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How to Collect Data About Your Product: Top Tips for Product Managers
Neural Networks in Marketing Research: How They Change The Rules of The Game
This article aims to illustrate a thought experiment: how humans get pushed out of the market research industry.
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:
Before diving in, here are three foundational questions to guide your approach:
- 1Why do you need this information?
- 2What actions do you intend to take with it?
- 3Which information is critical for your product development decisions?
Answering these questions will clarify your objectives and help prioritize data that truly supports your goals.
1. Sources of Product Information
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.
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.
2. Steps for Effective Data Collection
Once you’ve identified your sources, it’s time to set up an efficient process for ongoing data collection. Here’s a six-step approach:
Select a “North Star” Metric: Choose one main metric that reflects your product’s core value. This could be the total number of active users, revenue per user, or conversion rate. Add a handful of other important metrics to monitor supplementary aspects of performance.
Standardize Metric Calculations: Define how each metric will be calculated and document it in your internal resources. Consistency in calculations ensures accurate tracking over time.
Organize Data in a Central File: Use a spreadsheet or a dedicated software solution to keep all key metrics in one place. This file should act as your single source of truth for product data.
Set a Tracking Frequency: Different metrics might require different update intervals (e.g., weekly, monthly, or annually). Organize data by frequency or business process to avoid confusion.
Regularly Update Your Data: Add a recurring event in your calendar to review and update the file consistently. This habit will help you keep data fresh and insightful.
Communicate with Stakeholders: Data is not just for your own reference – it’s valuable for the whole team. Regularly share any significant changes in metrics with stakeholders to foster informed decision-making across departments.
Select a “North Star” Metric: Choose one main metric that reflects your product’s core value. This could be the total number of active users, revenue per user, or conversion rate. Add a handful of other important metrics to monitor supplementary aspects of performance.
Standardize Metric Calculations: Define how each metric will be calculated and document it in your internal resources. Consistency in calculations ensures accurate tracking over time.
Organize Data in a Central File: Use a spreadsheet or a dedicated software solution to keep all key metrics in one place. This file should act as your single source of truth for product data.
Set a Tracking Frequency: Different metrics might require different update intervals (e.g., weekly, monthly, or annually). Organize data by frequency or business process to avoid confusion.
Regularly Update Your Data: Add a recurring event in your calendar to review and update the file consistently. This habit will help you keep data fresh and insightful.
Communicate with Stakeholders: Data is not just for your own reference – it’s valuable for the whole team. Regularly share any significant changes in metrics with stakeholders to foster informed decision-making across departments.
3. Tips to Improve Your Data Collection Process
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.
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.