IMPACT of Customer Feedback on Product Innovation

WHY Is Customer Feedback Needed

Customer Feedback plays a very crucial role in Product Innovation. It ensures that products are developed with the end-users in mind. This approach leads to products that meet the expectations and needs of the users. It also helps in identifying the pain points, issues which leads to the discovery of areas of improvement

MARKET RESEARCH AND CONSUMER

To understand the preference behaviors and challenges of the business, Discovery sessions with the clients and the key stakeholders are held and based on the inputs the product is built. It helps to understand the preferences, behaviors, and pain points of individual consumers, Market Research is conducted to identify the trends and consumer insights

REDUCED RISK

Products developed based on continuous feedback from the client are less likely to fail as they already adhere to the Market Expectations which are set by the client

Setting The Road Map

Clients tend to be very knowledgeable on the features they want and also on the order of delivery. This helps the product team to get the client’s input and build the roadmap by focusing on the most valuable areas

Competitive Advantage

The product developed by incorporating the Customer’s feedback can provide a competitive edge to the product with respect to the marked standards

Faster Iteration

To adapt to changing customers’ preferences, continuous customer feedback helps the product to shape its way and enable the rapid iteration cycle which results in faster delivery

Boost Loyalty

Product feedback can tell you what works with your customer service experience and what’s preventing them from being loyal.

Loyalty is equally important as satisfaction, if not more because loyal customers are likelier to make repeat purchases and are less likely to head toward the competition.

Make Informed Business Decisions

Every business decision you make should be based on solid facts and backed by data. Ideally, the data you collect from your customers through product feedback is extremely useful.

These insights tell you exactly what your customers want, and you can use these insights to lay down a product roadmap.

Methods Of Gathering Customer Feedback

There can be various methods of gathering customer feedback and it is included but not limited to Customer Interviews, Focus Groups, Consumer Advisory Boards, Virtual Research Sessions, Customer Interviews, and User Forums

CUSTOMER INTERVIEWS

Customer interviews give individuals the opportunity to tell us about how and why they want the product. It helps in gaining important insights about how your product is working (or not) and validates or disproves the assumptions we have about customer behavior.

Focus Groups

Focus groups are nothing but interviews in which a small group of prospects or customers is asked about their thoughts, opinions, or attitudes toward your product. Groups should be demographically diverse to ensure unbiased data. The goal of the discussion is to determine how a larger population will react to a new or updated product. This helps to cover a broad spectrum of users

Customer Advisory Board

Customer advisory boards are groups of existing customers that meet periodically to share their observations and insights with a company. Typically these customers are C-level executives at other organizations who offer strategic guidance on the product, market, and broader industry trends.

CONCLUSION

To serve a product that the customer loves is the first step in Product Management and this can be achieved by taking continuous feedback from the clients and understanding their pain points or thoughts. Customer Feedback is a valuable tool for learning what people think and feel about your product. Increasing the understanding of the product and viewing it from a customer’s eye increases the satisfaction of the customers and helps us to reach their expectations.