The Power of Recommendations and Effective Product Management

Glasp

Hatched by Glasp

Jul 04, 2023

4 min read

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The Power of Recommendations and Effective Product Management

In today's digital age, where advertising is ubiquitous, consumers are constantly bombarded with promotional messages from various sources. With so many options available, it can be challenging for individuals to determine which advertisements to trust and which ones to ignore. However, studies have shown that recommendations from friends and family remain the most credible form of advertising among consumers.

According to data from 2015, a significant percentage of global respondents (83%) trust the opinions of friends and family when it comes to purchasing decisions. What's even more interesting is that the same percentage of respondents (83%) take action based on these recommendations. This suggests that there is a strong correlation between trust and action, indicating that individuals are more likely to act upon recommendations they trust.

Branded websites rank as the second-highest-rated form of advertising in terms of trust and action, with 70% of respondents reporting trust and 70% taking action based on these websites. This indicates that consumers perceive branded websites as reliable sources of information and are more likely to engage with the advertised products or services.

Interestingly, when it comes to online advertisements, self-reported action often exceeds trust by a significant margin. Ads served in search engine results, ads on social media, and text ads on mobile phones all demonstrate this trend. For example, 47% of respondents trust ads served in search engine results, but 58% take action based on these ads. This pattern can be attributed to the easy access to products and services provided by online and mobile formats. Consumers can quickly and conveniently make a purchase after being exposed to these advertisements, leading to a higher likelihood of taking immediate action.

In Japan, a country known for its technological advancements, the role of a product manager holds significant importance. The title "ใƒ—ใƒญใƒ€ใ‚ฏใƒˆใƒžใƒใ‚ธใƒฃใƒผ" refers to a professional responsible for making crucial decisions about what products to create. While a product manager does not have the authority to make personnel decisions like a CEO, they still carry the responsibility of leading teams and ensuring the success of the product and business.

Successful product managers possess several key traits that set them apart from their peers. Firstly, they have a deep understanding of the market and the needs of the target audience. By staying updated on industry trends and consumer preferences, they can make informed decisions about product development.

Secondly, effective product managers are skilled communicators. They can clearly articulate the vision for the product to their team and stakeholders, ensuring everyone is on the same page. Additionally, they actively listen to feedback from customers and team members, incorporating valuable insights into the product development process.

Lastly, successful product managers possess strong leadership skills. They inspire and motivate their teams, fostering a collaborative and innovative work environment. By effectively managing resources and prioritizing tasks, they ensure that the product is delivered on time and meets customer expectations.

To conclude, the power of recommendations cannot be underestimated in today's advertising landscape. Consumers place a great deal of trust in the opinions of friends and family, making it a credible form of advertising. Additionally, branded websites provide reliable information that leads to action. The online and mobile formats allow for easy access to products and services, increasing the likelihood of immediate action.

For individuals aspiring to become successful product managers, it is essential to possess a deep understanding of the market, excellent communication skills, and strong leadership abilities. By honing these qualities, they can effectively make crucial decisions and ensure the success of the products they manage.

Actionable Advice:

  • 1. Cultivate a network of trusted friends and family whose opinions align with your preferences. Seek their recommendations when making purchasing decisions.
  • 2. When creating a branded website, prioritize providing accurate and valuable information to build trust with your target audience.
  • 3. As a product manager, focus on developing a deep understanding of the market and the needs of your target audience. Stay updated on industry trends and consumer preferences to make informed decisions about product development.

In conclusion, leveraging the power of recommendations and adopting effective product management strategies can greatly impact consumer behavior and product success. By understanding the importance of trust, accessibility, and effective communication, businesses and individuals can navigate the complex world of advertising and product development with confidence.

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