Four Questions Product Mangers Should Ask Every Day

"The person who asks questions is more helpful than the person who offers advice." - James Clear

As a product manager, there are never-ending demands seemingly always in your head. How can you drive clarity? How can you clear the air? It's important to stay focused on the right priorities for your product. To help you do that, here are four key questions that you should ask yourself every single day, and challenge yourself to respond in one sentence or less. This simple exercise can create clarity, opening your mind to new paths forward.

What is the most significant challenge facing our product right now?

By identifying the biggest challenge facing your product, you can ensure that you and your team are working on the most important priorities. Research shows that 36% of product managers consider competition as the biggest challenge, while 23% consider budget constraints, and 20% consider time constraints. So, it's important to identify the right challenge and take necessary action.

Potential response: "The biggest challenge facing our product right now is too many features that are not driving enough value."

How are we performing against our key metrics?

Being data-driven is crucial for a product manager. A study suggests that companies that prioritize data-driven decision-making are three times more likely to report significant improvements in decision-making. Therefore, you need to constantly monitor your product's performance against key metrics and make informed decisions based on that data.

Potential response: "Our daily active users have dropped 10% over the last quarter. What are we doing to address that?"

What feedback have we received from our customers?

Customer feedback is a crucial source of information for product managers, with research suggesting that 82% of companies that listen to their customers have better customer retention rates. By asking this question, you can ensure that you're aware of any pain points or areas for improvement in your product.

Potential response: "In a recent survey, our customers mentioned it was hard to find information about our policies."

How can we improve the customer experience?

Providing an exceptional experience for your customers should be your ultimate goal. Companies that prioritize the customer experience are four times more likely to report revenue growth, according to a recent study. Therefore, you need to constantly strive to improve the user experience of your product.

Potential response: "The next set of user testing interviews is next month, are we prepared?"

Summary

Asking yourself these four questions every day will help you stay focused on the most important priorities for your product. Maybe the answers to the questions don't change over time. That's okay. Maybe they change every single day. That works too.

Remember what Socrates said, "The only true wisdom is in knowing you know nothing."

By identifying the biggest challenges, monitoring key metrics, listening to customer feedback, and improving the user experience, you can drive growth and ensure the long-term success of your product.

If you want to learn more about product management, be sure to check out the ITX Product + Design Conference happening on June 22-23, 2023. It's a great opportunity to connect with industry experts and learn about the latest trends and best practices in product management and design.