Optimize Your Workflow with Lead Funnel Analysis for Product Management

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i'm going to tell you how to optimize the user experience of your product with funnels and user journeys [Music] what is going on everybody welcome to another video my name is alex if you're new to this channel and you want to learn about product management business finance how to get into the top tech companies make sure you subscribe hit the bell icon so you don't miss anything also smash the like button to help this video get to more people interested in building and product management we're going to talk about how to improve the user experience today we're going to use a number of tools funnels user journeys i'm going to walk you through some of my favorite methodologies i'd love to hear what you think let me know if you have other ideas if you think about improving user experience in different ways let me know down in the comments i respond to every comment all right let's get started the first thing to keep in mind is that optimizing the user experience you want to be partnering with other folks of course if you're in a startup you're doing everything by yourself i understand you can't do that but if you're in a bigger company or in the top tech companies make sure you're partnering with user experience designer user experience researchers and other folks that can actually help you make meaningful progress don't think you have to address it all by yourself having said that let's go to the first thing in the process number one is think about the user and the user experience have the user clearly in mind the problem that the user is trying to solve make sure you have that in mind have also in mind the vision for your product for your company make sure you have all those pieces in mind as you begin on your journey to actually improve the user experience make sure you understand all of the actors that are involved everything that's going on in the space in your product space you understand that so you can actually improve it next when you're thinking about these users think about specific groups of users that you can identify this is an existing product so you've got data and you can segment the different users into different groups that are relevant and meaningful and you can analyze together bundled and build user personas so that you understand what are the people in this group give them a user persona by the way if you're a new product manager i have a video talking about the top tips for new product managers you might find that helpful check it out let me know what you think next identify the specific use cases for each persona so what are the ways that these users interact with your product right now identify all of them and write them down it might be place an order check on the status of an order check on the status of a delivery write a review right all of the things that a user can do with your product you should write out and it should be specific for each user persona or segment of users next plot out the user journey for each use case what does it actually look like and this is where we get into these user journeys into these funnels what does it actually look like what does each step look like what does the user do step one log in step two go to your cart step three browse items right and you can get even more detailed with those journeys right every step you can identify and have as a single item now make sure you're actually tracking all of these points with data you've got data tracking the way that users interact with your product at these spots so if you've made your user journey in these 10 or 12 steps make sure they're captured in events within your product so that you can get data back about how these segments of users are actually interacting with your product how are they moving down this flow and that brings us to funnels once you log all of the events events are when something happens when a user does something in your app so for instance going into the shopping cart browsing an item or multiple items or a category that might be an event and it gets fired stored in your product when something happens when you've got a large set of those events you can start to analyze how far different users went into those user journeys and that's what's called the funnel you can think of a funnel that starts out at the top with all of your users going into your product let's say it's an app they go into your app they launch the app so step one event one is they launch the app what happens next in this particular use case when a user maybe wants to place an order is browsing for something and then wants to place an order the funnel starts out with the user entering the app then browsing for an item selecting an item adding that item to cart selecting the preferences for shipping and then placing the order and the funnel you're tracking all of these events and what you're looking for are big drop-offs you're looking for drop-offs that are maybe more substantial than others what is happening between these steps at which step is the user likely to leave the product and not continue down the funnel because the ultimate goal usually and hopefully you have your actual goal for the product and the company already set up but the goal is to get the user down the funnel into the conversions at the end is a conversion either they buy something or they come back to buy something else or they make a referral or whatever it is that's your conversion that's your success metric and you're trying to get as many users as possible down in the funnel so next once you've identified these big drop-offs these areas where users are not proceeding to the next step in the funnel try to create hypothesis why might that be put yourself in the shoes of the user in that user segment going through that user journey in that funnel why did they stop at this point what did they see what did they interact with what happened before start to formulate a hypothesis hopefully with your broader cross-functional group engineers user researchers ux designers etc what could have happened at this point or prior that made this user drop off at this point in the funnel you can track when users are leaving when users maybe are making duplicative actions they're repeating the same action over and over meaning they're not getting what they want what other markers can you see that users are not proceeding down the funnel maybe they're going backwards what does it mean when a use case should end with a conversion but it actually ends up going back is that a specific use case or why could that have happened next you formulated some hypothesis about what could have been the reason for the drop-off in these particular spots next you're going to do a b test so you're going to instrument a potential solution that could in your opinion influence this group of users at this stage in the funnel and get them to proceed further down the funnel instead of churning meaning instead of leaving your product and the reason why you want that in a b test is because you want to make sure that you're still tracking what happened to the users where no changes were made a in this case and what happened to the users where you've made the changes and you're now routing them to a different action that's your b you want to compare a and b group and you want to do it in a way where you can be confident that if you did have an influence on this b group and they did go deeper down in the funnel you want to make sure that that's statistically significant and you know that that's actually the case and it's not just a fluke now be careful that you don't try to influence the same variable through multiple ways through multiple experiments try to do one thing at a time especially at the beginning for instance you've changed the sign up flow now users need to only fill out two fields instead of six watch what happens are they going deeper and down the funnel if yes and the a b test confirms it then you've made an improvement in the user experience what happens next are they picking too many items are we taking too long to get them to the checkout page or if it's a different product entirely are we not engaging them quickly enough what is actually happening what can we improve so you're gonna put together multiple iterations and as you go you're gonna make the experience a little bit better each time you make an update sometimes you'll go backwards because some of the a b tests will show that you actually have negative movements so you've made the metrics you need to move backwards because not all of your hypothesis will be right that's okay but as long as in aggregate you keep moving forward and you keep getting more and more users to move deeper and deeper down the funnel by the way if you want to know how to improve a product you can check out this video that i made specifically about that check it out and let me know what you think of course that's just one way of optimizing the user experience we'll talk about more in other videos hopefully you enjoyed this video though so make sure to hit the like button if you want to see more content like this in the future and subscribe if you haven't already i see 55 of you as of the recording this video are not subscribed or watching but not subscribed if you like this video i have ton more videos here there a little bit here maybe product management business hopefully you find those valuable and if you do make sure you subscribe and of course leave me a comment with your questions suggestions or ideas for new videos thank you very much for watching i'll see you next time