How to prioritize the right product gaps to unlock hidden revenue?

Elon Musk, known for his radical and out-of-the-box management style, has been in the news recently for shaking up Twitter's entire management board.

Elon's Tweet made me wonder

Elon tweeted a question some time back, “What should Twitter do next?” While millions worldwide suggested an "edit" button for the tweets, my mind wandered to an altogether different perspective.

Aren’t Twitter users referring to a product gap? Yes. Product gaps are business opportunities. For your prospects, it's a feature they would like to use.

Let’s inherit the same problem statement in the B2B world.

A feature request becomes a product gap when many people ask for the same feature or choose to back off from a deal without it.

The severity of the product gap may be subjective to every client or prospect. But it’s worth acknowledging its existence.

In the B2B world, a poll can’t determine the priorities of a product roadmap. It’s far complex when you go beyond just recording a product gap in a spreadsheet.

Manually recording product gaps can break processes

While it is easy to know product gaps, the real challenge comes with recording it internally, keeping track of commonly asked features, passing that info to product teams, and understanding which product gaps are costing us money and blocking revenue.

Teams these days store this information in multiple Google Sheets and similar tools, making it tough to pull out information or for other teams to go through notes and find out requested features.

There are many truths and no coherence between data points to deliver impactful insights. It's essential to have a single source of truth where everyone can store data and take insights from it.

PreSkale and its very intuitive Product Gaps Manager

PreSkale, as you all know, is an all-in-one intelligence platform for Presales teams. The product gaps manager is ideal for teams that want to track direct market feedback and manage them. It also enables,

• Product Gap Analytics — a dedicated dashboard that shows a detailed analysis on the severity of a feature item of a particular module and the revenue potentially lost due to its unavailability.
• Product Gap Use-case Manager — our Product Gap Use Case Manager (PGU) deeply dives into the specific modules to show you real-world use cases of individual feature items, their revenue impact, and deal success sensitivity.

Conclusion

Customers are the lifeline of any company. As time goes by, their requirements change, or something new will crop up. In the current business eco-system, if you fail to act on what your customers want, your competition might launch a similar feature and walk away with your customers.

Hence it is important for teams not only to listen to their customers but also record, track and ensure the feedback and feature requests are passed on to other stakeholders. How efficiently and at what speed you act on it will ultimately decide your success.