Now more than ever companies must focus on the “product experience” to drive growth. But what exactly is “product experience” in B2B verticals and professions, and how does it translate to revenue growth? At Clear Seas we’ve identified three different strategic components of product experience in how it influences your customers, changes their perception of your brand, and defines how they use your product.
One: Product functionality
One key component for B2B product functionality over the past few years has definitely been “connectivity”. Thanks mainly to the introduction of 5G, virtually all industries are now experiencing a massive shift to IoT, and an ability to monitor the “health, location, status and specifications of all objects and people”. Brands across the B2B spectrum need to look at how their products’ functionality is impacting purchase decisions and how effective your product may actually be in their workspace. To track this - ask on your surveys how well your product functions for customers.
Two: Product features
We are living in a digital first economy. Automation and data are powering some of the most powerful product features today. “Building sustainable profitability in today’s rapidly changing environment requires two things: resilience and nimbleness. Automation accomplishes both. Automation transforms a business process to its most frictionless form, allowing business to grow with the market.” Does your product offer features that enhance your customer’s “resilience and nimbleness”? Product features that increase the move towards Industry 4.0 will only improve the perception of your brand because they actually move the needle in making staff more productive.
Three: Product design
Creating innovatively designed products “takes hours of research” according to this WSJ article. The right design, however, can mean a world of difference in product perception. As elusive as it is – “Customer Satisfaction is linked to Product Design”. Having a system to iteratively design products with the core customer in mind will result in boosts to brand image and satisfaction. All products need to have consistent testing and research support to reveal their maximum design potential. Sometimes all it takes is just a slightly better designed product to capture an oversized return on market size.
Taking the time to measure and monitor your product experience on these three factors will help improve your brand awareness, your product perception, and ultimately your market share.