Key Findings Product Managers Should Pay Attention To
For the last four years we have been conducting a global study of product teams. Last year approximately 1,500 organizations participated in our survey. Once complete, we provide the data to an independent statistician who then conducts regression analysis. To date we have identified twenty factors that are highly correlated with high performance on product teams. Last year four new factors surfaced in our on-going research. These are key findings product managers and product teams should pay attention to in order to increase performance.
Factors Highly Correlated With High Performance On Product Teams
- Strategic Decision-Making Aptitude: Our analysis shows that organizations that develop their strategic decision-making capabilities, and have the discipline to stay the course, have a significant marketplace advantage.
- Standup Frequency: In short, we found that standup meeting frequency matters. Organizations that regularly conduct effective standups are more likely to perform at a high level.
- Quick Problem Recovery: All product teams experience unexpected problems. Team performance directly correlates with how quickly product teams can move past these issues.
- User Experience’s Integration in the Product Development Process: Product teams that successfully integrate user experience professionals into the product development process are more likely to perform at a high level.
Further Analysis: Key Findings Product Managers Should Pay Attention To
When it comes to strategic decision-making aptitude few organizations tell us they do it well. In fact, only 37% of organizations even have a product strategy. Our regression analysis clearly indicates that product managers and product teams that are adept at designing, implementing and incrementally adjusting a product strategy simply perform better than their counterparts. If you and your organization are looking to trump the competition this is clearly an area worth focusing on.
On a more tactical level our regression analysis also indicates that standup frequency makes a material difference in product team performance. In fact, the more frequently well-run standup meetings are held – the more likely a product team is to be high performing. Teams that conduct effective standups daily or regularly are more likely to out-perform their peers.
All product managers and product teams encounter unforeseen problems when developing products. But our analysis shows that those who can quickly overcome unforeseen challenges outperform their peers. If your product team blinks in the face of unforeseen issues you are more likely to be at the bottom of the pack. Nimbleness matters when it comes to high performance.
Finally, product teams that successfully integrate user experience (UX) into their product development efforts are more likely to perform at a high level. Our data shows that not only does UX’s inclusion matter it also illustrates that most user experience professionals are being utilized on new (high risk/high reward) product initiatives. In fact, only a third of user experience professionals indicate that they work on incremental improvements to existing products.
So as we move forward into 2016 take a second to reflect on how effective your product team is at incorporating and responding to these regression analysis factors. The more of these key findings product managers and product teams do well the better!