How to Build AI Powers Modern Product Lifecycle Management
Product design is a long-standing science. There are rules, frameworks, and extensive research that ensure that the product is market-ready and priced correctly.
Not every company has access to the entire suite of tools that can tap into the collective wisdom and knowledge of its customers. It is impossible to develop a product that will make or break your company. Although most companies adopt a product engineering mindset and approach their product development cycles using a structured framework they might not be able to take in the deep insights that can be gained from billions of conversations online about products, companies, and trends.
McKinsey correctly stated that digital product managers are “increasingly the’miniCEO’ for the product,” and they are responsible for many facets. They also hold responsibility for failures, regardless of whether or not the product was actually created. It is a sad fact that between 80% and 95% of all products fail.
AI-powered product insight platforms can make meaningful contributions to every stage of product development. They help create, optimize, market, and market products more effectively.
These are the stages of product development. We also discuss how the right product insight platform can help organizations maximize their return on investments.
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The ideation phase involves assessing trends and opportunities, surveying the competitive landscape, and identifying white spaces. Many companies rely on social listening and human assessments for guidance. AI-driven product insight is a different level of guidance.
Product intelligence platforms are able to analyze the entire conversation and determine where customers’ preferences are moving, instead of latent indicators that can be uncovered by reading comments today. This allows you to create a product that is both relevant and adaptable to the market today.
After the ideation process is completed and a product has been conceptualized, product teams need to get to work and productize features. This will allow them to be a winning product. If they don’t get the details right, good ideas could die.
The product insights platform allows you to focus on the product attributes that customers want and need. It also helps you understand which attributes your competitors have that customers love and hate. This cannot be achieved with generic text analytics and customer service tools that can interpret surface-level meanings from public feedback.
Companies can make a mistake and render a product unpopular or obsolete by focusing on the aggregation or summation of public comments without any measure for scale, influence, or deeper context.45% of product launches are delayed. This is why tapping into real-time feedback can be a great way to keep the process moving and stay on top of consumer preferences.
The development cycle is now the “real work”. Without the right intelligence tool, companies must go head-down and create a product in a matter of months or years. They can be confident that their predevelopment insights will still hold true.
Product intelligence is a tool that helps physical product manufacturers act more like digital counterparts. They use the minimum viable product (MVP), which allows them to create foundational products, and then iterate as necessary. Although physical products are not able to make multiple iterative releases as digital counterparts, they can still use the intel to correct their course.
Companies can monitor product intelligence to keep track of the billions of daily conversations and ensure that the development roadmap is correct and Start identifying new functionality that they want to include in future releases.
The launch is possible once your company has developed, optimized, and defined your product. Poor messaging, timing, or a poor strategy for going to market meant that many amazing products failed to make an impact on consumers’ lives. Brands identify their target audience and establish their launch strategy. They monitor the success of each product launch and compare them with previous launches or those from their competitors.
Although the product cannot be modified after it has been constructed, its positioning can have an impact on its success. The right intelligence platforms will tap into customer conversations to understand the anticipation of the launch and ongoing opinions about competition. This can help identify potential product problems and crises early. This allows you to compare your product with the competition and identify channels that can help you get your product in front of a wider audience.
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Companies keep track of product issues and address liability or safety concerns. They also test product performance during the optimization phase. This is all done within the company and only for the product being developed.
A good insights platform can capture conversations about customers’ initial impressions and validate or challenge your marketing strategy. You can use your insights to correct any issues that may be misinterpreted and add new features that could make the difference in launching a successful product.
Conclusion: Product development and management
Companies that use AI-powered product insights from online conversations to improve their product development process are more likely to make better decisions. This will likely lead to fewer delays and higher chances of being among the few products that succeed. It’s a wise decision for any organization to take this step to maximize their success and protect their investments.