Monday Matters #3
New Article I'm excited to share
The Importance of Product Monitoring:
As a product manager, it's essential to have a close watch over the products you are building. It's not enough to simply launch a product and hopes for the best - you need to actively monitor its performance to ensure it's meeting customer needs and driving business goals. At Mixpanel, a popular analytics tool used by many product teams, they recommend three key methods for product monitoring:
- Cohort Analysis: This method involves grouping users based on a common characteristic, such as the date they signed up or the feature they used, and analyzing their behavior over time. This allows you to identify trends and patterns in user behavior and make data-driven decisions to improve the product.
- Funnel Analysis: This method involves tracking the steps users take to complete a specific action, such as signing up or making a purchase. By analyzing where users drop off in the funnel, you can identify areas of friction and make improvements to increase conversion rates.
- Retention Analysis: This method involves tracking how many users continue to use the product over time. By analyzing retention rates, you can identify which features are driving engagement and which are causing users to churn.
Other popular blogs like Amplitude and Segment have also written extensively on the topic of product monitoring, emphasizing the need for real-time monitoring and alerts, as well as the importance of setting clear KPIs to track product success. By leveraging these methods and tools, product managers can stay on top of product performance and make data-driven decisions to drive business growth.
- Mixpanel Blog on Product Analytics:
What I'm reading
"Build" by Tony Fadell
is a must-read for anyone interested in product development and design. Fadell, the former Senior VP of Apple's iPod division and founder of Nest, shares his data-driven approach to building successful products and provides valuable insights into his experiences at Apple and Nest. One of the key takeaways from the book is the importance of iteration - Fadell emphasizes the need to test and refine products continuously based on user feedback to achieve product-market fit. He also shares his approach to design thinking, emphasizing the importance of empathy for the user and solving real-world problems.
What I'm Watching
How to Build An MVP | Startup School
Y Combinator Group Partner, Michael Seibel, explains how to build a minimum viable product (MVP) for your startup idea. Using examples from real YC companies, Michael walks through how to determine your MVP feature set, build prototypes and demos for user testing, and present your MVP to early customers or investors.
What I learned
Zero ETL: A More Agile Data Lake Architecture
Zero ETL is a relatively new data lake architecture that eliminates the need for traditional ETL (Extract, Transform, Load) processes, allowing data to be ingested directly into the lake for faster and more agile data processing. This concept is gaining popularity due to the increasing need for real-time data processing and analysis in today's fast-paced business environment.
The Zero ETL architecture involves four key components:
- Ingestion: Data is ingested directly into the data lake from various sources, such as APIs, databases, and streaming services.
- Storage: Data is stored in the data lake in its raw format, eliminating the need for transformation processes.
- Query: Data can be queried and analyzed directly from the data lake using tools like Apache Spark and Presto.
- Visualization: Data can be visualized using tools like Tableau and Power BI, providing insights into business performance in real-time.
By adopting the Zero ETL architecture, organizations can reduce the time and resources required for traditional ETL processes, resulting in a more agile and scalable data infrastructure. This allows for faster data processing, more accurate and timely insights, and better decision-making capabilities.
What I Think
Building a Data Science Team with a Product Mindset
Data science teams play a critical role in driving business growth by providing valuable insights and recommendations based on data analysis. However, it's not enough to simply have a team of data scientists - you need a team that has a product mindset and can work collaboratively with product managers and other stakeholders to drive business outcomes.
- Here are some tips for building a data science team with a product mindset:
- Hire for both technical and business skills: Look for candidates who not only have strong technical skills but also understand the business and can translate data insights into actionable recommendations.
- Foster collaboration: Encourage collaboration between data scientists and product managers to ensure that data insights are aligned with business goals and can drive product improvements.
- Focus on outcomes: Instead of just reporting on metrics, focus on outcomes and how data insights can drive business growth.
- Continuously learn and iterate: The field of data science is constantly evolving, so it's important to stay up-to-date on the latest tools and techniques and continuously iterate on processes and methodologies to improve outcomes.
By building a data science team with a product mindset, organizations can leverage data insights to drive business growth and stay competitive in today's fast-paced business environment.
Overall, in this edition of Five Bullet Friday, we covered the importance of product monitoring and some methods and tools to achieve it, reviewed a great book on product development, discussed the Zero ETL architecture, and provided tips for building a data science team with a product mindset. I hope you found these topics interesting and informative!