5 Steps to Harnessing insight for Product Innovation

Delivering value that will meet customers’ expectations, will require innovative products and services, according to the insight obtained from analyzing customer information, which product teams can quickly adopt in the development.

Here are 5 key strategies for harnessing insight for product innovation:

Customer expectations Identification
Businesses have numerous customer data, like transaction history, complaints, purchase behaviours and more, at their disposal, that can be leveraged to identify new attributes which might be valuable to customers. They can further engage with the customer via email or phone to reconfirm their expectation, looking at ways to address their needs and pain points.

Customer Experience & UX Improvement
According to Gardner 82% of B2B CMOs expect to mostly or completely compete on the basis of Customer experience. There is need for companies to be strategic by leveraging customer data at their disposal to comprehend their customer experience, and stake strategic steps to innovate and remain competitive in the market place. Using insights derived from customer data to develop new product features that customers would like to use, thereby improving the user experience.

Apply insight to product Development
It is common knowledge that customers like personalized products. With predictive analytics you can analyze their past historic data to predict future events. Analyze your customer data, identify new sources of value and apply the insight to your product design and development activities, thereby innovating your products to meet their current and future needs and transforming their experience.

Continue to innovate on products
Companies would need to constantly improve on product and service offerings in order to remain competitive in the market place. It may involve developing new business models to compete in the face of disruptions or putting in place strategies to continually evolve as a business in order to expand your customer base.

Result Driven Partnership
In order to get the best result from your Big data project, there is need to partner with professional teams that can perform in-depth analysis of your dataset to derive the actionable insights needed to transform your business and better deliver value to your customers. This may involve setting-up an archive of constantly updated customer data which different business users can explore, analyze, slice-and-dice and use in their own reporting and analytics.

At DIDHub, we partner with our clients to realize their digital transformation plan and our team of highly skill professionals is here to assist.