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Product experience is what drives target customers’ perceptions of product design, features, and functions, which influence their purchase and usage behavior.
CRM, point-of-purchase, and the Internet of Things are among the myriad ways organizations garner more operational data than ever. Yet, staying ahead of trends and consumer preferences is becoming increasingly difficult. Each year, even though $44B is spent on market research, 85% of product launches still fail. Why? Because too often, teams rely on lagging transactional data to make forward-looking product decisions. And there’s clear economic benefit to focusing on product experience. According to McKinsey, companies that focus on customer-centered product design outperformed the S&P 500 by 219% over the past 10 years. X-data drives value.
In order to develop compelling products in the future, businesses need researchers, product leaders, and marketers to go beyond simply collecting customer feedback. The next generation of leaders must be product experience experts who focus on the entire product lifecycle. Focusing on the lifecycle allows them to provide actionable recommendations that continually improve the experience and measurably impact the business.