The first step in Product Management 🤨:

So much to call out with respect to Product Vision, Product Strategy, Product Road mapping, Product Execution and GTM, most critical piece in the product puzzle is "𝙋𝙧𝙤𝙙𝙪𝙘𝙩 𝙍𝙚𝙨𝙚𝙖𝙧𝙘𝙝/𝘿𝙞𝙨𝙘𝙤𝙫𝙚𝙧𝙮"

What is Product Research?🧐
Product research is the process of gathering information about one's product's purpose, development direction, and which solutions you should offer to create customer delight.

Product Research and why it matters?🤷‍♂️
Conducting product research is a crucial initial phase before introducing new features, launching a new product, or navigating various stages of the product lifecycle.
It empowers us to gain deeper insights into customer desires, enabling user-centric decision-making and the effective fulfilment of customer needs.

Why it matters?
1. Understand user needs and pain points - Empathy
2. Align user's needs with business needs - Business Alignment
3. Higher scope for innovation and accuracy - Build the right product
4. Gain competitive advantage - Ahead in the market
5. Assist in product prioritization - Road-mapping

Product Research Methods & Types :🤓
1. Qualitative research is an exploratory method that focuses on understanding and interpreting people's experiences, attitudes, beliefs, and behaviours through non-numeric data.
2. Quantitative research is a structured method that focuses on collecting and analysing numerical data to draw conclusions and make statistical inferences.

𝘛𝘺𝘱𝘦𝘴:
1. Surveys - Reaching out to potential users and understanding their preferences
2. Interviews and Focus groups - Letting potential users speak and express their emotions towards our product/service
3. Ethnographic Research - Observe our users in their natural settings
4. Competitive analysis - Analyse what our competition is up to and identify product/service differentiation
5. User Testing - Conduct usability test with prototypes or MVPs
6. Data Analytics - Use data to learn about users' behaviour w.r.t our product
7. Customer Feedback & Support Tickets - Analyse customer feedback and support tickets raised by them for more insights and pain points
8. Beta Testing and early access - Early feedback from pre-release product offerings with select groups
9. Market Research reports - Run through IDC, Forrester or McKinsey consulting firms reports
10. A/B Testing - Validating options via tests
11. Social Media Analysis - Read what customer speaks on different platforms
12. In-App Analytics - Track user behaviour in our product services
13. Customer Surveys and Net promoter Score (NPS) - helps measure customer loyalty/Advocacy

Product research is an essential aspect of product management, forming its fundamental core.
Failing to conduct research consistently during the entire development process can lead to misalignment and a final product that does not effectively fulfil users' needs.

#Product #Research #ProductManagement #KPKR