Data-Driven Product Strategy Methodology
Over the past five years, I’ve developed a unique, multi-faceted, end-to-end methodology for capturing customer feedback at scale, analyzing real-time user behavior, implementing a process of new idea validation and experimentation, and funneling it all into a data-driven product roadmap that increases speed, efficiency, adoption, retention, and growth.
Customer Feedback Engine
You can’t deliver customer value if you don’t talk to your customers. First, we will stand up a scalable customer feedback engine, which includes:
- Customer Interviews
- In-App Feedback
- Email Drip Campaigns
- Sales and Customer Support Product Feedback Surveys
- NPS Surveys
User Behavior Analytics
What people say and what they do are often different. In order to understand how users behave, we must observe them in action. We will implement tools to capture and analyze user behavior, including:
- Profile Data
- Event Tracking
- In-App Session Recording
- Heatmaps
- Analytics Tool Implementation
- Retention Funnel Development
- Conversion Funnel Development
Growth Hacking Experiments
After capturing and analyzing all this information, we will have a steady stream of ideas for product improvements. We will then implement a process of experimentation to validate promising ideas without investing too much time or money. This process includes:
- Idea Capture
- Experiment Definition
- A/B Testing Tool Implementation
- Cohort Creation
- Results Capture and Analytics
- Feedback Loops
Data-Driven Roadmap
At a high level, we must drive our product strategy based on key business drivers. We will define strategic goals and OKRs, implement a sophisticated scorecard model to prioritize every major feature, and begin a process of reflection and continuous improvement. This includes:
- Develop Strategic Goals and Objective-Key-Results (OKRs)
- Roadmap Prioritization Model Development
- Roadmap/Goal Alignment
- Key Performance Metrics
- Feedback Loops
Results
- Increased customer retention and decreased churn
- Increased adoption of new features
- Increased lifetime value
- Decreased customer acquisition cost
- Increased speed of development and time-to-market
- Decreased cost of development
- More satisfied customers
- More engaged employees
- Higher quality code with fewer defects
- Clarity of vision and purpose