Question
For instance, prioritizing on features to build/improve next.
I have read support for both sides and can see issues in both. If you give customers what they want it could detract from the core focus of your product. I believe this is called "feature bloat." If you give them what they need they'll realize how valuable your product is to them, but there's also the chance of making a wrong assumption. How do I find out what they need and keep them happy? And is it an uphill battle to convince them that what they really need is more important than what they want?
Answer
I would suggest market research to ensure you have the most accurate data.
When we launch an update to our existing products or even a new line at Vital Consulting, I always make it a point to sell the experience and influence the customer of what they want.
Help them discover for themselves what their needs are and turn them into wants.