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Improve your Demos with the help of Product Gaps
Ever had that awkward moment during a product demo when a customer asks about that one feature your product doesn't have? You know, the one feature that could make or break the deal, and your face goes plain? Yeah, we've all been there. Welcome to the minefield of product gaps.
Product gaps are those missing features, those product enhancement use cases, or that biting piece of customer feedback that we all dread. They're what your customer expects to be fixed, sorted, and resolved with your product.
Now, for a product demo to sail smoothly with all key stakeholders, it's paramount for sales and presales teams to be aware of their product gaps and get started with a gap analysis process. No ifs, ands, or buts about it.
So buckle up! We've got three foolproof approaches to the potential scenarios you might encounter due to product gaps. With these in your arsenal, you'll surely turn those product gaps into opportunities to navigate through your demo effortlessly.
Create Workarounds to Bridge the Gaps
Picture this: You're at a family reunion. Your Aunt Jenny wants to try a new recipe and says "I need an ingredient. Help?" “Sure”, you think, no problem. But wait, that ingredient isn't readily available at your local supermarket. What do you do? Do you tell her to forget about the recipe?
Absolutely not! You figure out a workaround. Maybe you find a substitute ingredient or you come up with a clever way to tweak the recipe. That's how we solve problems in the real world and it's not that different when it comes to handling product requirements during a demo.
Let's say we're dealing with a customer requirement and you realize you can't directly address their needs with your existing product line-up. But hold on! Before you abandon the demo, remember our Aunt Jenny and the missing ingredient?
We need to think of workarounds. We might not be able to provide a solution to their need directly, but maybe there's a way to use our existing products indirectly to solve the requirement. Think of it like using baking soda instead of yeast - it might not be a perfect match, but it can get the job done.
Now, where do product gaps come in? Well, tracking product gaps in this scenario is like having a grocery list when you're trying to find that elusive ingredient. It keeps you focused, helps you find what you need, and most importantly, prevents you from wandering aimlessly down the frozen foods aisle. By tracking product gaps, you know what you're up against and can devise clever workarounds that turn potential roadblocks into highways of opportunity.
So, when confronted with product gaps during a demo, remember to channel your inner problem solver. Polish the art of creating workarounds that bridge the gaps between customer requirements and your existing product offerings. Just like finding alternatives in the kitchen, these workarounds enable you to adapt, improvise, and turn challenges into triumphs. By doing so, you'll navigate the demo landscape with confidence and unlock doors to unexpected possibilities.
➋ Bridge Gaps with Upcoming Product Innovations
So, what happens when your trusty bag of workaround/current resources runs dry, and you're facing a product gap with no immediate solution? It's time to paint a picture of what's to come.
Imagine your customer's got a unique wish list that even the most ingenious workarounds can't quite hit the mark. Maybe your customer is a book lover, seeking a library app that not only provides a vast selection of books, but also translates them into multiple languages. However, your current app doesn't have that translation feature.
Don't despair! You've got a promising product update from your product team that the upcoming product release will bridge the gap. The twist?
It's still in progress, yet to be completed.
But wait! Don't hide that gem away; this feature is your ace in the hole. Share a sneak peek, a glimpse into the future. Working with your Product Manager and showcase its features, throw in some concept images, or maybe even a short demo video. Make it so compelling that your customer eagerly anticipates it!
☛ Easily create, share and track your product demos with Demoboost.
And here's where keeping track of product gaps pays off yet again. By aligning the client's current position with your future roadmap, you ensure no opportunity falls into the void of 'unsolvable'.'
It's like being a time-traveling salesperson, using the products of the future to solve the problems of today. It helps you transform the "Uh-oh, we don't have that" into "Oh, just you wait and see!"
Furthermore, the tracked gaps can serve as informative handover documents, which can be shared with post-sales teams. These documents will provide valuable reference points regarding the committed product roadmaps by undergoing gap analyses.
This way, even if the solution is not immediately accessible, customers will find reassurance in the prospect of future improvements. And who knows? They might even agree to go ahead with the purchase while your engineers fine-tune the translating feature.
Remember, a product gap today is an opportunity for tomorrow. Imagine a post-sales team that has deep visibility into these product gaps. They are aware of the areas where the product falls short and the specific pain points customers are experiencing.
Armed with this knowledge, the post-sales team can take proactive measures to address these performance gaps and clearing all the usage gaps. Keep those future releases in your back pocket, keep tracking those product gaps, and you'll be acing your way through product demos like a pro!"
➥ Learn more about Product Gaps here — Understanding Product Gaps to Unblock your Revenue
➌ Channelize Prospect behaviors to Internal Discussions
So, what happens when both our previous conditions collide? What if during your demo, your product is a couple of marbles short of a full bag?
Welcome to #Condition 3: the power of Internal Collaboration! Now, this is not your average team huddle. It's big league time!
So, when your client throws you a curveball, and you have no direct solution. You can't even pull the "coming soon on our product roadmap" card. What happens to your current performance? Do you panic? No!
What you do is take a deep breath and channel the prospect's behaviors, their wants, needs, and seemingly impossible requests straight into your internal discussions. You become the bridge between your client, your product team, and your development team, translating every 'if only' into a new challenge to take up.
Keeping track of those Product Gaps is like having the golden ticket in this situation. The more you understand the potential revenue impacts, the more you can guide your team's focus towards the most profitable solutions and even close any usage gaps.
So, when both scenarios come into play during a demo, remember this: You're not just a salesperson. You are a first responder for the overall busines. By tracking those product gaps and understanding their impact through a gap analysis process, you're turning every problem into an opportunity by discussing everything collectively. You tap into diverse perspectives, inviting a wealth of insights.
Just like a GPS guides you through unfamiliar roads, a helpful gap analysis tool, navigates you through the twists and turns of tracking and addressing product gaps."
☛ This is where PreSkale's Product Gap Tracker comes into play. PreSkale streamlines internal collaboration and communication, enabling teams to effectively address product gaps. By utilizing PreSkale, you foster a customer-centric approach in your demos.
➦ Gain Insight and Revenue with PreSkale's Product Gap Manager
At PreSkale, we understand the importance of tracking and managing product gaps to maximize revenue potential. That's why we introduce our revolutionary Product Gap Manager (PGM) - your ultimate tool to unblock revenue and stay in sync with the entire product team.
1. Precise Gap Identification: Our Product Gap Manager provides a comprehensive solution for tracking and managing product gaps. With its dedicated dashboard, you gain valuable insights into the severity of each feature gap and its impact on revenue. This empowers you to make informed decisions and prioritize your roadmap effectively.
2. Nurture Customer Feedback: The Usecase Manager within PGM acts as a treasure trove of customer feedback and comments. It enables your product team to delve into specific features, using valuable insights directly from your customers. This ensures that your roadmap aligns with their needs, enhancing customer satisfaction and revenue generation.
3. Streamlined Collaboration: Effective communication and collaboration are crucial for bridging gaps within your product. Our Collaborator feature facilitates seamless interaction among team members and cross-functional teams. This ensures everyone is on the same page, working together to close product gaps and unlock revenue opportunities.
Don't let product roadblocks hinder your revenue potential. Embrace PreSkale's Product Gap Manager and devise strategic gap analysis.
Types of Gap Analysis
Product gaps are just the beginning of the journey. You can unlock the power of gap analysis in your demos beyond product gaps. Explore a world of possibilities with different forms of gap analysis:
Profit Gap Analysis
Uncover the discrepancies between expected and actual profit margins, enabling you to optimize revenue generation and financial performance.
Dive deep into customer needs and identify gaps between their expectations and your current offerings, empowering you to develop tailored solutions that truly meet their requirements.
Market Gap Analysis
Explore the gaps between market demand and your product offerings, unveiling untapped opportunities for growth and market expansion.
Performance Gap Analysis
Assess the gaps between desired performance levels and the actual performance of your product or organization, allowing you to enhance efficiency, productivity, and overall effectiveness.
Compliance Gap Analysis
Navigate the complex world of regulations and standards, bridging the gaps between current compliance levels and the required benchmarks to ensure adherence and mitigate risks.
Business Gap Analysis
Analyze the gaps between your strategic objectives and the current state of your business, enabling you to align resources, processes, and capabilities to achieve organizational goals.
Skill Gap Analysis
Identify gaps in the skills and competencies of your workforce, empowering you to design targeted training programs and development initiatives to bridge those gaps and nurture talent.
Dynamic Gap Analysis
Continuously monitor and adapt to the ever-evolving external landscape, bridging gaps between changing market trends, technological advancements, and customer preferences.
Examine the gaps between estimated and actual timelines for project completion or product delivery, allowing you to optimize planning, resource allocation, and project management.
Embark on a journey through the types of gap analysis, where the internal and external factors come together to shape the success of your product. With each type of gap analysis as your compass, you will venture deep into the inner workings of your organization while navigating the ever-shifting tides of the external landscape.
Unlock insights, bridge the divides, and unleash your product's full potential. By embracing the multifaceted dimensions of gap analysis, you'll gain a comprehensive understanding of your strengths, weaknesses, and the untapped opportunities that await.
By unblocking these challenges, we can create stronger, more customer-centric solutions and teams. So, let's embrace the gaps and unlock the full potential of our product demos.
And there we have it! A journey through the wild rollercoaster that is product demos, with all the thrills, spills, twists, and turns to fulfill your smart goals. We've learned the power of workaround, rightly using roadmaps to imbibe confidence, and methods to improve internal collaboration, powered by the clarity from tracking product gap analysis.
During product demos, you're not just the presenter. You're the representative for the company to the customer, a representative for the customer within the company, a creative problem-solver, a future-seer, and a team liaison, all rolled into one!
And as for the Product Gaps? They're not just obstacles on the track but opportunities to reach greater deal velocity and strategic objectives to bridge the gap between customer expectations and the product's capabilities.
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