VoC as Tool for Highlighting Market Gaps

We all know how important it is to find gaps in our operational market, and then develop products to fill these gaps. This is very much the premise for most businesses coming in to existence, to fulfil a market need.

We have talked about how the Voice of the Customer (VoC) can be used to drive marketing strategy, many times here at the SandSIV Customer Experience Management and Voice of the Customer Blog. But we have very seldom touched on the concept of VoC driving product development, and we have never talked about how the Voice of the Customer can uncover market gaps before.

VoC data can speak to us, it can tell us what consumers are going to need in the future, if we can uncover these emerging trends using modern analytics techniques. The hard part, is coming up with the right questions to ask.

If we take a deep dive in to the customer feedback receive, and start building a mashup of the different things that customers say they wish they had, or wish they could do, we can begin to see where our products or services are falling short of meeting requirements.

However, in some cases, we could actually uncover true market gaps. Let’s imagine that company X makes widgets. What happens if people start complaining that they wish the widgets came in pink? Well, we have uncovered the fact that our product does not fit the needs of all potential consumers.

But what happens when we find that none of our competitors produce pink widgets either? We have uncovered a market gap. Predictive forecasting will be able to prove whether it is a gap with enough potential to try and fill.

The real problem here, is that in order to reach this conclusion, we would need to involve several parts of the business. Indeed, any single department on its own, might not uncover the gap at all. A support department would just report a rise in the number of complaints due to product function for example. It’s not until we take a look at the overall big picture, that we have that lightbulb moment.

This is where some form of VoC dashboarding product can really help. For example, SandSIV’s own product, VoC Visual. A solid dash boarding application will help this kind of fact, which is garnered from a single source, but with multiple meanings, in to something more readable.

If you would like to know more about VoC Visual or any of the other SandSIV developed Voice of the Customer applications, please contact us at info@sandsiv.com

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