The needs of a modern consumer are not static; they are constantly moving and advancing, shifting and changing. Customers adopt and discard products at breakneck speeds, seeking new opportunities for enjoyment and discarding them at the first sign of trouble. For a product to remain relevant in the eyes of today’s consumers, it must be able to not only meet their present needs but evolve alongside them to seamlessly adapt to future needs. Effective product management requires two critical steps; first, a deep understanding of how consumers use a product, secondly the ability to leverage that knowledge into actionable improvements. To do so, your business must understand product intelligence and its essential role in an impactful relationship with your customers.
What Is Product Intelligence?
Product intelligence refers to the use of software to collect and analyze data about a product’s performance with users. These systems gather and interpret information about how users’ interaction delivers critical insights on strengths and opportunities for improvement. Product intelligence also takes into account external factors that influence the customer relationship. Shipping, marketing, customer support, and countless other service touchpoints all influence consumer perception and ultimately the experience of your offerings. Product intelligence software helps aggregate these factors to evaluate the performance of your product holistically.
The ultimate goal is to create a positive feedback loop that enables product teams to iterate and innovate with greater speed and higher accuracy. By leveraging critical insights about the customer experience, product management teams can implement improvements to engage, convert, and retain users more effectively.
Product Intelligence Best Practices
- Understand the Customer Journey – While website interactions and app behavior are important, you need to include insights from marketing campaigns, ad spend, and other touchpoints to drive a deeper and more impactful understanding of your customers. Analytics, behavioral targeting, and customer data management cannot remain isolated from each other when optimizing product experiences.
- Collaboration Cannot Be an Afterthought – Services and integrations don’t get you a great product experience; teams do. For product intelligence to make a real impact on your business, you need to support efficient collaboration among product teams. That means being able to keep pace with rapid question-asking, in-depth exploration, agile decision-making, and generally enabling the most frictionless product development process possible.
- Assess Your Competitive Landscape – Your product offerings don’t exist in a bubble, and understanding the potential interactions consumers could have with the competition helps guide you towards truly differentiable improvements. You should strive to know your competitor’s products, strategies, and marketing tactics just as well as you know your own.
Why Is Product Intelligence Important?
Consumer preferences can change in an instant, and companies that can’t keep pace are destined to fail. Product intelligence ensures that your business will never be left behind by shining a light on the key factors that influence whether or not a consumer buys and continues using your products. Whether it’s through illustrating conversion paths, documenting user interactions, or detailing which marketing campaigns attract new visitors, the product intelligence process provides a holistic view of how your product adds value to people’s lives.
Navigating the high-stakes challenge of effective product marketing can seem like a daunting task. That’s where Bluetext can support. From omnichannel media campaigns to product videos & landing pages, Bluetext’s digital marketing experience can ensure customers old and new take notice of your company.