With time, traditional businesses have seen an uplift in investments in digital transformation. This has resulted in a great shift in the relationship between consumers and the creators who created products for all of us.
Product intelligence is the answer to the changes in the way customers interact with products and how companies compete to retain, delight and engage customers.
It is all about the way cross-functional teams assess, make sense of and act on the complex behavioral data. This is where product intelligence software can come in handy.
To keep up with the pace with the changing customer needs, organizations need to create innovative strategies around their products. This is where the concept of product-led organization comes into the picture.
In this write-up, we will discuss why you need to get product intelligence to become a truly product-led organization.
But before that, let us understand the concepts of product intelligence and product-led organization first.
What is product intelligence?
Product intelligence is the process of gathering, analyzing, collecting, and creating plans from data on how customers use products. It is all about combining data from the product and its operations to improve and enhance its functioning, upgrade product and overall product experience. It tracks the social listening and voice of the customer to get clear into customer behavior, perceptions, and habits.
Simply put, product intelligence is an intel mine for customer opinions and trends about the product. It hinges on customer opinion about the product with product functioning and features.
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What is a product-led organization, and how does it work?
Product-led growth is when the company focuses on how the product meets customer requirements, is accessible, and is easy to use. Product-led growth is where user acquisition, customer conversion, customer retention, and expansion are centered around the product itself.
Product-led growth is based on three pillars-
- End-user-focused design built on active listening You need to build a culture of personalization and continuous improvement.
- Deliver value as a non-negotiable by putting the product first. You need to keep the product as the centerpiece of the strategy. You need to put customer success before sales. This means you need to put the product before money and other factors.
- Invest in the product, its data, and people. You can also run experiments and innovate accordingly.
The ultimate reason that makes the product the new marketing king
With customer behaviors changing with the COVID-19 landscape, the product has emerged as the new marketing king. A product-led growth mindset is crucial to increasing customer retention.
During the challenging COVID-19 time, the product has remained as the core differentiator. Product was not just a part of the customer experience. The product became the whole customer experience. All factors of the company need to converge with the product.
The product should be self-selling. It should have a unique user experience and be able to communicate its value, educate customers, and provide complete assistance. This is what makes the product the new focal center of companies.
How can companies use product intelligence to become a true product-led organization?
1. Comprehend the customer journey
Product intelligence is necessary to understand, track, and enhance the customer journey. It is not just about product information. It is about using intelligence to improve strategy, uncover insights, and enhance customer retention strategy. Customer journey insights about the product can help make plans to suit the customer better. This enabling of the customer journey is better with product intelligence and data.
2. Become data-informed
Product intelligence helps you become aware of the company and customers in a better manner. Data information can help you analyze product usage patterns, customer behaviour, product details, and more. It can help build better customer experiences, accelerate necessary digital investments, and help the company. Its data insights help understand how customers respond to the product. You have better clarity on how customers retain, engage, and respond to new products.
3. Invest in the product management team
To become a true product-led organization, a company needs to invest in a product management team. A product team is one that has cross-functional team members who work in the best interest of the company.
The product management team is responsible for product marketing, product conceptualizing, product management, product experience, and more. Product intelligence and product management teams can help you build better products that attract more customers and retain existing ones.
4. Cutting-edge innovation on a constant basis is the key
Product intelligence fits into your product strategy roadmap and will help you retain customers. You can make use of the intelligence in a better manner if you constantly innovate the product. Innovative technology leads to various patterns of product usage.
You can get new patterns with product intelligence. It helps optimize customer and product engagement. You can also increase the customer lifetime value, maximize growth, and make better decisions. Every innovation or change is dealt with diff
Product intelligence is a great tool to have at your disposal to sustain a competitive advantage. Once you have applied the various points discussed in this write-up, it will help your company to use product intelligence to become a truly product-led organization. Product-led intelligence helps you tackle unique perspectives.
You can sort highly complex behavioural data, collaborate in real-time, and create personalized insights and teams to create better customer experiences. Product intelligence anchors product-led growth and democratizes insights.
Product intelligence uses data management, behavioural targeting, and product analytics to enhance insights. Product intelligence for customer success can help you retain customers, increase product adoption, deliver excellent outcomes, and enhance revenue growth.25
Remember, it is only when you have the right intel you can make the right impact. This intel is what product intelligence offers for your company’s products.
Dattatraya Shetty is an IT Professional with 2 Decades of experience in areas of Product Development, Implementation & Service Delivery Management. As the Head of Implementations and SOC Compliance in Smartkarrot he is on a mission to provide relishing customer experience.
Published November 29, 2021, Updated March 02, 2023