thinking that these types of insight aren’t useful because they can\u2019t be measured, they can give you details that mere numbers never could.<\/span><\/p>\n

As an example, someone stating that they didn\u2019t like your product falls under quantitative insights as it\u2019s a simple yes or no answer. If they state <\/span>why<\/span><\/i> they didn\u2019t like it, that falls under the qualitative insights umbrella.<\/span><\/p>\n

Quantitative Insights<\/b><\/h3>\n

This type covers anything that you can statistically measure. It can potentially come from pre-existing data, for instance customer retention rates, ratio of online to in-store purchases, etc.\u00a0<\/span><\/p>\n

The trouble is, most of the data that already exists isn\u2019t set in a vacuum. You can say that the sales of a certain item went up at a certain time that coincides with a holiday season, however there are likely multiple factors at work that could influence the shift in sales. Breaking the data down by demographics, location etc. will help but not entirely eliminate this problem, and often product insight teams will find themselves trying to set up surveys to fulfill specific niche questions their existing data doesn\u2019t cover.<\/span><\/p>\n

In the end, finding quantitative data that\u2019s absolutely controlled isn\u2019t necessary though, as the accuracy in your predictions you get has diminishing returns. There\u2019s a certain point where you call it a day, and it\u2019s up to you to decide where that line lies.<\/span><\/p>\n

The Value of Data<\/b><\/h2>\n

Product insights come from your consumer base. They\u2019re the ones using your product after all, and will have far more insight into how it functions and where its strengths and weaknesses lie than anyone who looks at it through an analytical lens. Post-It notes were originally created to be bookmarks for example, but found much more success in their main function today as reminder notes.\u00a0<\/span><\/p>\n

When it comes to data sources, there are plenty of them out there to pick from. Which ones you put the most weight on will depend entirely on your industry, business model etc. but they\u2019re all generally useful to some extent. Some of the more popular ones include:<\/span><\/p>\n