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Three product leaders to learn from at #mtpcon inside Pendomonium

Eira is an editor for Mind the Product. She's been a business journalist, editor, and copywriter for longer than she cares to think about.

Eira Hayward

In this breakout session from #mtpcon London 2022, <a href="https://www.linkedin.com/in/jefago/?locale=en_US">Jens-Fabian Goetzmann</a> explains that product managers should make data-informed decisions and balance quantitative and qualitative research.
Jens explains the possible issues with data-driven decisions as follows:
&#8211; Goodhart’s law and the difficulty of measuring: It is difficult to find the right measurement metrics.
&#8211; Local maximum problem and the problem of incrementality: A/B tests can provide data to an extent. Once you have reached the threshold, the results will be pretty much the same even if you make thousands of small iterations. As a result, teams will stop suggesting incremental solutions.
&#8211; Thinking opportunistically instead of strategically: Opportunistic thinking means acting to improve KPIs. There is no hypothesis and no strategy. Moreover, KPIs are more of a proxy for progress toward a plan. In contrast, thinking strategically means setting up a hypothesis and working on it even after setbacks.
&#8211; Analysis paralysis: Product development has risk and uncertainty. Managers often have to make quick decisions based on the best probability and information. Data-driven managers are dependent on data to make every decision.
To reduce dependency on data, Jens suggests:-
&#8211; Create a product strategy and vision by maintaining a balance between qualitative research and quantitative analysis.
&#8211; Do qualitative and quantitative research. This helps to generate a hypothesis by understanding the audience and customer behaviour.
&#8211; Take advantage of new opportunities. You can build prototypes without shipping and coding when you make data-informed decisions.
Product managers should take a data-informed approach, basing their decisions on product vision and strategy and balancing quantitative and qualitative data analysis.
Watch the original talk: <a href="https://www.mindtheproduct.com/why-product-managers-should-not-be-data-informed-by-jens-fabian-goetzmann/">Why product managers should not be data-driven by Jens-Fabian Goetzmann</a>
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Eira Hayward

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