Make good products great with data and analytics
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Using data and analytics to supercharge your products is important for all product managers. There are tons of ways to utilize analytics as a product manager whether it is: incorporating analytics into your product to provide more customer value; incorporating into business case or financial reporting to provide more value; utilizing to better understand the voice of the customer; or more effectively pricing your product to name a few. These slides are geared at people making products and how they can utilize data and analytics to make good products great.
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Make good products great with data and analytics
- 1. MAKE GOOD PRODUCTS GREAT WITH DATAAND ANALYTICS Dave Mathias @DaveMathias WorkLearnPlay.com mathias612@gmail.com
- 2. About me • Currently: • Manage a product management and analytics team in information security dept. of a large bank • President of Minnesota PDMA Chapter • Twin Cities ProductCamp conference co-organizer • MinneAnalytics conference co-organizer
- 3. What is analytics? Analytics is the method of logical analysis. Merriam-Webster (Feb. 22, 2015). Retrieved from www.merriam-webster.com/dictionary/analytics. Analytics is the discovery and communication of meaningful patterns in data. Wikipedia (Feb. 22, 2015). Retrieved from en.wikipedia.org/wiki/Analytics.
- 4. What not to do Source: Youtube https://www.youtube.com/watch?v=xAfA3D8VSnk
- 5. Common questions • Where to start? • Where do I get the data? • What analytics tools to use? • What is a data scientist? • Does a product manager need to be a data scientist? • Do you need a data scientist?
- 6. Real world example • Existing data-as-a-service product • Data pristine and available in half of nation • Rest of nation data was mediocre at best • Solution: • Obtain multiple sets of best of the mediocre data for other regions • Use analytics to rate data • Provide a simple scale to customers on value of data • Provide only national product in space
- 7. Where to start? • What are you looking to do? • Increase product value • Improve marketing effectiveness • New product ideation • New product evaluation • Pricing analytics • Track and increase product usage Discussion today focused on making your product better
- 8. Where do I get data? • Data Options: • Collect datasets yourself • Obtain open source datasets • Buy proprietary datasets • Initial: Other’s data AND use proprietary data • Mature: Your proprietary data emphasis Anyone with hidden data gems?
- 9. What analytics tools to use? • Analytics tools are just that tools • Initially: Buy tools and algorithms • Mature: Buy tools AND build algorithms
- 10. Data science • What is a data scientist? • One part hacker, one part math geek, one part business subject expert • Do you need to be a data scientist? • No, but know enough to be dangerous • Do you need to have a data scientists on the team? • Truly using analytics to differentiate your products then big yes
- 11. Real world problems discussion • What real problems do you have that data and analytics can help?
- 12. Key takeaways • Identify problem you are solving • Identify how analytics can solve the problem • Identify data needed to solve problem • Determine if you can get the data • Pick the right tool from the analytics toolbox • Learn enough to be dangerous • Get data scientist • Don’t boil the ocean • Start now
- 13. Stay in contact • Email: mathias612@gmail.com • Twitter: @DaveMathias • LinkedIn: www.linkedin.com/in/davemathias1 • Blog: WorkLearnPlay.com • Podcast: Product Focused Podcast (coming in July)
Editor's Notes
- Using data and analytics to supercharge your products is important for all product managers There are tons of ways to utilize analytics as a product manager whether it is: incorporating analytics into your product to provide more customer value; incorporating into business case or financial reporting to provide more value; utilizing to better understand the voice of the customer; or more effectively pricing your product to name a few. This session will be geared at having people share tools, methods and how best to utilize data and analytics into your products
- Increase product value: example: Netflix’s recommendation engine – this product has more value to Netflix customers because of this and they use the service more. Improve marketing effectiveness: MailChimp’s email analytics on effectiveness of email campaigns or Google or Facebook analytics on effectiveness of marketing campaigns New product ideation: BrightIdea or Spigit and associated idea generation and voting mechanism Improve product evaluation: A/B testing for software – spend less time bringing to market features that don’t add customer value --- Monte Carlo simulation of business case assumptions and have a better idea if a product idea should be pursued Pricing analytics: Make products more profitable and ensure you are providing good value but you are getting the right money for your value. Often used around customer product space online. Figure out how many dollars of value you want to give your customer for each dollar received from customer. Track and increase product usage: various product usage metrics – IoT will bring a lot of cool things here to the physical world. Gamification.