How can you leverage product metrics and KPIs to identify new market niches?

Para definir metas de produto, comece alinhando-as com os objetivos estratégicos do negócio. Clarifique o propósito do produto, como ele contribui para a visão, missão e valores da empresa. Identifique os diferenciais competitivos, destacando o valor único que seu produto oferece. Ao estabelecer metas, assegure que sejam específicas, mensuráveis, alcançáveis, relevantes e limitadas ao tempo (SMART). Vincule essas metas a métricas e KPIs específicos, criando uma estrutura sólida para avaliar o progresso do produto e garantir que esteja alinhado com os objetivos estratégicos mais amplos da organização.

In the present market you need make sure that your product is different which is a measurable, time-bound objective that supports your client needs in given time .Which will help you track and evaluate your progress

Digital marketers are often referred to as "marketing gurus" for various reasons. One primary reason is our use of metrics and analytical data to guide decisions regarding target audiences, budget projections, and marketing channels for achieving goals like sales and lead generation. Key Performance Indicators (KPIs) are sets of data that interrelate to provide a comprehensive view of our progress in the digital realm. Understanding the significance of KPIs is crucial for your company's success in digital marketing. In this email, we will provide a brief overview of KPIs, including a definition, examples, and how they are essential in the communication within your digital marketing team to highlight both challenges and successes.

Below are the main key point *Identify Patterns in User Behavior of your existing user base. *Keep an eye on industry trends, competitor offerings, and macroeconomic factors that may influence consumer behavior. *Segment your user base based on demographic, geographic, behavioral, or psychographic characteristics. Identify segments with untapped growth opportunities or higher willingness to pay for specialized solutions. Monitor social media channels, forums, and online communities related to your industry to understand discussions, sentiments, and emerging topics of interest among consumers. Look for gaps or unmet needs that your product could address. *Combine data from multiple sources, such as product analytics, market research.

En primer lugar, hay que precisar que los KPIs tienen que estar enfocados a gestionar, a lo largo de la vida del producto, su idoneidad, aportación de valor, potenciales mejoras y áreas o demandes no cubiertas. La revisión continuada de los valores de los KPIs y su evolución, permiten identificar patrones y tendencias emergentes positivas que permiten ajustar y mejorar los productos y también aspectos de insatisfacción, es decir demandas que no son cubiertas, estos aspectos pueden indicar la presencia de un nuevo nicho de mercado. La verificcion del alcance de este nicho implica realizar encuestas y estudios de mercado dirigidos a los usuarios (clientes) y potenciales.

O mais importante é monitorar o ciclo de vida de um produto. Tanto a aquisição d e novos clientes , quanto o número de desistências ou clientes inativados ajudarão a dar uma visão sobre o êxito ou não . A recompra também pode ser monitorada como indicador de desempenho !

A great set of metrics most startups use include: Top of funnel: Clicks, CTR, Cost per click, Volume Conversion metrics: Emails captured, trials started, demos booked Revenue metrics: These are lagging, but include total revenue, MRR/ARR, etc.. I also like to include leading and lagging metrics around growth rate - historical vs projected - and build a growth model against those assumptions.

I found it critical when developing the financial metrics, to design for the end user cost of ownership first as the target. The total cost of ownership that will give your customers an attractive return on their investment for the utility value your product is offering. Then work it backwards to end up with the target product cost.

Key Metrics / KPI(s) in my view are Customer Acquisition Cost Conversion Rate Repeat Customers which reflect the loyalty of the customers to the brand

Opportunities are seldom found in existing product metrics and KPIs. Instead, you have to look at what is not already being looked at. In one instance, a public source of information (from a regulated industry) revealed that customers were 4 times more likely to purchase a product in the particular category were were investigating if they had just undertaken a certain action. Unfortunately, the company had all its resources looking elsewhere and so was missing this opportunity. No amount of product metrics or KPIs would have uncovered this. It required looking much further afield. That's not to say that product metrics and KPIs aren't important - they're vital. In fact, they were the reasons why I went looking wider in the first place.

In my career, I've encountered a distinct divergence in customer attitudes between the life sciences and medical devices sectors. While life sciences customers often exhibit openness to innovation, those in medical devices tend to lean towards conservatism and risk aversion. This inclination is understandable given the paramount importance of patient safety, leading to a reliance on established methods despite potential slower progress. The medical devices field necessitates extensive data, rigorous testing, and numerous clinical trials to uphold reputation and key opinion leadership, reflecting a cautious approach deeply rooted in ensuring patient well-being.

You can segment by Demographics, Geography, and Behavior to name a few. Comparing product metrics and KPIs across various dimensions is crucial for gaining a clear insight into user behavior and preferences.

A etapa de validação é crucial nesse processo, e é importante entender que em caso negativo ao que se espera, recomeçar e repensar a estratégia não é perda de tempo, é uma forma de combinar a análise de dados com os insights qualitativos e continuar os processos até encontrar o ajuste certo para o novo nicho de mercado identificado e com potencial de crescimento.

Segmentar e comparar KPIs de produto é crucial para entender diferentes comportamentos e preferências dos clientes. Isso permite uma visão granular de performance, onde você pode identificar padrões de sucesso ou pontos de melhoria. Ferramentas de análise de dados podem auxiliar nessa segmentação, facilitando a identificação de tendências e a comparação com benchmarks do setor.

By analyzing demographic data, geographical patterns, user behavior, preferences, and feedback, companies can discern nuanced trends and uncover valuable market insights.

I feel that, to identify new metric niches and test market niches effectively, start by aligning the product metrics and KPIs with strategic goals. Identify key performance indicators that align with potential market niches and conduct A/B testing to validate their relevance. Analyze the data to uncover patterns and correlations, helping to refine the metrics deployed and focus on the most impactful ones. Iterate based on feedback and continuously monitor the metrics to adapt to changing market dynamics. This data-driven approach can help explore new opportunities and refine the strategies for entering new market niches.

I found interviews work better than surveys. To validate a business need, I have run 109 interviews and let me tell you it was full of insights. Surveys don't offer this opportunity basically because the questions are ready and even though there is a potential need to be covered you don't have an opportunity to ask that question immediately. Interviews in person or video calls are also better than voice calls, you can analyse the body language of that person. One last tip is being open-minded, it is not always testing what we think is the best but seeing what they need and want. Validation is so critical before you invest your time and money.

Zwei mögliche Szenarien um neue Marktnischen zu testen sind: 1. Marktforschung und Zielgruppenanalyse: Führen Sie umfassende Marktforschung durch, um das Potenzial und die Bedürfnisse potenzieller Zielgruppen zu verstehen. Analysieren Sie demografische Daten, Verhaltensmuster, Trends und Vorlieben, um potenzielle Nischenmärkte zu identifizieren. 2. Kleinskalige Tests und Pilotprojekte: Starten Sie mit kleinskaligen Tests oder Pilotprojekten, um die Akzeptanz und Nachfrage für Ihr Produkt oder Ihre Dienstleistung in der neuen Nische zu evaluieren. Dies kann bedeuten, ein begrenztes Produktangebot in einem bestimmten geografischen Gebiet oder online anzubieten.

In my view, unlocking new market niches through product metrics and KPIs involves a journey of validation and testing. It's about meticulously gathering feedback and data, using methods like surveys and prototypes to understand customer needs and preferences. Each step is an opportunity to refine our product goals and value proposition, ensuring they align closely with market demands. This iterative process of refinement ultimately leads us to discover and capitalize on new opportunities, driving sustainable growth and success.

Testing and Validating new market niches ensures that services meet the customer needs. Thorough market research you can identify potential niches and understand the needs, preferences, and behaviors of the target audience. Use a combination of primary research using surveys, interviews, focus groups and secondary research through census reports, FRED industry reports, and competitor analysis to gather insights is crucial. Data is king and should be used. Remember that self indulged regression reports are not alway showing truthful information. You need to look deeper in to the data.

Once you found new market niches it´s advisable to evaluate their scalability and long-term sustainability. Especially with focus on your resources, capabilities, and strategic objectives. While also considering factors such as market size, growth potential and the competition. But most importantly: When it aligns with your core business values and strengths you are good to go!

Periodically review the metrics that are being collected to ensure they are measuring what they are supposed to. Companies often create reports and continually measure the same "KPIs/metrics," but only some of the collected data is being used - wasting time and resources. Or worse, some of the data collected is being misinterpreted.

One of the hardest decisions many companies encounter when investing and testing new concepts or MVPs is to “fail fast”. Many of my clients spend 10s if not 100s $M on products they killed or pivoted from after muddling through for 2 to 3 years. When the MVP is not hitting your set metrics, you need to be very objective about it and make the decision “ pivot or kill” and be fast, unless you have flexible budget or the market window is not strict. Till this moment you gained some knowledge. After this point every delay in making the decision may be an opportunity cost wasted, your investment increases, your commitment / bias increases and the decision becomes even harder and more painful!

Você pode usar métricas de produtos e KPIs (Indicadores Chave de Performance) para identificar novos nichos de mercado ao analisar dados sobre como os clientes usam seu produto e o que mais valorizam nele. Observando tendências, preferências e lacunas nos dados de uso e satisfação, é possível descobrir áreas não atendidas ou necessidades específicas dos clientes que não estão sendo completamente satisfeitas. Essas informações podem revelar oportunidades para criar novos produtos ou adaptar os existentes para atender a esses nichos específicos, expandindo assim seu mercado.

Monitor and Iterate: Continuously monitor the performance of your experiments and initiatives using relevant product metrics and KPIs. Iterate based on feedback and insights gained from customer interactions and market dynamics. Scale and Expand: Once you identify promising market niches, develop strategies to scale your efforts and expand your presence in those niches. Invest resources in product development, marketing, and customer acquisition to capitalize on the opportunities identified.