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HURRY: Wednesday is your last chance to save $100 on your INDUSTRY ticket!
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Using Data as a Product Manager
If you had your choice between a little data or a lot of data on which to guide decisions, which would you pick? That may be a more challenging choice than you think. Too much data may hinder decision-making and increase the chance of conflicting data points. This week's resources explore data-informed decision-making that lets you use data alongside intuition and experience.
Meanwhile in product news, blue screen sadness, AI in spreadsheets, an addictive mouse, and assemble your next ensemble with the Notes app.
How to use data to make better product decisions. Making decisions about product development can be difficult, but using data can make it easier. By looking at what your users are doing and how they are using your product, you can better understand what needs to change or stay the same. Data can help you determine what features to focus on, what areas need improvement, and when to call it quits on a project. Aleks Sztemberg with Stormly explains how you can use data to make better product decisions.
Creating a data-driven product management strategy. Creating a successful product requires understanding what customers want and predicting their future needs. You can use the power of data analytics to inform your decision-making and develop customer-centric products that meet your needs. That’s why a data-driven product management strategy is essential to create successful products that gain traction in the market and stand out from the competition. Santiago Pampillo provides insights into creating a data-driven product management strategy, including specific examples.
How product managers use data: A comprehensive guide. Data has become a valuable asset in driving business decisions. Product managers, in particular, rely heavily on data to shape their strategies, improve their products, and drive growth. Jake Brereton explores how product managers use data effectively to make informed decisions and lead successful product development.
Deep-Dive: Data-informed decision making. As a product manager, you're no stranger to tough decisions. Should you prioritize that new feature your biggest customer is clamoring for or focus on improving the onboarding experience to boost activation rates? Is it time to overhaul your pricing strategy or double down on customer retention initiatives? The answer is simple in today's data-rich world: follow the data. After all, isn't that what being "data-driven" is all about? But here's a thought that might give you pause: what if relying too heavily on data could lead you astray? Mike Belsito explores the world of data-informed decision–making, a nuanced approach that's revolutionizing how savvy product managers navigate the complex landscape of product development and strategy.
How to use qualitative data to be data-driven. When we're talking about being "data-driven", our minds often go to quantitative data. But qualitative data is data, too. In this video, Product Collective Co-Founder, Mike Belsito, talks about how useful qualitative data can be for product people. He talks about what to do to get actionable insights – and maybe even more importantly, what not to do.
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If you like what you're reading, go to ProductCollective.com and subscribe. That way, you can get this newsletter in your inbox every Friday before everyone else.
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This week on Rocketship.fm:
The Great CrowdStrike Crash of 2024: Lessons from a Digital Disaster
In this episode of Rocketship, we dive deep into one of the most monumental tech failures in recent history - the CrowdStrike glitch that brought the world to a standstill. From grounded flights to disrupted emergency services, we explore how a single software update caused chaos on a global scale, affecting millions of people and businesses worldwide. Join host Mike Belsito as he breaks down the incident, featuring recordings from industry experts and CrowdStrike's own CEO. We'll examine the far-reaching consequences of this digital disaster, discuss the critical importance of robust quality assurance in tech, and extract valuable lessons for product managers and tech leaders. Don't miss this eye-opening exploration of what happens when our reliance on technology meets an unexpected glitch.
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Unlock AI Secrets to Supercharge Your Product Management Skills at INDUSTRY: The Product Conference!
AI is the hottest topic in tech right now. To say it will be impactful is an understatement, considering how transformative this era-defining marvel is destined to be. So, what are we going to do about it?
An excellent first step is to assess how we can leverage this technology today. We are doing that at this year's INDUSTRY: The Product Conference, which will be held September 23-25 in Cleveland, Ohio.
There, you'll be treated to several sessions delving deep into the topic:
- 4hr Workshop: Mastering the use of Generative AI
- Keynote: Product in the Age of AI
- Keynote: Selling AI Transformation
- Keynote: A.I. & the Future of Product Management
- 1 hr Working Session: AI for Product Managers
And Group Roundtable Discussions to discuss the findings with your peers.
You are running out of time to save on your INDUSTRY ticket! Earlybird pricing ends on August 1st -- so register before then and save $100.
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Data-Driven vs Data Informed
Is it just me, or do we often hear the terms “Data-Driven” and “Data-Informed” tossed around almost as if they mean the same thing? But do they really?
Look, we all know data is crucial in product management. But for me, there's a subtle yet important distinction between being data-driven and data-informed.
Data-driven: You're basically letting the numbers call all the shots. Every decision, every feature, every pivot is based on what the data tells you. Sounds great, right? Well, not so fast.
Data-informed: This is where you're using data as a tool in your decision-making toolkit, but not the only tool. You're considering the numbers alongside other factors like user feedback, market trends, and good ol' intuition.
Now, here's the thing: being purely data-driven can lead you down a rabbit hole. You might optimize for short-term metrics while missing the bigger picture. Remember, not everything that matters can be measured, and not everything that can be measured matters.
On the flip side, being data-informed allows you to leverage the power of data while still leaving room for creativity, vision, and those gut feelings that often lead to breakthrough innovations. It's about finding that sweet spot between quantitative insights and qualitative understanding.
Think about it: would Steve Jobs have created the iPhone if he was purely data-driven? Probably not. There was no data suggesting people wanted a phone without buttons. But he combined market insights with his vision and, well, you know the rest.
As Product Managers, our job is to build products that solve real problems and delight users. Data is an incredible asset in this journey, but it shouldn't be the only voice in the room. Use it to inform your decisions, challenge your assumptions, and validate your hypotheses. The best products often come from a blend of art and science. So, be data-informed, not data-driven. Your users (and your sanity) will thank you.
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Blue screens and missed flights. This particular story may not be new news. The cybersecurity firm CrowdStrike dispatched a routine software update to Microsoft Windows customers. Oops: It contained a business-halting defect. Multiple people were impacted, from people trying to get home to people trying to get to a conference. There were also impacts to the people who were trying to help those other folks. A lesson product people can learn from this is that while discovery is extremely important, ensuring effective delivery is equally important.
Feeding AI with unstructured data in a structure. Microsoft researchers have unveiled “SpreadsheetLLM,” a new AI model designed to understand and work with spreadsheets, in a significant development for enterprise AI. SpreadsheetLLM combines the power of large language models (LLMs) with the structured data found in spreadsheets. “SpreadsheetLLM is an approach for encoding spreadsheet contents into a format that can be used with large language models (LLMs) and allows these models to reason over spreadsheet contents,” the researchers note, highlighting the critical need for improved AI tools in this area.
Hooked on the mouse? Disney spent years trying to attract new subscribers to its Disney+, Hulu, and ESPN+ streaming services. Now, it is trying to ensure those customers spend more time glued to the screen. The entertainment giant is developing a host of new features to lengthen the time subscribers spend viewing its shows and movies. The goal is to mitigate customer defections and generate more revenue from advertising sales.
Notes app is now a fashionista. Fashion fanatics have been searching for ways to log, organize, and style outfits from their wardrobes. Now, an unexpected tool has emerged as part of the research phase of the consumer journey: iPhone’s humble Notes app. It started when Apple released the iOS 17 iPhone update last September. The update allowed iPhone users to create digital stickers from any saved photo image to send through iMessage. Soon, fashion fans began to utilise the sticker function by copying and pasting outfit selfies and logging them to their Notes app, pre-planning outfits based on season or vacation.
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The ONLY 3 Questions You EVER Need: Decision-Making Made Simple
Wednesday, August 21st @ 01:00 PM EST
We are all plagued by decision fatigue from analysis paralysis, second-guessing, and buyer’s remorse, but there is a better way. Everyone can improve their decision-making speed and confidence by being more outcome-oriented, and I want to make that simple for everyone. By always asking 'Where to?', all choices are framed with the destination in mind.
Leveraging this mindset and two other vital questions, the most valuable and impactful options are chosen more often, and over time, we get closer and closer to our desired outcomes.
From this talk, your team will walk about with an easy-to-implement framework they can deploy anywhere and for any decision.
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