The Impact of Real Buyer Insights on Product Management and Marketing Decisions
If we have data, let’s look at data. If all we have are opinions, let’s go with mine.
– Jim Barksdale, former CEO of Netscape
Who or what is driving your product decisions?
If you’ve spent your career in product marketing/management in tech companies, you can relate to the above quote from the perspective of both mid-level and senior product marketing executives.
Up and coming product manager/marketers are regularly champions of features, or product positioning that face an uphill battle against the priorities of the Engineering team and the demands of the sales team – stemming from existing customer asks and the most recent competitive sales loss. Add on top of that the biases of a boss, and you’ve got to overcome a lot to bring about a change in emphasis (never mind direction).
Making these directional and investment decisions isn’t actually any easier sitting in the product management/marketing leadership role. They need to make significant go-to-market investments almost weekly, while running an organization, mediating compelling and conflicting arguments from highly opinionated and smart groups – all while trying to listen to the customer. Just a few of the decisions that need to be made:
- Which feature enhancements need to make the cut in the next release because of customer demand or competitive factors?
- Which initiatives/project drivers MUST be on your site’s home page and which can be de-emphasized?
- Are there market niches that are growing or that your company ignores that you could address with a different positioning or marketing campaign?
- In sales collateral/training, what are the key competitor weaknesses to make sure the reps understand?
Buyer insight provides more clarity for decision-making – if you find the right sources
Product and positioning decisions are never easy, but almost any internal debate can be swayed by quantifiable insight on buyer preferences and purchasing behavior. However, most companies struggle to bring relevant and accurate data to bear at the right time. Part of the reason is most of the easily available data has a significant bias problem, such as:
- Insights from deals that your company has won or lost doesn’t reflect the perspective of buyers that were never part of your sales pipeline. TechTarget data shows that unless you are a major player, this is typically much greater than 50% of the market.
- When you talk with prospects or customers (or getting data that is filtered by sales reps), you know you are not getting the complete story as they try to protect or promote key details that support their position.
- Custom research efforts take time to kick off and are point in time. These approaches are a poor match for a market that is constantly changing and you must make decisions year-round.
- Most industry research is written from the perspective of an experienced industry analyst who interprets broader trends or future looking insights furnished by suppliers. This is a very valuable part of understanding the market, but different than buyer data.
How TechTarget helps
To help product management/marketing leaders find the right representative buyer insight, TechTarget Research has developed Deal ScoreCard. Deal ScoreCard describes how buyers for 20 different Cloud, Data Center, Storage and EUC markets perceive their needs, requirements and vendor opinions at the essential moments of their purchasing cycles, every quarter. Just a few of the insights that it delivers include:
- Features, project initiatives, workloads – For a specific market, which specific factors (by each category) are most important in a product-market, which are trending up and down quarter over quarter and which are the major vendors in the market perceived to be weak or strong on.
- What’s important at shortlist v. important at product evaluation – Which issues are most important as buyers shape their plans for a project (budget, product space, important vendors) v. which issues do they see as important when they are deep into rep discussions and technology evaluation. The difference between these moments leads to very different go-to-market investments.
- Where are market leaders weak – Most challenger technology company strategies are built around a growing weakness or blind spot of a market leader. Deal ScoreCard goes to great lengths to quantify those blind spots.
You can see some of the foundational analyses of a Deal ScoreCard here. If you are interested in learning more about how the in-depth data in Deal ScoreCard can help your organization, please visit TechTarget.com/Research.