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How to answer Product Strategy questions
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@Nag
Platinum PM
Platinum PM
| Qualitative Insights | Quantitative Insights | |
Type | Persona based | Behavior based | Predictive |
| What is it? | Approach that blends data driven segments with qualitatively developed representation of customers | An approach that classifies customers into groups based on behavioral, transactional and other data sources | An approach that parses customers based on their propensities to take specific actions |
| Describing | Grouping | Predicting | |
| How do you do it? | Conduct interviews with customers to determine achetypes | Apply a clustering algorithm(k-means) | Apply classification or logistic regression |
| When do you user it | Customize for user types even if you have limited data or analytics resources | Discover new, unknown segments in large amounts of data | Which customers are likely to click, buy etc. |
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