Blog 83: Tools in product management … (5/7)
- Idea2Product2Business Team
- Jul 31, 2024
- 2 min read
Updated: May 7
Continued from blog 82.
Product management is a vast field and encompasses various sub-fields. They range from:
1. Strategy & planning (various tools in blog 79).
2. Design (UI/UX) (various tools in blog 80).
3. Execution & tactics (various tools in blog 81).
4. Go-to-market (various tools in blog 82).
5. Metrics & performance (various tools in blog 83)
6. Product development & technology (various tools in blog 84).
7. Cross-functional (various tools in blog 85).
In this blog we look at the fifth sub-field metrics & performance.
Product Analytics: Understanding how users engage with our product. To do this analysis, we need to collect the right data (i.e., metrics). Refer to blog 58: product analytics for better decision making.
· LogRocket: LogRocket combines session replay, product analytics, and error tracking to create an ideal product experience.
· Heap: Heap is an analytics solution for product managers. Helps to understand customer behaviour at scale.
· Mixpanel: Mixpanel is a real-time analytics platform to measure and optimise user engagement.
· Amplitude: Amplitude aims to turn user data into meaningful insights. Refer blog 90: freemium & free trial strategy; blog 91: Attribution models.
There has been an increase in the use of AI (artificial intelligence) in product management. AI is helping to derive valuable insights and automate routine tasks.
Some AI use cases in metrics & performance are:
1. Performance monitoring and analytics:
- Monitor user behaviour and performance metrics.
- Modify products based on real-time feedback and data-driven insights.
- Tools like Mixpanel and Amplitude provide AI-driven analytics for performance monitoring.
2. Track KPIs:
- AI can automatically surface insights and trends from product data that humans may overlook.
- NLP allows product managers to quickly retrieve relevant KPIs by asking questions about data sets.
- AI-powered anomaly detection and alerts can detect deviations in KPIs.
- Tools like Tableau and Looker use AI to provide insights into KPIs.
Note: The list of companies mentioned above are ONLY a SAMPLE list and NOT an exhaustive list.
Jump to blog 100 to refer to the overall product management mind map.
Source:
Web/Google research as of July 2024
I wish you the best for your journey. 😊
