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The specifics of a product analyst's work will vary from company to company. This depends, of course, on the focus and scope of the organization's business. Most often, it is aimed at:
mobile phone applications on different platforms;
websites;
applications for PC versions;
content sharing platforms and social networks;
products for dentist data package entertainment and play;
Software for servers and computers;
marketplaces and electronic payment systems;
banking products;
healthcare products;
smart home product analysis;
Analysis of products for project and business management.
As part of his career ladder, this specialist can work with several types of goods, but for this it is important for him to understand their specifics and be able to determine a more effective and high-quality strategy.
If the company does not have a position for such an analyst, then the manager will have to understand product marketing metrics.
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Leading and lagging indicators
With the help of product metrics, you can determine the movement of the business, its path. This data is called lagging and leading, and when analyzing the business as a whole, both must be taken into account. The choice of the type of metric will depend on the goal of the company's product. Let's look at an example to make it clearer. So, the main goal is to increase the number of subscribers. This means that the leading indicator here will be the total number of new registrations.
With the help of lagging indicators, you will be able to find out whether your steps were successful or unsuccessful. What indicator can be used in this situation? For example, annual income from repeat purchases.
Leading indicators help build tactics. At the same time, they should be easily measurable, which will allow you to build more accurate forecasts and select the most effective tactics.
Leading and lagging indicators
Source: shutterstock.com
What's interesting is that lagging indicators are based on a long-term strategy. And the small changes you make today may show up some time later. This is a kind of delayed effect of this tactic.
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Alexander Kuleshov
Alexander Kuleshov
General Director of Sales Generator LLC
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