Product managers used to frequently base their decisions on conventional market research and gut feelings. Despite being fundamental, this strategy frequently lacked the accuracy and flexibility required in the fast-paced market situations of today. A more nuanced strategy has become necessary as customer behaviors and products become more complex.
A major advancement in the development and implementation of product strategy is represented by data-driven product management. In contrast to conventional techniques, this contemporary strategy incorporates thorough data analysis into each phase of the product creation process.
Product managers may more accurately drive innovations, predict market trends, and make well-informed decisions by utilizing real-time data and advanced analytics.
Building on this, the product management course goes on to data analysis and metrics definition, giving you the skills you need to prioritize product enhancements using frameworks like the RICE Scoring Model, analyze market sizes, and segment users. Along with Oxford Training Center, learning how to design experiments, you will also become an expert in data-driven experimentation and storytelling.
The goal of this course is to give you the fundamental abilities and information required to switch from conventional product management techniques to a data-centric approach. The foundations of contemporary product management, such as lean product approaches and the creation of purpose, vision, and value propositions in line with company strategy, will be covered first.
Objectives and target audience
Objectives
- The foundations of lean techniques and contemporary product management
- Creating value propositions, purpose, and vision statements that complement the company’s strategy
- Market sizing, user segmentation, data analysis, and prioritizing frameworks (like RICE)
- A/B testing, data-driven experimentation, and data-visualized storytelling
Target audience
- Product managers are switching to data-centric product management from old methods.
- This course provides a thorough, methodical approach to implementing data-driven techniques in product development and implementation.
How will attendees benefit?
- Evidence-based, Well-informed decision making
- Quicker and more flexible product creation
- Better product-market alignment
- Improved learning and experimentation
- Improved team alignment and accountability
- Predictive knowledge for an active approach
- Explicit goal monitoring and progress evaluation
- Product development focused on the user
- Iteration and continuous improvement
- Product development becomes a more visible, flexible, and scientific field when data-driven product management is implemented.
Course contents
The Essentials of Contemporary Product Management
- Product management overview
- Product management’s comprehension of lean product methodology
- Creating a mission, vision, and values to transform business strategy into product strategy
- Establishing the Goal and Important Outcomes (OKRs)
- Creating product roadmaps with OKRs
Data-based methodology
- What data-driven product management is and why it matters
- Investigating product data types
- Performance data for customers
- Progress information
Definition of data analysis and metrics
- Using data to divide up users according to their requirements and behavior
- Analyzing the market using the market-sizing procedure
- Applying techniques for prioritization
- Lines in the sand framework for the RICE scoring model
Data-informed storytelling and experimentation
- Recognizing the procedures for organizing statistical experiments
- Examining the best procedures for AB testing
- Recognizing the significance of the “Definitions of Done” concept
- Using narratives to share data insights with interested parties