As businesses operate more digitally with fewer brick-and-mortar locations, product managers have the potential to play a more strategic role in driving revenue growth for their companies. Leading a cross-functional team to ship features is what most PMs do. But the role can and should be much more strategic.
PMs have access to data that gives insight into how customers are engaging their organization’s products. They should facilitate the entire organization to build institutional knowledge that it can build a strategy on top of. The PM should teach the organization what actually provides value to the customer and what does not. The PM must bring more than their opinions. They need a data story.
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Exploring readily available data
The data story of product performance is the most important story a product manager will tell on behalf of their organization. It’s a comprehensive overview that keeps all parties across the organization updated on their product’s high-level progress. Product managers are constantly evaluating how to improve the customer experience. In Using Business Intelligence to Tell Your Product’s Performance Story, we were introduced to the streaming media company, Get Fit. They own a streaming exercise video service that has recently grown to over 7 million subscribers. They are currently monitoring these key measures to gauge performance: