How to unravel hidden product opportunities through Pioneer mindset ❓
An analyst mindset is a key to identify your user & their needs. It’s advisable to deep dive into product data to unravel hidden trends, insights, or outliers. These insights can be shared among the stakeholders to build a common understanding & set the correct backdrop for the problem statement.
Usually, quantitative data is captured by monitoring user behavior through clickstream data. You can also gather it through a survey as well.
The key lies in marrying the quantitative data with qualitative data to create a complete understanding of the problem at hand.
Through conversation with users, the real insights are generated though they might not seem statistically significant at first, they help to explain the rudimentary user motivations.
3 Steps to champion the analyst mindset 👇
1. Track & Measure Product Metrics 📊
Ideally, analytics instrumentation is part of the PRDs however it is often missed in practice. They are the source of your impact analysis post the feature or product goes live.
You need to identify your North Star metric which ensures to provide long-term value to the users & business. For instance, tracking no. of acquisition alone won’t be sufficient if those newly acquired users are not engaging with the product on regular basis and solving their use cases successfully.
It is a good practice to benchmark against the products which follow similar trajectories and have similar business objectives.
Breaking down the KPIs into underlying driving metrics will help to discover the correct lever which will provide you the opportunity for substantial improvement & maximum ROI.
2. Derive qualitative insights through conversations with users 👥
Attending CX calls, sales calls, meeting users on regular basis are proven methods to derive meaningful insights. Collaborating closely with the User experience team and joining their exercises to learn in detail about the user, their needs, pain points, their environment & their key goals with the product.
In addition to that, do ensure to conduct your own separate interviews which should try to address your goals.
Explore all channels of incoming user reviews, NPS, emails, social media and capture recurring themes & pertinent issues. These strategies will help you in providing a direction that can be further deep-dived to understand the root cause.
3. Pick up Product Analyst skills 🛠️
Not always, you will be provided with a team of Product Analysts who can help you with the analysis and reports as per your need.
It’s recommended that you should be able to slice and dice the raw data based on your needs and identify trends and outliers. Often it is the case that the presented data is insufficient to derive relevant insights.
Also, it completely eliminates the need to depend on others to provide you the data and thus helps you to iterate fast & thus reducing TAT.
In fact, having the ability to create your own dashboard and SQL queries also helps to always remain on top of your metrics and assist you in identifying the trends in a quick span of time.
The ability to do customer segmentation & cohort analysis can raise the bar and quality of your analysis other than just sticking to finding averages.
Thanks for reading! If you’ve got ideas to contribute to this conversation please comment. If you like what you read and want to see more, clap me some love! Follow here, or connect with me on LinkedIn
Do check out exclusive Product Management resources 👇
- The Ultimate List of 100+ Product Management tools 🛠https://rohitverma.gumroad.com/l/PM-tools
- The Ultimate List of Product Management Frameworks ⚙️
https://rohitverma.gumroad.com/l/PM-frameworks - The most exhaustive OKRs notion template 📔https://rohitverma.gumroad.com/l/OKR-Template
