How do you plan to iterate/ improve your product based on feedback you recieved from users?

First, see if it makes sense. If it's too far from the current strategy and 'vision' then it doesn't make sense to change completely the product you building. That's why it's so essential to get feedback from the right people, you may fall into the trap of 'One tool for all'.

I agree, it quite often what you think makes sense. Users don’t actually understand

We're looking at: 1. How well does the feedback supports the original value proposition? 2. How technically feasible is the feedback? 3. How long will it take to implement the change? 4. What is the demand for the change? If all those questions are reasonably answered, we'll implement them, otherwise they're going into a backlog of nice to haves.

To iterate and improve our product based on user feedback, we prioritize understanding the user's perspective, integrate their insights into our roadmap, conduct frequent usability tests and data analysis, and then systematically implement improvements in subsequent versions, ensuring transparent communication with users throughout the process.