5 Reasons Why It’s Important to Understand Data as PM
We are listing five reasons why it’s important to understand data as PM. In Product Management, the most important things are to be able to work with your team, understand who you are building for and why. How do you get to know your customers? And how do you develop the ability to communicate with everyone? The key is building up your skillset as much as possible.
We never stop learning in Product management, and in tech in general, so why not learn technical skills as a PM? Why learn data? Here we give you five good reasons:
Understand customer profiles
To be a good Product Manager you need to know what your customers want and which problems, habits and preferences they have. To figure this out, you first define the customer profiles.
Putting together the profiles is hard enough. But you need to understand them as well. This is where you need data knowledge. Your customers’ behavior affects your decision-making, as customer profiles allow you to make good decisions based on user experiences and desires.
Make better product decisions
Learning data helps PM’s make better product decisions. One of Product Managers’ tasks is to find out whether the product is actually successful and how different changes affect the product. To do this, you need to combine feedback and data. Knowing how to interpret the data will allow you to refine your product.
Help you communicate with your data scientist
Teams work cross-functionally, so knowing data and being able to talk about it with your data scientists is a great advantage. It’s like learning their language. You’ll be able understand them and better communicate your questions and ideas to them.
Time optimization – deciding to work on one thing means not working on another
Knowing data will help optimize your time by differentiating urgent things from other urgent things. This will require trade-offs. You’ll have to be aware that if you work on one specific thing now, it might affect another thing negatively somewhere else.
However, data should give you a pretty good idea what that change might be and what kind of effect it will have. Every time you choose to work on something, it also means not working on something else. Make sure you choose the right one.
Understand what your customers really think about your product
Feedback helps you find out what that group of customers think about your product. On the other hand, product data provides a larger scale of answers to who exactly your customers are, what they use your product for and what they think about it.