One of the biggest challenges that product managers face is that we really do want to make our product the best. The problem that any product manager faces is that sometimes the market doesn’t seem to like that. The level or amount of demand for your product will tell volumes about how fast your product can move. A market valuation is an important thing for a company to do once they decide to introduce a new product to the market. However, sometimes a market assessment might go somewhat awry and your product is being ignored. How can you prevent this from happening?
Why Is Stagnation Good?
One of the most fundamental problems is what to do when all the data that you’ve gathered is too much to consolidate into a single number. This is a major challenge for markets that are dealing with a cyclical or seasonality issue. When we are faced with this issue, it can really irritate you. However, when “stagnation” looms, do we have to remove our heads from the issue?
Over time we can build up so much of a product’s weaknesses and metrics that no one considers that we are not paying close attention to the impacts that may be occurring. However, sometimes even though we have built up a lot of biases and blind spots, the inertia of the existing set of metrics when faced with newer ones, can help keep us from taking a step back to sort out what is truly happening.
What has happened recently might keep us crammed with more data that we can’t assimilate and receive the feedback that will provide the new insight that is needed to make adjustments. In this situation, the optimal strategy to deal with the problem may be to start to use statistic based static reference very carefully. Set aside the “old school” approach of simply measuring everything and determining everything is bad.
Read on and you’ll find out how using the concept of statistic validation can be very helpful for you. The thing that is so powerful about statistical validation is that it allows you to probe the data that is being reported in a very hungericating salt-mysis fashion.
What should statistical validation look at?
To understand why different reps like to do differently, you need to understand what data that you’ve gathered is actually telling you. There are two parts to the data that you are going to have to process. The first part is to learn what your sales reps like to do while they are working.
Your reps may like to go back to the same old complaints and these are the topics that you should measure based on your opening rate. However, your reps may be quite happy to talk about new products that they have seen. You need to measure your response rates based on how you are selling to your reps. The second part of the data that you have to process is the problem sales performance. When these issues consistently show up on sales teams and sales reports, it will tell you that you need to work on your reps to bring them back into performance.
In order to get buy in from sales managers that this is what needs to be done, you are going to have to take a look at the data that is available. You need to have a system in place that makes this information accessible to you. The easiest way to make this happen is to create you have a process that allows you to validate special issues that need to be addressed for dielectric testing companies.
You can have a number of different data sources that will provide you with metrics that you want to measure. The data that it looked at can be taken from whatever third party site you have access to, such as product information from your customers. The data that you have can also be drawn from your sales team. The nice thing about having this information in one place for the whole organization is that it can make it easier for them to see what is really happening. They can review historical data with you that may have been overlooked by the data that each individual rep contributed to.
Overall, what you want to do here is to have a total asset inventory of a number of the questions that you will need to ask both your reps and the inventory of services that you provide to billing, touches/ introduction, etc. Three final steps that you can take is to segment expectations and create an accountability framework that your reps will need to do.
How Often Do You Need To Validate?
A lot of managers of sales departments like to set up up monthly activities that are measured against expectations. In over 20 years working in a part of a single company, I learned that monthly activities are almost never accurate. What these managers are looking at is a predictive tool that they are hoping is the key to success.
The one thing that we discovered is that what you are looking at to set these expectations up is not accurate. It is much too high a number.