3 Keys To A Data-Driven Product Strategy

PIN data driven product strategy rafael ferraz

I believe that product management is a combination of intuition and science. Product decisions must balance inputs from feedback and information provided by customers, data, and insights from product and engineering teams.

The product teams need focusing on adjusting their development priorities to enhance the customer experience, improve customer satisfaction, increase analytics adoption rates, and the most important – solve the customer pain.

To resolve these tasks, you should create a data-driven strategy, and my goal today is to share with you three following techniques:

1 – Identify Customer Needs – become Customer Obsessed:

Gathering data about your customers or end-users and their workflows – actually speaking to them, helps you to uncover what they need, what their pain points are, and how you can improve your product to address those needs and pain points. The key to a data-driven strategy is to use data to identify your customers’ problems and needs precisely.

You should Integrate and analyzing a combination of data sets. This is the only way to gain insights into your customer’s behavior and form a 360-degree view of your customer as an individual.

2 – Infuse Insights into your Product Development Process:

Use data and insights to not only understand your customers and how you will evolve your product and their experience, but also infuse your product with insights that provide value to your customers. Using big data, for example, can infuse insights from data into your product development process. Let me explain:

Using data to fuel real-time and machine learning efforts can get you a personal customer vision: Your edge will come from self-sustaining cycles of real-time, two-way, insights-driven interactions that are actionable and delivered precisely where your users need to them.

For example, the new features on Uber are not formed because a customer requested it, but because the team using data realize that they can provide a new feature to solve a problem that we didn’t even realize we had.

3 – Prepare your Team:

Using data to create a product strategy obviously begins with handling the data, but for this to be effective, your team have to be cross-departmental and cross-disciplinary

Your team needs to have individuals who are willing to go beyond their areas of knowledge. Data scientists have to be willing to learn about marketing; salespeople have to be willing to learn about IT, and your engineers have to learn about product fundamentals.

A good approach, for example, is assembling your data scientists team with individuals who come from different specialty areas or placing some executive to oversee data and analytics. You should make collaboration between these people a priority, having frequent informal meetings where everyone shares ideas and information.

Also, this is an effective way for everyone to start thinking about the needs of the customer to understand their needs better.

I hope you enjoyed this article and feel free to share and ask me anything.

Remember, the faster you implement those items, the faster you’ll be on your way to growing your business.

Also published on Medium.

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