Make Good Products Great with Data and Analytics

Make Good Products Great with Data and AnalyticsDave Mathias@DaveMathiasWorkLearnPlay.commathias612@gmail.comUsing data and analytics to supercharge your products is important for all product managersThere are tons of ways to utilize analytics as a product manager whether it is: incorporating analytics into your product to provide more customer value; incorporating into business case or financial reporting to provide more value; utilizing to better understand the voice of the customer; or more effectively pricing your product to name a few.This session will be geared at having people share tools, methods and how best to utilize data and analytics into your products1About meCurrently: Manage a product management and analytics team in information security dept. of a large bank President of Minnesota PDMA ChapterMinneAnalytics conference organizer

Previously:Product manager in re/insurance industries, marketing, lawyer, chemist, blah, blah, blah

2What is analytics?Analytics is the method of logical analysis.

Merriam-Webster (Feb. 22, 2015). Retrieved from www.merriam-webster.com/dictionary/analytics.Analytics is the discovery and communication of meaningful patterns in data.

Wikipedia (Feb. 22, 2015). Retrieved from en.wikipedia.org/wiki/Analytics.What not to do

Source: Youtube https://www.youtube.com/watch?v=xAfA3D8VSnk 4Common questionsWhere to start?Where do I get the data?What analytics tools to use?Does a product manager need to be a data scientist?Do you need a data scientist?Are there others?5Where to start?What do are you looking to do?Increase product valueImprove marketing effectivenessNew product ideationNew product evaluationPricing analyticsTrack and increase product usageOthers?Increase product value: example: Netflixs recommendation engine this product has more value to Netflix customers because of this and they use the service more.Improve marketing effectiveness: MailChimps email analytics on effectiveness of email campaigns or Google or Facebook analytics on effectiveness of marketing campaignsNew product ideation: BrightIdea or Spigit and associated idea generation and voting mechanismImprove product evaluation: A/B testing for software spend less time bringing to market features that dont add customer value --- Monte Carlo simulation of business case assumptions and have a better idea if a product idea should be pursuedPricing analytics: Make products more profitable and ensure you are providing good value but you are getting the right money for your value. Often used around customer product space online. Figure out how many dollars of value you want to give your customer for each dollar received from customer.Track and increase product usage: various product usage metrics IoT will bring a lot of cool things here to the physical world. Gamification.6Where do I get data?

Data Options:Collect datasets yourselfObtain open source datasetsBuy proprietary datasetsInitial: Others data AND use proprietary dataMature: Your proprietary data emphasisAnyone with hidden data gems?What analytics tools to use?

Analytics tools are just that toolsInitially: Buy tools and algorithmsMature: Buy tools AND build algorithms

What tools do you use?

Real world problems discussionWhat real problems do you have that data and analytics can help?Key takeawaysIdentify problem you are solvingIdentify how analytics can solve the problemIdentify data needed to solve problemDetermine if you can get the dataPick the right tool from the analytics toolboxLearn enough to be dangerousGet data scientistDont boil the oceanStart nowWhat else?Stay in contactEmail:mathias612@gmail.comTwitter: @DaveMathiasLinkedIn: www.linkedin.com/in/davemathias1Blog:WorkLearnPlay.comPodcast:Coming soon