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 and 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, what problems, habits and preferences they have. To figure this out you define the customer profiles. Putting together the profiles is one thing but you need to understand them as well. This is where you need data knowledge. Your customers’ behavior affects your decision making and understanding the customer profiles allows you to make good product decisions.
Make better product decisions
Learning data helps PM’s make better product decisions. One of Product Managers’ jobs is to find out if the product is successful and how different changes affect the product. For this you need feedback and data together. Understanding how to interpret the data will allow you to make better decisions about your product.
Help you communicate with your data scientist
Because the teams work cross-functionally together 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 you can 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 defining 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, knowing 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
While feedback helps you find out what that group of customers that respond are thinking about the product data provides larger scale of answers to who exactly your customers are in all, what they use your product for and also more widely what they think about it.