Product Data Collection: Top Tips for Managers

As a product manager, you know that informed decision-making is key to driving product success. Gathering and analyzing data is essential, but it’s not just about having information – it’s about having the right information that leads to actionable insights. Below, I’ve outlined specific sources, methods, and strategies to help you set up a streamlined data collection process.

Before diving in, here are three foundational questions to guide your approach:

Answering these questions will clarify your objectives and help prioritize data that truly supports your goals.

Internal Sources. These include all data from user interactions within your product. Metrics like user activity, purchase behaviors, checkout flow, and Net Promoter Score (NPS) can yield valuable insights into product usage and user satisfaction. Examples of useful internal data include sales reports, usage statistics, and any KPIs your company tracks.

External Sources. External sources encompass customer feedback from app stores, review sites, social media mentions, and industry reports. Analyzing this data can highlight broader trends, user perceptions, and competitor actions, enabling you to stay in touch with market dynamics.

User Research. User research, including surveys, focus groups, and interviews, is indispensable for understanding customer pain points and preferences. Conversational AI tools like Yasna.ai can now automate these conversations, gathering in-depth, qualitative insights across languages and cultures.

Analytical Tools. Tools such as Google Analytics and AppsFlyer provide detailed behavioral data on how users interact with your product. These tools can automatically track user flows, conversions, and engagement metrics, giving a clear picture of user journeys.

Step 1: Select a “north star” metric - the metric that is pivotal to you. For example, total number of paying users, revenue per user, etc. Then select some additional important metrics.

Step 2: Determine a single way to calculate each metric. Document this method of calculation in your manuals. Ensure that the data collection process for calculating metrics is working consistently and that you have all the information you need.

Step 3: Start a file, such as a Google spreadsheet. Use it to keep track of all the important metrics and parameters related to your product or market.

Step 4: Decide how often you want to track the metrics. You may need to track some metrics on a weekly basis, some on a monthly basis, and some once a year. This may require you to create several files with metrics and parameters, organized by different attributes - by frequency of tracking or by business process.

Step 5: Make it a habit to update this file on a regular basis. Create a regular event in your calendar and book time to work on your metrics.

Step 6: The data you collect and analyse may not just be of interest to you. Regularly communicate the metrics status or sudden changes in metrics to all stakeholders and interested parties.

Use Manual Tracking Alongside Automation. Automatic reports are convenient, but manually reviewing key data points can help catch subtle shifts that automated tools might miss. Manually filling in a few key metrics also forces you to engage more deeply with the data.

Delegate Data Collection Tasks. Enlist colleagues to help gather and manage data. Additionally, use social listening tools like Brandwatch or Sprout Social to analyze large data sets, especially from social media.

Capture Everything but Focus on What’s Essential. While it’s wise to store excess raw data, limit the number of metrics you actively track. Usually, one main metric and a few supplementary metrics suffice for effective management.

Track Historical Data for Context. Metrics are most meaningful when you understand their trends over time. Keeping historical data lets you make retrospective calculations, allowing for more nuanced analysis of product performance.

Be Persistent and Patient. Tracking data can feel tedious, but it’s critical for spotting trends and changes. Consistent metric monitoring acts as your “eyes and ears,” helping you respond swiftly to both opportunities and issues.

Developing an effective data collection process takes time and effort, but it’s invaluable for product growth. Avoid becoming overwhelmed – track what matters, use tools wisely, and apply insights practically. With the right approach, you’ll be well-equipped to drive your product forward with confidence.