Not all data is created equal. In fact, a lot of it is contradictory. So how do you cut through the data that isn’t as important to get to the golden nuggets that will drive the most value for you? Ike Bennion presented on just this during his Win Loss Week session.
Why does data sometimes conflict?
Data can conflict because of how many different customers you are surveying. Different people have different experiences with your product, so it’s only natural that they’ll view aspects of your solution differently. As you’re sorting through all of this feedback, you need to consider which customers are the most valuable to you.
The top of the bell curve of your market is the segment of customers you’re targeting, while the extremities of the graph are adjacent segments that won’t find as much value from your solution. The feedback you get from these adjacent segments will likely be different from the feedback you receive from your targeted segment. Because of the variation in feedback from various segments, it is vital that you segment your data and listen most closely to your ideal customers.
What if my target segment is asking for different functionality?
You might need to consider that not all your functionality is equally valuable. There are two ways your solution is differentiated in the market: functionality differences and position/branding differences. You need to identify which features are table stakes, expected, differentiated, and extended.
Once you can separate your features and functionality into these buckets, you’ll be able to further hone in on the data that matters the most. At this point, there shouldn’t be much conflict in the data you’re receiving, and you’ll have a clear direction for product development.
Creating a map for your competitive landscape will become easier as you conduct this analysis. You’ll be able to identify which competitors you need to monitor the closest and know which new entrants can become serious threats.
Now that you’ve segmented your data to focus on your core customers and refined the feedback to only include the product that differentiates your product, you can return to a high-level view of the aggregate data. This cleaned-up, aggregate view is where you can gain the most valuable insights into how your organization is performing against competitors, how the market is evolving, and other good-to-know bits of information.
As you put in the time to cut through the noise and focus on the data that matters, you’ll see more clearly the strategic direction your company should take.
For more information on ways to get more data and insights on your buyers, customers, or your company, check out clozd.com/win-loss-analysis