What are the most effective ways to identify gaps in your product offerings for different industries?

As a sales engineer, you need to understand the specific needs and challenges of different industries and how your product can solve them. But how do you identify the gaps in your product offerings that might prevent you from closing a deal or satisfying a customer? Here are some effective ways to conduct sales analysis for different industries and find out what your product is missing or could improve.

1 Research industry trends and standards

One of the first steps to identify gaps in your product offerings is to research the current trends and standards in the industry you are targeting. You can use sources such as industry reports, trade publications, online forums, and social media to learn about the latest developments, best practices, and customer expectations in your niche. You can also analyze your competitors' products and see how they address the industry-specific pain points and requirements.

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2 Interview existing and potential customers

Another way to identify gaps in your product offerings is to interview your existing and potential customers in different industries. You can use surveys, feedback forms, phone calls, or online meetings to ask them about their goals, challenges, needs, and preferences. You can also ask them how they use your product, what they like and dislike about it, and what features or improvements they would like to see. This will help you understand their perspective and identify the areas where your product falls short or could add more value.

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Curtis Barber

Solutions Engineer with a Heart of Gold💛 and a Stomach full of Ramen 🍜
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Understanding commonly introduced product gaps from the sales cycle is key in understanding how to tailor your product for a specific industry without undue costs. This also enables the buyer and the existing customer to feel like they have "a seat at the table" when it comes to product growth, related to their use cases

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Kara McMaster

Helping B2B Founders Build $1M+ Growth Engines with Predictable Sales Pipelines in Just 90 Minutes a Day 🚀
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Engaging directly with customers offers unparalleled insights into product gaps. Through conversations, we can delve deep into their challenges and preferences, crafting solutions that truly resonate. This approach not only identifies product improvements but also strengthens customer relationships, demonstrating a commitment to their success. It's a strategic move that aligns product development with real-world needs, ensuring our offerings remain competitive and relevant.

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3 Test your product in different scenarios

A third way to identify gaps in your product offerings is to test your product in different scenarios that reflect the industry-specific use cases and conditions. You can use tools such as prototyping, simulation, or sandboxing to create realistic environments and situations where your product would be used by your customers. You can also involve your customers or prospects in the testing process and observe how they interact with your product, what problems they encounter, and what feedback they provide. This will help you evaluate your product's performance, usability, and reliability in different contexts and identify the gaps that need to be fixed or enhanced.

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JP Gound

Director of Sales Ops @ Fractal | SaaS | Pioneering FinTech Solutions
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Strategically assessing product offerings in diverse industries is vital. Tools like prototyping, simulation, or sandboxing enable realistic scenarios reflecting industry use cases. These simulations gauge performance, usability, and reliability. Direct customer involvement uncovers issues and yields valuable feedback, guiding gap identification. This customer-centric method provides actionable insights for refining and enhancing the product. By amalgamating these testing approaches, we comprehensively evaluate adaptability and effectiveness across diverse industry landscapes.

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4 Collaborate with other teams and experts

A fourth way to identify gaps in your product offerings is to collaborate with other teams and experts who have relevant knowledge and experience in different industries. You can consult with your product development, marketing, customer support, or sales teams and get their insights and suggestions on how to improve your product for different industries. You can also reach out to industry experts, consultants, or influencers and ask them for their opinions and advice on how to make your product more appealing and competitive in your niche.

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5 Track and measure your results

A fifth way to identify gaps in your product offerings is to track and measure your results and see how your product performs in different industries. You can use metrics such as sales volume, conversion rate, customer satisfaction, retention rate, churn rate, or revenue to assess how your product meets the needs and expectations of your customers in different sectors. You can also use tools such as analytics, dashboards, or reports to visualize and compare your data and identify the trends, patterns, and anomalies that indicate the strengths and weaknesses of your product in different markets.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the most effective ways to identify gaps in your product offerings for different industries?

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2

3

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5

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1 Research industry trends and standards

2 Interview existing and potential customers

3 Test your product in different scenarios

4 Collaborate with other teams and experts

5 Track and measure your results

6 Here’s what else to consider

Sales Engineering

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What are the most effective ways to identify gaps in your product offerings for different industries?

1

2

3

4

5

6

1 Research industry trends and standards

2 Interview existing and potential customers

3 Test your product in different scenarios

4 Collaborate with other teams and experts

5 Track and measure your results

6 Here’s what else to consider

Sales Engineering

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