Our third speaker from within our community for the May event is Nick Kardamitsis, discussing how to go “Beyond the numbers: Harnessing data for smarter product decisions.” Nickolas is an outcomes-focused, customer-centric problem solver, passionate about hitting organisational goals. With over 10 years in digital product experience, Nickolas navigates the end-to-end product lifecycle and leads both technical and non-technical teams, effortlessly switching between strategy and execution. He loves everything about product—especially the words, “Yes, but…”
Beyond the numbers: Harnessing data for smarter product decisions
– Nick Kardamitsis.
Data is abundant, and there are countless metrics you can report on. But the critical question is, should you? Metrics like the number of logins or churn rates are often used, but what do they truly mean? If these metrics trend positively or negatively, is that necessarily good or bad? From a product perspective, the goal is to focus on the metrics that truly move your product forward. This requires historical context combined with actionable insights to drive meaningful change.
The Reality of Feature Usage
Did you know that 80% of a product’s features go unused? This highlights a significant allocation of resources to areas that may not provide value. Product management often involves making big bets based on assumptions. However, using data narrows the focus, reduces the risk of building the wrong thing, and equips you to engage in productive conversations with team members who might disagree.
How Data Enables Smarter Decisions
Data, on its own, is helpful, but it’s only part of the story. You should be data-influenced, which means integrating additional insights into the raw data. Here’s my approach:
- Establish a Base Level of Constraints
- Start with your organisation’s purpose, vision, OKRs, and overarching goals.
- Overlay these with customer insights—their needs, wants, motivations, and pain points.
- Create a Holistic View
- Use existing reports and combine them. Pull insights from your CRM, marketing data, NPS scores, and UX research.
- Overlay one piece of information with another to see how they interact and influence your outlined goals.
A Practical Example: The Energy Company Case
While working at an energy company, we held monthly sessions with customer service to identify customer pain points. One recurring issue was questions about the bill due date. The initial suggestion was to make the due date more prominent. However, by digging deeper, we discovered the problem stemmed from interactions when customers requested an extension.
When a customer extended their bill, the due date disappeared, replaced by the words “bill extended.” This change prompted calls to customer service for clarification. By analysing the data and identifying the root cause, we addressed the issue more effectively than the surface-level fix of making the due date larger.
Turning Data into Action
Once you have your data, the next step is creating a compelling story around it. Storytelling helps shift the focus from the raw metrics to the broader needs and goals of your organisation. A good narrative aligns with your team’s motivations and provides a clear path for action.
Steps to Success:
- Set Up Reports and Feedback Loops
- Regularly review and update your reports to reflect current insights.
- Gather feedback from various teams to refine your data sources.
- Understand Customer Needs Beyond Their Wants
- Customers often express what they want, but their actual needs may differ. By focusing on their needs, you can deliver stronger, more robust outcomes.
- Transform Insights into Stories
- Use the data to craft a narrative that resonates with stakeholders. A well-told story is more likely to secure buy-in and drive alignment across teams.
- Act on the Story
- Translate the insights and narrative into concrete actions that support the desired outcomes.
Final Thoughts
Data is a powerful tool, but it’s only as valuable as the insights you extract from it. By combining data with a deep understanding of your organisation’s goals and customer needs, you can create actionable strategies that drive meaningful change. Remember: collect the numbers, create insights, craft a story, secure buy-in, and take action. This process enables you to make better decisions and achieve stronger outcomes.
For other presenters in this session, please follow these links or head back to the main summary to catch up on the Q&A:
- Felicity Bodger – How to become a Killer Product Manager in 3 Easy Steps.
- Nick Kardamitsis – Beyond the numbers: Harnessing data for smarter product decisions.
- Marc Vandamme – Creating alignment with your teams and leaders.
- May 2024 Warp Up