Data-Driven Product Management
Every product manager talks about data-driven product management but what is the real explanation of it?
Product decisions are used to be based on product managers/owners and C-Level executives’ desires and instincts. What is the main driver of these instincts; customer feedbacks, competitive market intelligence or digital analytics results? The answer should be all of them. In this article, I will try to explain crucial data sources and which metrics should be considered in these data sources to make right product decisions.
Successful products belong to customers more than product managers. But it doesn’t mean product managers should only rely on customers’ needs and demands. Sometimes even customers don’t know what they want and need. Product managers must validate their customer feedbacks with different data sources.
As stated in the chart, Product Management should consider the data from Market Research, CMI (Competitor Market Intelligence), Internal Feedbacks, Digital Analytics and Customers’ Feedbacks to make data-driven decisions and create a value-added information. Sounds easy but assessing the value of the information and tying them to product roadmap needs an effort. Let’s deep dive into them one by one, and I will try to explain how I am using this model in my product management efforts.