The longer‐term objective of this product, normally 2–10 years out. It is how we as a product organisation intend to deliver on the company's mission.
The bridge between your product vision and the tactical steps to fulfill that mission. It answers key questions such as who the product will serve and the goals for the product throughout its lifecycle.
It may feel like you have a million inputs to your roadmap as a product owner. The best Product-led companies root their decision making in a thorough understanding of how customers interact with the product. It can be challenging to separate the signal (example: what are people actually doing) from the noise (example: what your sales team says prospects want to do), but that radical focus is required to get your product to the next level of growth.
Only 20% of features generate a positive return on investment when teams can not identify the right things to build. Having an open dialogue between the customer-facing roles in the organisation and those responsible for developing the products is crucial, while avoiding of vanity metrics. Without reliable ways to measure the value delivered to customers and users, it is impossible to know whether a feature is successful or not.
If you’re not tracking user activation metrics, don’t worry. This is still a very advanced practice in Visma and the industry. According to a recent survey, only 44% of companies do this well. A proven way to measure user value and using it to feed into the product strategy is the North Star framework, which you can learn more about in our Index offering.
To work successfully with product analytics, product teams need to have a solid tooling setup. In addition to gathering and organising the data, you need a tool that makes it easy for team members to consume and understand the data.
If you have ever felt that the amount of data grows quickly and it is challenging to find valuable insights - don't worry! Many product teams encounter this situation. By refining your metrics and introducing structur, you can overcome this challenge.
To enable rapid innovation and deployment, companies must develop a product strategy that involves effective experimentation. If the turnaround time from “hypothesis to change” is too long, organisations risk losing both customers and revenue.
39% of digital businesses say they struggle to optimise their offerings because they are unable to analyse the full customer experience (e.g. across devices or products).
The disruptors of today gather analytics on customer behavior one day and ship changes to capitalise on those insights the next. They focus on a new definition of “done” that has nothing to do with coding output and everything to do with making a significant impact for the customer and user experience. In outcome-driven development, “done” means delivering measurable value, not simply completing user stories or shipping features.
The foundation for all future analysis you’ll do with your analytics platform. It’s crucial to get right. Instrumenting and maintaining a clean and consistent taxonomy is also one of the most challenging steps to successfully leverage a product analytics tool.