How To Succeed In Product Management | Jeffrey Shulman, Red Russak & Soumeya Benghanem
How To Succeed In Product Management | Jeffrey Shulman, Red Russak & Soumeya Benghanem
Jeff Shulman, Red Russak & Soumeya Benghanem
96: Using Predictive Analytics in Product Prioritization Decisions
55 minutes Posted Aug 30, 2023 at 4:00 am.
Intro
Right data collection and cluster analysis
Having a direct data or proxy
Setting up a validation process
Softwares for analyzing and visualizing data
Conjoint analysis and canal model
Data that goes into a cluster analysis
Avoid using vanity metrics
Using predictive analysis on personalized experience
Scenario modeling
Risk in utilizing predictive analysis
Advice for aspiring PMs
How often does the marketplace change?
Final Thoughts
0:00
55:17
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Show notes
Get involved with The Product Management Center. Learn more at https://ipma.info.foster.uw.edu/
 
In this episode of the How to Succeed in Product Management Podcast, marketing professor Jeff Shulman and The Product Management Center advisory board members Red Russak welcome Varun Kulkarni (CISCO) and  Ash Naik (AAIS) as they discuss the use of predictive analytics in product prioritization decisions. Using predictive analytics in product prioritization decisions is beneficial for product managers because it enables data-driven decision-making. By analyzing historical data and patterns, predictive analytics can forecast the potential success and impact of different product features or enhancements. This empowers product managers to allocate resources effectively, focus on high-impact initiatives, and align their strategies with customer needs and market trends. Ultimately, this approach increases the likelihood of delivering products that resonate with customers, optimizing resource allocation, and driving overall business success.
 
Disclaimer: All opinions of the speakers are their own.
 
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