If you are a Product Marketer or are interested in this field, this video is for you.
By watching it you’ll learn which are the three essential things that each product marketing person should know to have enough evidence and make the right decisions.
This will help you to have more satisfied customers since you’ll learn how to deliver the message they need to hear. It’ll also allow you to beat your competitors, by using their weaknesses in your favor.
After watching it, don’t forget letting us know how these insights helped you!
Brands invest a lot of money to collect data in diverse and creative ways, and it’s also true that more data is produced digitally, which facilitates this collection. For example, the number of reviews written by consumers online grew by 300% in the last couple of years.
What has not impressed me much is the lack of immediate actionability of data. In fact, companies invested a lot to facilitate the creation of new data, but are still relying on old-fashioned ways to transform these records into usable insights.
As a consequence, I often see unreasonably large data research teams. Most of them are using a vast set of tools and are consulted by market research firms who try to put the information together and create recommendations.
The truth is that with the right tools and, more importantly, with the right processes, brands may not even need a research team to extract the same insights. Let me give you a real example.
While most research teams would work on large datasets, most product marketer professionals would just need a few insights to be successful in their jobs. So what would be the three things they could learn by themselves?
Number One: Why do customers like and dislike my products?
Just get started from what you have online, like product reviews on Amazon. You can go through them manually or with a text analysis tool and you can classify all the records following a list of topics that you are comfortable with. If it’s a smartphone, you could choose topics like “screen size”, “battery life”, Bluetooth connectivity etc.
Then you have to associate positive or negative sentiment with the words, each time you find them in the records. Once you have done that you could easily navigate the pros and the cons based on what your customers say.
It could look like this!
Number Two: What drives customers’ satisfaction as high or low?
It is not so straightforward to understand what is relevant for customers, but it is possible to note down the topics that usually appear in negative records and do the same for the ones that appear in the positive ones.
If a topic appears as negative in a negative record, and the same topic appears as positive in a positive record, then it’s clear that it plays an important role in the overall satisfaction of customers.
Number Three: What can I change to beat the competition?
Well, this is a matter of putting different analyses together. It is just a time-consuming task because you have to redo the analysis for the competitor products that are interesting for you.
But once done, you could be able to quickly understand what your competitors are doing better than you, and what you are doing better than them. The quick win here is to advertise what we do better, while we improve what they do better.
Long story short:
- Find out what goes well and what now,
- understand what drives satisfaction and
- make sure you have a clear view of the competition
If you want me to explain how to perform these three tasks in more details, please let me know in the comments!
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See you soon!