GlobalFintechSeries
1 0 1
Putting customers at the center of product development should be a given; after all, they will be using the product, so why wouldn't they be front of mind? There is also a direct line between prioritizing customer feedback and bottom-line metrics. Companies who listen to their customers experience 1.6 times more growth.Yet knowing that customer-centricity is a route to success and being customer-centric are two different matters.The barriers to customer centricity: Data overload and team silosWhat's stopping customer-first development from becoming a reality? There are two fundamental reasons: an overwhelming volume of feedback to parse; and product functions that operate in silos.Depending on the company and its industry, feedback might come from social media, support tickets, sales calls, customer interviews, face-to-face meetings, email, or chatbots.The format might vary from structured data with strict rules and logic to informal, off-the-cuff remarks. The employees receiving the feedback might work in support, sales, or marketing; they might be employees with extensive training or contract workers brought in to help with a single project.We know there is gold in all those insights. If a product team can capture, analyze, and action it, organizations can engage with their customers at a level most struggle to reach.And that's the other part of the equation that makes true customer-first development difficult: the silos between functions. Organizations could be gathering valuable insights already, but is it getting to the right people at the right time?Marketing Technology News: MarTech Interview with Michael Hilts, SVP Products @ StiristaAI is purpose-built for processing large volumes of dataWhen used appropriately, artificial intelligence could offer a solution to both of these issues.…