At this step, the product manager evaluates the effectiveness of the implemented function and its practical value. After launching stories in the application, key indicators should be analyzed: growth of new users, increase in time spent by the user in the program, sales growth.
Let's say that in our example, stories had a positive impact on user interest - people spent more time in the app, sales of products from recipes increased by 50%.
Improvement
If the outcome is successful, the product manager thinks about further improving the feature, starting a new cycle: research, create, test (hypothesis testing cycle).
The specialist decides to teacher database improve the stories by adding a tool that suggests products used in recipes for purchase right after viewing the story. This allows users to easily add the necessary ingredients to the cart, which leads to an additional 50% increase in sales. If the results do not meet expectations, the product analyzes what can be improved or completely stops development, taking into account that not all ideas are successful, and this is a common occurrence.
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Skills and professional qualities of a product manager
What knowledge and skills does a product manager need:
Understanding the basic principles of development is a key factor in quickly entering the technical context of the product and correctly setting tasks for the team.
Project management skills. The development and implementation process includes individual stages and specific tasks. It is important to compare intermediate and final results, including updating interface elements, launching or improving the product. To successfully achieve the set goals, it is necessary to correctly structure the team's activities, rationally distribute time and resources.
Analytical work. To use various metrics, you need to have a clear understanding of their role and meaning. A big plus is considered to be the product manager's skills in writing SQL queries. This allows you to independently test simple hypotheses, minimizing dependence on analysts.
Product Manager Skills
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Skills in conducting consumer research. A product manager should know interviewing methods and conducting UX analysis. Such skills allow you to formulate clear tasks for researchers. For example, a product manager needs to have an idea of what sample of respondents is required and what questions should be asked. An additional plus is the ability to independently conduct research and interact with users, which contributes to a more complete understanding of the needs of the target audience.
Basic knowledge of unit economics. It is important to be able to assess the profitability of a project, determine what benefit the implementation of a new function will bring, and objectively compare the results with the development costs.
Ability to effectively manage relationships with stakeholders. Product specification requirements may vary. Often stakeholders do not realize the full cost of completing a task. In these situations, it is important to be able to clearly explain why a specific solution is too expensive, and to offer a compromise solution that solves the problem in a more cost-effective way.