How to know what to build next as a Product Manager
Do you ever feel like you’re not sure what to build next for your product? You’re not alone. Figuring out which features to prioritize can be a difficult task, especially when your data is telling you different things. In this blog post, we’ll explore how to use qualitative and quantitative data to optimize your product roadmap. We’ll also share some tips on how to make sure that your data-driven decision-making is effective. So, if you’re looking for guidance on what to build next, read on!
What is more important- qualitative or quantitative data?
Every day, product teams face a wealth of information about how customers are using and perceiving their products. With the growing availability of low-cost switching solutions, customers expect products to remain intuitive and effective over time, and they often voice these requirements through various sources along the product journey.
To effectively address this influx of feedback and ensure that it does not hinder innovation, product teams must utilize a combination of qualitative and quantitative data. By correlating this data and making it accessible throughout the product development process, teams can effectively meet the needs of their customers and stay ahead of the curve.
Qualitative product data refers to information that can be used to understand how your customers understand and use your product. This type of data can be used to assess the usability of a product, as well as its durability and overall performance. Qualitative data can be collected through customer surveys, focus groups, and user testing.
This type of data is often used by companies to improve the design and function of their products. It can also be used to compare products against each other, as well as to track customer satisfaction over time. By understanding qualitative product data, companies can make informed decisions about how to improve their products and better meet the needs of their customers.
Meanwhile, quantitative data is information that can be expressed in numerical form. This type of data is often used to measure things like user retention, customer journeys and other behavior.
When it comes to digital products, quantitative data can be used to track how often the product is used, how many people are using it, and what kinds of problems they are having with it. This information can then be used to improve the product and make it more user-friendly. Therefore, it can be a helpful tool for understanding how the product is being used and what needs to be changed.
It is important to keep in mind that it’s often the case that qualitative data is not as accurate as quantitative data when it comes to understanding customer needs.
This is because customer feedback via surveys or interviews may not match their actual behavior. In order to get a better understanding of what customers want or need, it is useful to track their behavior and use machine learning algorithms to detect patterns.
This information can then be used to predict what customers will do next, and this is often more accurate than qualitative data. Tools like Stormly can be used to track customer behavior and use machine learning algorithms to detect patterns and predict what customers will do next.
This is often much more important than user surveys and other forms of gathering qualitative data.
On the other hand, qualitative data can provide insights that are more difficult to glean from numbers alone. For example, user interviews can give you a better sense of how your users think about your product and what they expect from it.
This type of data can be especially helpful in generating new ideas for features or usability improvements. Additionally, qualitative data can help you to better understand why users are struggling with certain aspects of your product.
By considering both quantitative and qualitative data, you can get a complete picture of your users’ needs and expectations and use this information to create a more user-friendly product.
Furthermore, while your customers are undoubtedly a crucial source of information when it comes to product development, there are other potential sources of valuable insight as well.
These may include initial sales calls with prospects, internal evaluations of new features within your organization, design research and quality assurance procedures. In order to get the most out of all this valuable data and ensure that you build the right products for your customers’ needs, it is critical to approach product development with an open mind and willingness to consider input from a variety of different sources. After all, finding what works best often requires looking beyond the surface level.
Are innovative features always successful?
In today’s competitive landscape, innovation is essential for staying ahead of the competition. However, research has shown that on average, 80% of the features, including the innovative ones, in a software product go largely or completely unused.
To compound this issue, companies in the cloud software industry have invested billions of dollars in developing these neglected features.
The reason for this tendency towards what may seem like more “popular” features is often rooted in majority rule mentality. When customers use an upvote system to indicate interest in additional features, it can be tempting to perceive this as a clear signal of what should be prioritized next. However, when viewed in isolation, this measure does not always reflect the true value or impact of these changes.
In today’s business landscape, it is not enough to simply have innovative features. To truly thrive, companies must focus on creating features that are useful for their users. This is because users are becoming increasingly savvy and will quickly adopt features that meet their needs.
On the other hand, features that are superfluous or difficult to use will be ignored. For example, a social media platform may have the most innovative features in the world, but if users do not find them useful, they will quickly move on to a competitor, whose product is straightforward and easy to use, but not innovative at all.
In order to stay ahead of the competition and remain competitive in today’s dynamic market, companies must look beyond simple metrics and focus on truly innovative ideas that are useful for their users. Only by doing so can businesses ensure continued growth and success.
Is all user feedback equally valuable?
Determining which improvements will have the greatest impact on your users is a crucial step in building a successful product. This requires taking a nuanced approach to analyzing data, rather than simply considering all user data as equally valuable.
In order to make data-driven decisions that align with your company’s strategic goals, there are several factors you should consider when analyzing user data. For example, you may want to consider the account type of individual users, or focus on specific demographic or vertical groups.
Additionally, it can be helpful to adopt a theme for your analysis and use this as a lens through which to view all data and user feedback and prioritize accordingly. Whether your priority is improving retention for at-risk customers, increasing engagement among new users, or maximizing ROI from existing accounts, leveraging product data and feedback effectively requires that you carefully consider all aspects of user behavior to ensure that your roadmap reflects the needs and priorities of your users.
How to make sure we deliver an excellent customer experience?
For many companies today, there is a strong focus on efficiency and maximizing the return on investment. In this competitive landscape, it can be difficult to stand out from the crowd and gain an edge in the market. In order to do so, businesses must pay careful attention to their customers and the overall customer experience throughout the product journey.
In order to effectively deliver a high-quality customer experience, businesses must first identify what their users care most about and prioritize their product development accordingly. This means moving away from focusing solely on pushing out new features and improvements in whatever order seems most convenient, and instead focusing on listening to customer feedback and addressing their needs. This can be achieved through effective communication with customers, whether through regular updates or interactive surveys that gather valuable insights into user behavior and preferences.
Ultimately, creating an excellent customer experience involves going beyond delivering effective products; it also requires ensuring that users feel heard, valued, and engaged throughout the entire process. By prioritizing customer success above all else, companies can help drive growth and ensure long-term success in today’s highly competitive markets.
Why should you create a roadmap?
One key factor in delivering a positive customer experience is having a clear and customized product roadmap that allows users to follow the ongoing development of the product. This not only shows customers that their feedback is being taken into account, but it can also help to alleviate any concerns or uncertainties about potential product shortcomings. Furthermore, as businesses grow and become more sophisticated in their understanding of their target customer base, it becomes increasingly important for them to be able to create nuanced roadmaps that are tailored to different accounts and roles.
For example, a sales team might leverage a prospect-facing roadmap that is less detailed than the master customer roadmap, but which still gives them the tools they need to overcome certain objections from potential customers. By integrating feedback and making updates based on user needs and preferences, companies can ensure that they are consistently delivering outstanding experiences to their customers.
Determining how to deliver the best possible product experience can be a challenge, as it involves a complex set of factors that must be carefully considered. While keeping the three key questions in mind—namely, how do you know what to build next, whether your teams are focusing on the right things, and whether your customers are getting the experience they deserve—is an important first step, answering these questions requires a more comprehensive approach.
This includes collecting, processing, and analyzing data related to product usage in alignment with your overall company strategy and business goals.
In order to meaningfully address these questions and arrive at the best possible product experience for your customers, it is absolutely essential that you have a robust combination of most accurate quantitative data and user feedback at your disposal.
Without this essential combination of data, you run the risk of wasting valuable resources and losing customers due to subpar products or services.
As a product manager, it is your job to bring the right products to market and ensure that they are successful. But how do you know what to build next? The answer lies in data. Use the best level analytics tool, Stormly, to get quantitative data about what your users want and need. With this information, you can make informed decisions about what to build next and be confident that you are meeting the needs of your customers. Try Stormly today to start making data-driven decisions about your product roadmap.