So you’ve spoken to various operational groups and have personally used your new product. At this stage, you will have a reasonable idea of “the good, the bad and the ugly” of your new product.
So what’s next?
Tip 3: Review Your Key Performance Indicators
If you’re a new Product Manager, its time to take a good, hard look at the numbers! Qualitative information sought from customer interviews and the Call Centre feedback is extremely useful but only to a point. Quantitative results on the other hand, tell you how the market views your new product. A combination of qualitative and quantitative data will provide you with a wholistic view of your product’s performance.
When you’ve obtained a set of the key performance indicators, speak to your Manager or others in the business for a historical perspective on any activities that may have affected the figures during the past year. A dip in your sales numbers may tell you that a price increase was enforced, or alternatively a substitute product was introduced in the market. Without any past knowledge of the business and its activities, you may still be guessing.
For Product Managers whose products do not generate any revenue, don’t assume that you don’t need to track any statistical data. There are key statistical figures that will tell you if your product is in demand.
Once you’ve collated and analysed your product’s key performance indicators, determine if the numbers have under or over performaned compared to the business plan. This will further help you during the planning process.
If you’re a new Product Manager, understand your position going forward and review your product’s key indicators every week.
We wrote a paper last year about “Managing the Health of Products and Services”. It may be useful to new Product Managers.