The new year has come with all its might, friends.
It’s high time you turned your whole attention to this new year and what it has to bring along the way. As an aspiring product manager or someone who already works in this field or with product teams, there are several descriptive statistics and data that can enrich your knowledge and impact your job search – or how you currently perform at work.
Without further delay, let’s talk about some of the most vital statistics and data for you.
Here we go 🤝
Product Launch Statistics
👉 From Harvard School of Business, Professor Clayton Christensen claims that almost 30,000 new products are launched into the market for customers’ attention each year. However, spontaneously, almost 95% of them are likely to fail. (Harvard Business School)
👉 According to recent statistics, out of all the products created by companies, only 40% of them tend to survive in the market. Furthermore, of that 40%, only a sum of 60% was achieved to gain any kind of revenue. (Marketing Research Association)
👉 According to a recent survey, around 63% of the testimonials stated that they like it when introduced to a new product. (Nielsen)
👉 According to a survey, it was found that 75% of people wouldn’t mind paying extra for Automotive innovation. (Lab42)
👉 Around 57% of recent survey participants stated that they had bought new products during their last trip to a simple grocery store. (Nielsen)
👉 It’s been found that 63% of people tend to buy products that have been in the market for a long time. However, 21% of them strongly tend to buy them once they are launched. (Lab42)
👉 Almost 27% of potential customers tend to believe that maybe a greater amount of products in the market might have a chance at making their lives easier. (Nielsen)
👉 One of the most common problems most businesses face during any product launch is ”Lack of preparation.” (Harvard Business School)
👉 According to a 280 Group Survey, participants say that 1 out of 5 products fails to meet the customer expectations, making a well-performing product manager, a great product vision, and a solid launch even more critical.
👉 It takes an average of 28 weeks for a new product to reach 75% of its highest distribution. (G2)
SaaS Statistics on Product
👉 Business owners estimate that 70% of work-related apps that they use today are mostly based on SaaS. They also add that this rate will increase to 85% by 2025. (Startup Bonsai)
👉 BetterCloud reports that businesses today use an average of 80 IT-sanctioned SaaS applications. That approximately makes a 5x increase over a period of three years and a total of 10x since 2015. (BetterCloud)
👉 Businesses that have adopted cloud-based SaaS platforms state that they can now bring new potentials and capabilities into their market growth about 20% to 40% faster. (McKinsey)
👉 In a survey of 1,239 participants conducted just before COVID-19, 88% said that they used cloud services, and most of them believe that their companies will grow this rate of usage of cloud services over the next 12 months.
👉 Projected worldwide end-user spending on public cloud application services/SaaS is projected to reach $232.3 billion in 2024. (Artios)
Product-Related Challenges – Guide for Product Managers
I think you have realized by now that having a career in product management is a challenging and highly demanding profession. Understanding these primary challenges that product managers face every day can help you prepare for any possible friction that comes along your journey.
The 280 Group conducted an in-depth survey — with answers from 890 Product Managers — of the most common challenges that product managers face. Here are some of the organization’s helpful findings:
👉 Almost 50% of survey participants stated that their product management teams fail to have a consistent or well-prepared process.
👉 Product managers are mostly seen as leaders. However, 57% of participants think their PM is ”still too tactical and not strategic enough.”
👉 More than half of survey participants said that the skill level of their product managers was below average.
👉 15% of project managers have stated that they needed to focus on a single project at a time. However, most of them manage around five projects, and in some rare cases, the number even goes up to 10. Managing multiple projects is not easy for them, and in this case, product management software might help:
👉 Despite several advantages of the best project management software, only 1-in-4 companies use them. The rest are still using old-school spreadsheets, paper, and other tools with little to no integration abilities.
👉 Over 3-in-4 successful project teams, however, actually use project management software for the better. This use of software eases and quickens project collaboration, tracking, and systematic analysis, which makes a remarkable difference in the productivity of the project teams.
Just a side note – the importance of product management
Having seen that product managers have a lot on their plates, let’s take a quick look at how much things can be achieved via ‘‘good” product management.
👉 A fully optimized product manager could increase company profits by 34.2%. (280 Group)
👉 69% believe that product management is a leadership role. (Product Focus)
👉 43,3% say that product managers are seen as leaders and key differentiators inside their organization, and they’re highly effective in increasing the company’s annual growth rate.
👉 85% of buyers stated that the product information and visuals are vital when deciding which brand to buy from. (Google)
👉 In 2022, organizations were found to waste 12% of their resources due to ineffective project management. (Kissflow)
👉 60.3% of executive leaders are only partially aware of the value a product manager brings to the table in the company. (280 Group)
How about the new technology age?
👉 It was recently found that 63% of smartphone users -everyone?- are more likely to make buying decisions from brands whose mobile websites or apps offer them relevant suggestions on products they may show interest in. (Google)
👉 51% of survey respondents said they prefer to use a brand’s mobile app when shopping via a smartphone because they can get rewards or points in return for their purchase. (Google)
👉 50% of smartphone users have been found to prefer to use a brand’s mobile site when browsing or shopping simply because they don’t want to download an app. (Google)
👉 30% of active users are found to be more likely to use a company or brand’s mobile site on a smartphone when making a one-time purchase. (Google)
👉 58% of smartphone users have stated that they feel more favorable toward companies whose mobile sites or applications have their identity and their past buying behaviors. (Google)
👉 It’s proven that 60% of smartphone users have contacted a business directly using the search results. (Google)
👉 80% of shoppers use a mobile phone inside of a physical store to either look up product reviews or compare prices. (Go-Globe)
Frequently Asked Questions
How important is product management?
Proper product management is vital to your company’s overall growth and revenue increase. It’s so vital that a fully optimized product manager has been found to be capable of increasing company profits by 34.2%.
How relevant is today’s technology when it comes to product management?
Just like any other field, technology in the 21st century is crucial to the enhancement of product management; it was recently found that 63% of smartphone users are more likely to make buying decisions from brands whose mobile websites or apps offer them relevant suggestions on products they may show interest in. With this information, you can use current technology elements to provide better additional services for your customers.
What should I pay attention to when I’m about to launch my product?
When you are about to launch a product, you should pay extra attention to your preparation process; one of the most common problems most businesses face during any product launch is ”Lack of preparation.” (Harvard Business School)
