Success Factors in Product Management and the Role of Data

Product management (PM) coordinates product ideation, planning, development, marketing, and control. Today, the key challenge is adapting quickly to market changes. In addition, product-related data and its analysis are becoming increasingly important in improving product-related decisions so-called data-driven product management. The success of PM activities depends on several factors. A detailed analysis of these success factors enables better alignment of PM with its contingencies, thereby enhancing competitiveness. Our research is grounded in a systematic literature review to identify success factors in PM. To improve these insights, we conducted a quantitative survey of product managers, examining the success factors regarding their influence on PM and the extent to which they can be shaped by it. It also discusses the success factors in data-driven PM by asking how much data can support fulfilling the success factors. The results provide valuable insights for research and industry by identifying and ranking a central set of success factors. Furthermore, our findings highlight the growing importance of data analytics in enhancing PM practices and driving strategic decision-making.