No matter how big or small a project you are managing, you will find you end up with a lot of data that needs to be understood. It is important to know what this data is, where it comes from, and how it is managed. Without a firm grasp on data you have, you will struggle. It is easy to get lost in the data and be able to quote numbers without being able to explain what those numbers mean. How do those numbers compare to others with similar products? What are the trends in the numbers? How are the numbers helping you make more sales? Looking at this data step by step means that you will be much more successful. Understanding your data means you will know if it is time to invest in a new market or segment, “buy or build” your product’s net new capability, or move forward with your latest product launch.
Sources Of Data
There is a wide range of sources of data you should take advantage of when thinking about the next steps for your product. When doing product management we should consider data from market research, CMI (Competitor Market Intelligence), internal feedback, digital analytics, and customers’ feedback to make data-driven decisions and create value-added information. The more data you have and the more effectively you are able to use that data, the greater your likelihood of having success.
Data Management
Once you have all this raw data you need to have to know how to analyze it and see what big pictures form. Just having data can lead you in the wrong direction unless you understand what you are seeing. This is why it is important to master data management tools that are able to do this analysis for you. For example, having a lot of views does not mean much if you can not convert those page views into sales. On the other hand, if you have a wonderful customer comment about your product you want to make sure you are sharing that comment with others because people love reading feedback before making a purchase.
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Using Analytics To Make Business Decisions
Data analytics allows you to use the data to make crucial operational decisions. Using data analytics to identify problem areas and opportunities allows your company to make decisions that will refine your inventory management. What are some of these product strategies that you may take advantage of? The first step is to fully understand the market, and a good place to start is meeting with customers and potential customers to find out what drives them. The second step is to collaborate with company leaders including sales and marketing leaders to assure your products get the attention it needs to be successful, and with executives to assure your product strategy aligns with your company’s plans. The third step is to consider investment decisions: Product development is typically a major expense for a company. It is up to you to show the value your products will bring and why investment is required.
Project management has become more complex as more sources of data are available to all businesses at a touch of a finger. More and more of us are finding ourselves as project managers than ever before. We can now guess what customers are thinking by their interactions with our site, we can track where they are in the sales funnel in real-time, and we can set up interventions such as if they have looked at our product multiple times they can get an automatic email that contains a coupon.
Data is used in many different ways in product management. The key to being successful is being able to take the data you have from numerous sources and be able to put that data into the wider picture you have of your product. Data by itself is not useful, like letters by themselves are not useful unless you put them into words, and sentences, and paragraphs. Invest in good data analysis and you will be able to successfully connect the data you have to positive business outcomes such as more sales. Understanding data is one of the easiest ways to know what the next steps for your product should be.
