How to improve your products using data-driven design
Adopting data-driven design is vital to your organization if you planning on consistently improving your products. The data from your customers can tell you not only what they like about your products and services but also what they don’t like. Consequently, when you collect data, you are gathering the information that can upgrade the products and services that you offer. But first, let’s review the basics behind the data-driven design so that you can use this strategy effectively.
Two basic types of data to consider when planning to improve your products
There are two types of data: quantitative and qualitative. Quantitative refers to quantity and is the data that provides you with a base number of cases which are sufficient enough to yield a statistically reliable finding, representative of the sample population it was drawn from. Qualitative relates to more probative data which is generally unstructured and tells you how customers understand, relate, or conceptualize a product or service.
When you start examining your data, you need to make the distinction between information that gives you percentages and statistics, and information about qualitative measures. You must then match the one against the other because both types of data are equally important in context.
Types of data-driven customer interactions
All data is useful because it represents customer interaction with your business. Such interaction can give you the information you need to survive and expand. Here are some of the methods or sources where people can interact with your organization and help you become more data-driven:
- Customer Service Calls
- Product Registration Forms
- Customer Satisfaction Surveys
- Usability Testing
- Online Market Research Studies
- Social Media Listening
- B2B Research
- Focus Groups
- User Group Meetings
- Forums or Communities
- Telephone Interviews
How to approach analysis and reflection
When you analyze data, keep an open mind. Moreover, reflect on what your data is telling you. Consider the quantitative and qualitative aspects and resist jumping to conclusions. You should also be wary of confirmation bias. In other words, don’t analyze your data with the intention of confirming what you already do or know.
To improve your products leverage insights to create data-driven innovation
The need to innovate is an integral part of all enterprises. By adopting open data-driven thinking about what your customers are telling you through this information, you can uncover fresh ideas.
Why it’s important to collect feedback and build loyalty continuously improving your products
Data represents customers’ feedback. When you pursue a data-driven design strategy, you acknowledge the importance of such feedback and thereby show your customers that you listen. Your customers then respond by being loyal to your business. In this way, you create a business culture that focuses on customer loyalty as well as improvements to the design of your products and services.
Data by itself can be overwhelming and disorganized. By adopting a data-driven strategy, you can make data work for you. Your data can even identify, and help you develop, new opportunities for your growing enterprise or entrepreneurial activities. Be sure to reach out to a market research company that can help you develop the right strategy and approach to ensure you reach your goal.
Jim Whaley is CEO of OvationMR and posts frequently on The Standard Ovation and other Industry Blogs.
OvationMR is a global provider of first-party data for those seeking solutions that require data for informed business strategy. OvationMR is a leader in delivering insights and reliable data across a variety of industry sectors around the globe consistently for market research professionals and management consultants. Visit: https://www.ovationmr.com
You might also like…
Discrete Choice Model Surveys can Simplify Complex Product Feature DecisionsWhat is a Discrete Choice Model Discrete Choice Modeling or Discrete Choice Experiment is a research method and statistical technique used by researchers and marketers...
Market segmentation guide to accelerating your business growth in the year ahead Not so long ago, our prospects for doing business were mostly limited to those within reasonable proximity to our geographic area. The law of the land was "small...
Concept testing provides valuable insights into market readiness and consumer behavior American academic, Harvard Business School professor and recognized business consultant Clayton Christensen noted that 30,000 products are launched into the market...