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Product managers and marketers constantly make decisions that directly impact their customers and their product's position in the market. These decisions include identifying which customer problems to solve, determining which features will have the most impact, setting the right pricing, and identifying how best to stay ahead of competition.
For a product manager or product marketing manager, making high quality decisions relies on a deep understanding of your market, your customers, and your product. Developing a deep understanding and expert knowledge is not easy, it requires looking at a mix of data gathered from various sources to build a high level of empathy and understanding of customers.
What kinds of data are we talking about? Here's a breakdown:
Product and marketing teams obviously engage in other activities, including product launches, delivery and other execution related tasks. But to win, successful product management and marketing boils down to making informed decisions based on a comprehensive understanding of customer needs and market dynamics. Using data from various sources puts product and marketing teams in a much better position to succeed, and allows them to make high quality, data driven decisions.
Let’s use an example. Imagine a B2B SaaS company that specializes in providing a project management tool designed for medium to large enterprises. This company engages in dozens of sales calls with new prospects every day, a goldmine of information and insights directly from their target market. Both the marketing and product teams can analyze these conversations to refine their strategy and improve the product in meaningful ways.
During these sales calls, prospects often discuss their current challenges, what they are looking for in a solution, and their specific requirements. They might mention issues with their current project management tools, such as lack of certain features, difficulty in use, or challenges in collaboration across large teams.
Alongside sales calls, the team can also analyze support requests, structured customer interviews, emails, and other customer interactions for valuable insights. These sources provide a wealth of information on how existing customers use the product, the challenges they encounter, and the features they value. Listening to customers and analyzing this information, ensures that product development and marketing decisions are well-rounded and informed by a complete view of the customer experience.