Does Silicon Valley really have the best product managers? Do product teams in different verticals and regions care about the same metrics? And what’s the real cost of innovation without data?
To better understand how successful product teams turn user behavior data into business-building insights, we asked more than 450 product professionals around the globe—from SMBs to Fortune 100 enterprises—about what metrics matter most to them, how they use data to drive product innovation, and the barriers and challenges they face to becoming data-driven.
Keep reading to learn:
Data-led product innovation is happening globally.
For those of you who thought that data-led product innovation only happens in tech hubs,think again. While tech-forward cities like San Francisco, New York, and London do have higher concentrations of product teams, data-led innovation is happening globally
The most sophisticated product teams rely most on quantitative data from product analytics solutions.
Product teams of all levels of sophistication are leveraging lots of data sources like surveys, analytics tools, and competitive intel to inform decisions. But the most data-sophisticated product teams look to product analytics that measure user behavior to drive innovation.
Retention, engagement, and conversion are the top metrics for product teams globally.
This is no surprise, but focus metrics vary across specific industries. (Hint: It’s not always what you think.) Across geographies, Europe tends to care most about engagement metrics like Active Usage and Activation; the U.S. tend to focus more on top-line metrics like Revenue.
Only 10% of product teams are able to validate all decisions with data.
Data is abundant, but only 10% of product teams feel they are able to validate all decisions with data, and only 38% feel they can effectively measure their top metrics. B2B companies struggle most with this.