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Ultimate Guide To Use CRM For New Product Development

When your company introduces a new product into the market, it is called new product development. The reasons behind launching a new product are many, from changing customer demands to enhancing its present capabilities.

But how is it related to customer relationship management (CRM)? Well, the entire process should be customer-centric since they are end-users, and doing so significantly increases the success rate and innovation possibilities.

Success depends on having a VoC program, showcasing a product's unique capabilities, eliminating weak concepts, and other related factors. Using Customer Relationship Management Software helps you with the entire NPD process.

You can use the software for generating ideas, testing demonstrations, releasing the product, and post-launch analysis. Prioritizing the customer's satisfaction during the innovation process guarantees a high success rate.

What other things should you know about using CRM for product development? Read on to know.

Guide To Use CRM For New Product Development

Customer-focussed innovation

As mentioned above, the innovation process should be customer-focused. Developers should build the product keeping in mind the user's requirements from data collected by the salespersons or during their use of the product.

To achieve the best results, you should have a structured decision-making framework and clearly defined steps during the entire process.

Coming up with new ideas

The best ideas are those which you can source externally. The best way to do that is by using CRM software, which lets you collect feedback through customer surveys or their experiences while using the product.

Sales managers can also help collect feedback by accessing activity records in CRM or noting down the suggestions provided by customers through emails, calls, and meetings.

For example, why does a user find a competitor's software attractive, what features and qualities are they looking for, and other related information? Once the sales team enters the collected data into the CRM system, the developers can access them anytime.

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The developers can also contact the customers directly to further elaborate on an idea. That will help them identify the feasibility of an idea and which ones they can incorporate during the development process.

Developers can also utilize customer relationship management to identify loyal customers and seek their feedback on the current customer requirements in the market.

Developing and testing demos

Once the market research and feedback collection process are complete, the next step is developing and testing the demos.

Demos play a vital role in the development process because they help the company know whether the customers find it appealing. It enables them to work on existing shortcomings and add any extra features if required.

Before the company launches the product, the marketing team can analyze if it is appropriate for a target audience and, if not, which audience they should target for the highest response rate. They could even send some advertisements to determine its appeal amongst the audience.

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CRM plays a valuable role in the entire process by helping with customer interaction, demo workflows, and acting as a platform for surveys.

Final stage: launching the product

Launching the product is the final step. Using CRM data analysis, salespersons can identify the buyers with the highest chances of buying the software and approach them accordingly.

The company could offer a free trial period to users most likely to buy the item, thus benefiting from brand awareness and winning the customers' loyalty. But how can CRM help with the launch stage?

Using customer relationship management software, the sales team can detect cross-selling opportunities (a marketing strategy in which a company provides additional products to potential customers. It could suggest popular products associated with the present one).

It could also provide them with selling tips, for example, helping the audience understand how their needs have been accommodated during the development process). It also allows salespersons to determine the existing problems within the product and take remedial action.

Post-launch related activities

The launch is the final stage, ending the new product development process. A team familiar with CRM consulting can collect data related to the new product.

The software can use custom metrics, tags, and other features to generate valuable data regarding the product's performance and development. The collected data could be helpful in plenty of ways. You can also check Profitable business ideas in Turkey.

It will help the sales team determine which customers showed active participation in the development stage, thus helping with customer loyalty. It helps identify technical issues faced by the service support team.

The custom metrics help determine the product's performance and key performance indicators (KPIs) like net profit margin, revenue growth, sales volume, and contribution margin).

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Customer Relationship Management Software is vital in the new product development process. From helping salespersons identify the targeted audience to assisting them with the feedback process, it's advantageous in plenty of ways.

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