<aside> ✨ You're reading page 3 of the Product Development Handbook.

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** People and Roles
→ Collect Data
Capture Context Define a Feature Prioritize Build Measure

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Why we invest in research

Research is the process of bringing together data to create usable insights. The financial investment in research provides both tangible and intangible outcomes.

The tangible benefits:

• reduced churn
• increased conversion rate
• reduced customer acquisition cost
• increased total lifetime value
• reduced customer support tickets

The intangible benefits:

• better user experience
• less customer frustration
• increased team purpose and sense of direction
• better word of mouth marketing

We invest in research to reduce risk, test assumptions, and make decisions. Everyone has assumptions, and the difference between the assumed reality and the real world needs to be fully understood.

<aside> 📖 To read more on why we test assumptions, check out this book → Just Enough Research by Erika Hall

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Prioritising is like gambling. We use research to help us win more often.