Test hypotheses from "summary" of Product Management in Practice by Matt LeMay

Hypothesis testing is a crucial step in the product management process as it helps validate important decisions that will shape the future of a product or service. It allows product managers to accurately evaluate potential implications of their strategy and modify it accordingly.

Gathering insights from hypothesis testing can provide product managers with valuable feedback to identify which areas of focus need to be released faster, adjusted, or even removed completely from the development roadmap.

Data and experimentation are key components when formulating successful hypotheses. Utilizing marketing data and research from existing initiatives can guide how a product manager forecasts resources to meet users' needs and wants.

While “gut feelings” and intuition may play a role in decision-making, hypothesis testing enables product managers to test ideas objectively and track their performance over time.

To ensure accurate results, consistent data collection and tracking are essential for evaluating user behavior and capture changes that occur over long periods. Additionally, setting up a system to collect logs and metrics can help analyze user engagement with products from different sources such as websites, apps, etc.

Effective communication is paramount for successfully running experiments and promoting good practices across the entire team. Product managers should ensure all members understand the process and goals of each experiment so everyone is on the same page when interpreting results.

Lastly, an important factor when considering test hypotheses include cost: time constraints related to development, iterative cycles, and customer support. Setting feasible goals plays a major role in delivering an optimal product experience and should always be taken into account while creating hypotheses.