New or Changing Customer Behavior Might Reveal Unexpected Insights for Product Strategy
— This memo is part of a series of articles and perspectives prepared by Accel-KKR in relations to COVID-19 impacts. —
This time of uncertainty has upended many business processes and systems. Yet, changes in economic and work environments may reveal unexpected insights that can shape your product strategy, service delivery models and more. With compromised new sales, many companies are now focused on retention and growth of footprint / share of wallet with existing customers. Companies that are attuned to their customers’ changing behaviors, willing to be creative and open-minded, and are able to iterate quickly are finding this time to be a boon for new insights for their product and service delivery teams. This may mean finding ways to increase feature utilization by existing customers, or prioritizing new capabilities that will improve current customer experience.
Things to Consider:
- Have your sales, product, delivery, customer operations teams noticed a change in how your customers are using your products? How are the functional teams sharing these observations internally – with sales, product and implementations teams?
- Be open-minded and responsive to what the environment dictates today: consider “what can be done today” vs “what is ideal” in order to keep your product or service delivery plans as market-responsive as possible.
- It is equally, if not more, important to observe how your products are not being used during this time: this time could be a critical test for your product stickiness. If the metrics are less than desirable, consider escalating key features in your product roadmap that truly drive usage in order to improve stickiness.
- In addition, offer training to customers on the breadth of your products’ features/functions to ensure they are taking full advantage of the depth of features you offer.