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Product Management

Product Management

Product Management

How Data Visualization Could Improve Customer Acquisition

Customers are the number one priority for almost all businesses. Maintaining existing customers and acquiring new customers are especially important parts of keeping a business profitable. To reach your revenue goals you always need to be looking for new customers and ensuring you can retain current customers, otherwise your business will not sustain.

In this technological era there are lots of ways to gain new customers for any businesses and data visualization is one of the great ways to understand your customers deeply. We know that there are huge amounts of data available globally and this data combined with your own applications data is becoming more valuable day by day.

Nowadays, you don’t have to hire database developers, ETL programmers and BI consultants to understand your data, as there are many different platforms available to help you integrate your datapoints directly, and even setup visualization that anyone in the business can understand. You can use your existing data to study your customer’s desire, who they are, where they came from, where they came to you, their requirements, their psychology as well as using data from others like google and Facebook data to understand age, location, habits of your potential users.

Benefits of Data Visualization

Below we’ve listed down several benefits of data visualization which will help you to develop effective marketing campaigns.

Making Decisions Easier

Undoubtedly data visualization helps you to make decisions around strategies and what to do next. Data visualization will provide you enough information so that you can make decisions based on market movements and user desires. If you have proper data from about your customers, then you can easily setup sales campaigns and remarketing events to make more profit and grow your acquisition rates.

Ideas On New Trends

Data visualization is an efficient way to get ideas about new trends and patterns of businesses. Knowing all the latest trends and patterns will enhance the sustainability of your business.

Provides Clear Insights

This is one of the great benefits of data visualization. Visualized data from a huge set of data can provide an excellent insight which will help you to understand the market as well as the behavior of customers. The insights you will get from data visualization will help you to choose from different data sets for understanding which one to pick.

How Data Visualization Will Help You to Get Customers

Specify The Subject

The very first thing you need to do in data visualization is to choose a subject that will be interesting to people. If you don’t specify or stick to one subject then you might not get the attention of your targeted audience. This way you can create excellent visualized data for further analysis.

Collect Proper Data

Without proper and solid data you won’t be able to gain customers. If the data you are using to get customers is not credible then you may lose the existing customers as well. So, you need to get the data from trusted sources, because data can easily be manipulated. Once you have credible and solid data it will be easier to reach to new customers for your business.

Analyze The Collected Data

Now, you need to properly analyze the data to learn more about the customer’s need, interest, and behavior. By analyzing data in a proper way you will be able to understand the need of your customer and you can build your own strategy to get customers.

Build Efficient Marketing Strategy

This is the most important part of data visualization. Now, with all the data you have collected and analyzed you need to put an efficient marketing campaign or strategy. This marketing strategy will help you to get new customers for your business.

Best Product Management Tools in 2020

Best Product Management Tools in 2020

Product management includes prototyping, road mapping, planning, designing, marketing, as well as deep analysis of analytics and user feedback to continually improve the features and functions of a software application. A product manager needs to constantly oversee the performance of the product using all the above activities to get the best results. To successfully handle all this there are many tools that will help a product manager perform those activities properly without working 20 hours a day to do it.

Before going for any particular product management tools or software you should give considerations to a few things such as your available budget, your company size, number of users/customers or expected number of users/customer, value of each user or customer acquisition, priorities of the product team or stakeholders.

Now, let’s start looking at the best product management tools we have seen in 2020:

  1. Prototyping tools

Prototyping visualizes the actual product and finds out if there is any issue in the product before it is confirmed for mass production. Methods such as MoSCoW stands for must have, should have, could have, and would have which aids in designing and smooth customer experiences. For prototyping in 2020, we suggest proto.io, InVision, Sketch, Axure, etc.

  1. User Tracking and Analysis Tools

These tools give you the knowledge and insight about how the user of your product is interacting with the product and whether they’re facing any issues as well as they’re satisfied with the product or not. In this era of E-commerce user tracking tools such as Amplitude and Pendo can give you real time data about the users and how you can upgrade the product or service.

  1. Road mapping Tools

Having a roadmapping software is mandatory tool for effective product management in 2020. Roadmapping helps to understand the direction, vision, and progress of the product by sharing these data to the team. ProductPlan software is our number one pick right now and comes as a blessing for visual roadmapping in a way that is easily shared with team members and can be understood by people in the business that aren’t involved in software application development teams, project management or product management.

  1. Task management

Task management tools are necessary for every management job but it’s more important for product management as the product manager has to keep track of the development and delivery of product features and also meet product targets. In such situation, JIRA is still the leading and best software to help you meet production targets on time, and get back on track through effective task management, especially for agile software teams.

  1. Survey tools for customers

Customer surveys are one of the most important aspects for modern businesses to success especially in the space of SaaS and similar types of applications. Even eCommerce sites are getting more and more customer focused to the point of running workshops and understanding their users in depth. Surveying customers gives deep insights about the customers pains, demands, and future demands which drastically helps to improve current products. There are many web-based survey tools such as Survey Cake, SurveyMonkey, Typeform, etc. which might be of great help but for us, we prefer to use HotJar because we can really understand the user and align their survey feedback with analytical data collected.

  1. Team messaging tools

It’s crucial to maintain constant communication with the product development team and to have recordings of all communications regarding the development of the product. Cloud based tools such as Slack, Microsoft Teams, Discord are very helpful in facilitating easy communication and also recording of all communications. For flexibility and all of the available integration possibilities, we are going to say slack is our number one choice still for 2020 in team messaging.