Did you know that 70% of buyers say a terrible website experience has stopped them from buying from a company before? This means mapping and optimizing your product portfolio is more necessary than ever.
But you are probably thinking: “Well, what’s product mapping?
Product mapping is a means to organize the product into a hierarchy the customer can easily understand. It helps in determining the business goals and objectives of a company. It helps identify the products or services required to achieve those goals.
A well-defined product map helps you understand your customers’ needs, expectations, and problems. It also helps in developing solutions for their requirements. It is one of the critical elements of product strategy and plays an essential role in defining your business model.
A product map is a strategic plan for your business growth, which will help you to align your efforts towards achieving your goals.
Here are seven reasons why product mapping is a must for boosting your business’s lead. However, before that, let’s find out why it is necessary for your business.
Why Is Product Mapping Necessary to Your Business?
When you run your own business, getting lost in the day-to-day grind can be easy. You might be so focused on the next order or product launch that you need more time to take a step back and look at the bigger picture of your business.
Product mapping is a simple way to do this. It helps you see where your products fit into the marketplace and how they relate to each other. Product mapping also helps you understand how your products are related and can help you decide which ones should be paired or marketed.
There are many reasons why product mapping can help improve your business:
- Product mapping helps you understand your customer base
- Product mapping helps you identify new opportunities
- Product mapping helps you prioritise features and functionality
- Product mapping helps you prioritise marketing campaigns and campaigns
- Product mapping helps you prioritise sales channels
Now you know how product mapping is necessary to your business. Let’s look at some of the benefits your business can have from product mapping.
7 Ways Your Business Benefits from Product Mapping
Product mapping is not a new concept. It has been around for years and has proven to be a valuable tool for businesses of all sizes.
1. Helps You Get Organized
Product mapping is a way to get organized. It helps you see how all the products and services you offer fit together and how they relate.
This makes it easier for you to decide what is best for your customers and how to position your business in the market.
Product mapping also helps with marketing because it gives an overview of which products are selling well and why. You can focus on these products in future marketing campaigns or even reposition them if necessary.
2. Communicates the Value of your Product
Product managers need to tell stories about their products, but those stories often become confusing or complicated if too much information is thrown around at once.
A product map can help organize all the information so stakeholders can easily digest it and see how each piece fits into the bigger picture.
People do not buy products; they buy solutions to problems. The reason why you are selling something is that you believe it solves a problem for someone else.
Also, product mapping helps you clearly articulate this value proposition so customers can understand how their lives will improve by using your product or services.
This helps them make more informed buying decisions based on actual needs rather than impulse purchases based on looks alone.
3. Identified Opportunities
Product mapping helps you identify opportunities for new products and services. When you create a product map, you are creating a visual representation of what’s currently on the market and how it compares to similar offerings.
This helps you determine if there is an opportunity for something new in that space. If there is, it is easy to see how you could create something better or different from competitors’ already offering.
4. Better Budgeting
Once you know what your competitors offer, you will have a better idea of how much they spend on research and development so that you can plan out your budget accordingly.
Product mapping also lets you see where money is going. You can quickly determine which products are costing more than they should or are not selling as well as expected. This information will help you create a better budget for the future and ensure that your business is profitable.
5. Improve Inventory Management
Now that we have our hotel information stored in a Pandas data frame, we can plot the ratings of different hotels against each other to understand better how they differ. It can give us good insight into which hotels are better than others and help us make informed decisions when booking hotels.
Product mapping helps you manage your inventory more effectively. By mapping out all the products you sell, you can see where your stock levels are and how much of each product you need to keep on hand at any given time.
This will allow you to know when to order more products and when it is safe to take some off the shelf and put it back into storage.
Moreover, by mapping all your products in your inventory, you can compare those products with the competitors. Then replace them with the product that is in favour of your competitors.
6. Identify Trends In Your Product
Product mapping gives you an overview of all your products, so it is easy to see which ones sell better than others and what people buy together or separately. This can help you identify product trends or new opportunities for cross-selling or upselling.
For example, suppose customers are buying a specific phone case along with their phone purchase. This indicates they are also interested in other accessories like screen protectors or extra chargers.
Another example is when customers come to buy the t-shirt or shirt along with the trousers, the chances are high that they might look for jeans or other clothes matching their shirts.
7. Helps You Plan Marketing Campaign
Product mapping helps you develop a marketing plan based on your customers’ needs. It gives an overview of where each product fits into the customers’ lives and how it can help them solve problems or achieve goals.
This knowledge will help inform the type of messaging you use for each product and the types of ads and promotions you use to promote them. Also, by using product mapping, you can understand the tone of your customer and plan a marketing campaign to connect with your customers.
The result is that you will be able to reach more potential customers with less effort. It can be challenging to say the product mapping the app.
Contact X-Byte if you are impressed with the above benefits and want to take your business to the next level using product mapping. We have a set up of a hybrid process of automation and manual data mapping and extraction to get the enhanced pricing/ listing.
Product mapping is discovering your customers’ needs and then creating the right products to fulfil those needs.
It is not just about creating a product and selling it. You need to understand what people want, why they want it, and how they want it.
It helps build an effective marketing strategy, generating more leads and sales for your business.
So, if you are wondering, “Why am I not getting enough leads?” or “Why am I not getting enough sales?” this article will help you out.