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When Data is Helpful and When It's Not in Product Development
- Data can be a guiding light, informing decisions, uncovering insights, and driving innovation.
- Data is essential to driving a product’s success through identifying customers needs, understanding market trends, validating new concepts, and monitoring user engagement and retention.
- Data plays an important role in product discovery and validation to help us navigate the unknowns and uncertainties.
- However, data isn’t always the reliable friend you expect it to be and should be set aside or disregarded in certain scenarios.
- Examples of situations where data may not be necessary include regulatory obligations and low-risk, high-reward decisions.
- When the cost of delaying a decision is higher than the cost of making a wrong decision, avoid analysis paralysis and quickly deliver something that will help you learn.
- Creativity needs space for free exploration and validation can come later.
- It’s important to maintain a healthy level of skepticism when using data, especially when predicting the future, as disruptive events can completely change the product development landscape.
- Data must be collected correctly as it can be valuable when done so, but improperly gathered data can actually undermine transparency.
- Teams should engage in conversations regularly, such as 'Do we need any data or evidence?' and 'What kind of data will be helpful?' to ensure proper collection and application of data.
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