post

B2B product management

Artificial Intelligence (AI) & Machine Learning (ML)

Building Product Teams

Business Strategy

Data Driven Product Management

Digital Transformation

Diversity and Inclusion

Minimum Viable Product

OKRs

Prioritisation

Product Design

Product Research

Product Development Process

Product Ethics

Product Discovery

Product Leadership

Product Management Career

Product Strategy

Stakeholder Management

🌎 <a href="https://www.mindtheproduct.com/world-product-day/" style="color:#FFFFFF;text-decoration:underline;">Happy World Product Day!</a> Be sure to celebrate product, yourself, and your peers today! 🎉

What to do when it’s time to pivot in product: Lessons from Bumble

Clarity: The key to product success – Arne Kittler (Product Leadership Sidekick, Product at Heart)

Ditch the PRD template and embrace the PRD checklist

Product management books to read this summer and beyond

Bridging the gap between data, product, and analytics 

Footer About

Footer Contribute

Footer Get Involved

Footer Links

Mind the Product

Podcast

Why can’t we get accessibility right? Claire Bauden (SVP Global Product Design, Global Payments Inc.)

Guest Post

What it means to be a product manager in the pharmaceutical industry 

Saurabh has 18 years of progressive experience in product management, people management, database management, managing product development, quality assurance, and system and SQL Performance. Currently he is working as a Lead Product Manager for BMC data products area at BMC software. Earlier in his career, he worked for the organizations like Defence Research Development organization(DRDO), Tata Consultancy Services(TCS), NSDL(National Securities and Depository Ltd.) and HSBC at various roles. In addition, Saurabh has explored data wrangling with Python/MongoDB, DevOps practices, MATLAB, Artificial Neural Networks/Fuzzy Logic etc. He is also a Certified Scrum Product Owner (CSPO) and SAFe 4 certified Scrum Master and practitioner. He has a master’s in electronics and an MS in consultancy management from BITS Pilani. He has a keen interest in face reading and body language.

Saurabh Pandey

<p>As a product manager you must make informed decisions that drive the success of your product. However, like any human being, you might be vulnerable to biases that cloud your judgment and stop you from making objective choices. Recognizing and overcoming these biases is crucial for effective product management.</p>
<h2>Confirmation bias</h2>
<p>Confirmation bias is the tendency to seek out and interpret information that confirms your existing beliefs and hypotheses while ignoring contradictory evidence. Product managers may fall into this trap when analyzing user feedback or conducting market research. To overcome confirmation bias:</p>
<p>i) Seek diverse and different perspectives: You must encourage an open feedback culture and actively seek different opinions and viewpoints from team members, stakeholders, and customers.</p>
<p>ii) Conduct comprehensive research: Ensure that your research methods are comprehensive and unbiased, collecting both positive and negative data. Be open to data that challenges your assumptions.</p>
<p>iii) Play devil&#8217;s advocate: Challenge your own assumptions and arguments by actively seeking counterarguments to balance your perspective.</p>
<h2>Anchoring bias</h2>
<p>Anchoring bias occurs when decisions are influenced by the first piece of information encountered, setting a reference point for subsequent evaluations. Product managers can fall into this trap when setting pricing, prioritizing features, or estimating timelines. To mitigate anchoring bias:</p>
<p>i) Gather many reference points: Seek out a range of data points and compare them to set a more realistic baseline for decision-making. Avoid relying solely on the first piece of information encountered.</p>
<p>ii) Encourage independent analysis: Encourage team members to independently evaluate options before sharing their perspectives. This helps avoid anchoring the group&#8217;s decision on one individual&#8217;s viewpoint.</p>
<p>iii) Use data-driven decision-making: Rely on quantitative data and metrics whenever possible to support your decision-making process. This can help reduce the influence of arbitrary reference points.</p>
<h2>Availability bias</h2>
<p>Availability bias refers to the tendency to give more weight to information that is readily available or easily recalled from memory. This bias can lead product managers to make decisions based on recent experiences or vivid anecdotes rather than objective data. To overcome availability bias:</p>
<p>i) Maintain a balanced perspective: Recognize that easily available information may not represent the entire picture. Actively seek out additional data sources to gain a comprehensive view.</p>
<p>ii) Systematize data collection: Establish consistent methods for data collection and analysis to avoid relying solely on easily accessible information. Use tools and frameworks that promote objectivity and data-driven decision-making.</p>
<p>iii) Leverage user research: Conduct user interviews, surveys, and usability tests to gather reliable insights directly from your target audience. This will provide a more accurate understanding of their needs and preferences.</p>
<h2>Conclusion</h2>
<p>Overcoming biases is a continuous process that requires self-reflection and awareness, an open mind, and a commitment to objectivity. As a product manager, being aware of common biases and employing strategies to mitigate them is essential for making informed decisions and driving the success of your product. By actively seeking diverse perspectives, relying on data, and challenging your own assumptions, you can create a grounded product strategy that is better aligned with user needs. Remember, overcoming biases is a professional responsibility and a key driver for delivering exceptional user experiences.</p>
<h2>Additional resources</h2>
<p>The following books ponder the topic of biases and decision-making.</p>
<ol>
<li><span style="font-weight: bold; text-decoration: underline;"><a href="https://www.amazon.com/Thinking-Fast-Slow-Daniel-Kahneman/dp/0374533555" target="_blank" rel="noopener">Thinking, Fast and Slow</a></span> by Daniel Kahneman: This book explores the two systems of thinking that drive our decision-making processes and highlights the biases that can emerge.</li>
<li><span style="font-weight: bold; text-decoration: underline;"><a href="https://www.amazon.in/Nudge-Improving-Decisions-Health-Happiness/dp/0141040017" target="_blank" rel="noopener">Nudge: Improving Decisions About Health, Wealth, and Happiness</a></span> by Richard H. Thaler and Cass R. Sunstein: This book explores the concept of nudges and how subtle changes in the decision-making environment can help individuals make better choices while mitigating biases.</li>
<li><span style="font-weight: bold; text-decoration: underline;"><a href="https://www.amazon.in/Predictably-Irrational-Revised-Expanded-Decisions/dp/0061353248" target="_blank" rel="noopener">Predictably Irrational: The Hidden Forces That Shape Our Decisions</a></span> by Dan Ariely: In this book, Dan Ariely explores the irrational behaviors that influence our decision-making processes and provides insights into how biases affect our choices.</li>
<li><span style="font-weight: bold; text-decoration: underline;"><a href="https://amzn.eu/d/316jUe7" target="_blank" rel="noopener">The Undoing Project: A Friendship That Changed Our Minds</a></span> by Michael Lewis: This book delves into the partnership between psychologists Daniel Kahneman and Amos Tversky, exploring their groundbreaking research on biases and decision-making.</li>
<li><span style="font-weight: bold; text-decoration: underline;"><a href="https://www.amazon.in/Blindspot-Mahzarin-R-Banaji/dp/0345528433" target="_blank" rel="noopener">Blindspot: Hidden Biases of Good People</a></span> by Mahzarin R. Banaji and Anthony G. Greenwald: This book explores the hidden biases that affect our judgments and decision-making, shedding light on the subconscious biases we all possess.</li>
<li><span style="font-weight: bold; text-decoration: underline;"><a href="https://www.amazon.in/influence-Psychology-Persuasion-Business-Essentials/dp/006124189X" target="_blank" rel="noopener">Influence: The Psychology of Persuasion</a></span> by Robert B. Cialdini: Although not focused solely on biases, this book examines the principles of persuasion and explores how understanding human psychology can help mitigate biases in decision-making.</li>
<li><span style="font-weight: bold; text-decoration: underline;"><a href="https://www.amazon.in/Halo-Effect-Business-Delusions-Managers/dp/1476784035" target="_blank" rel="noopener">The Halo Effect: &#8230; and the Eight Other Business Delusions That Deceive Managers</a></span> by Phil Rosenzweig: This book examines common biases that influence business decisions and provides insights into how to navigate and overcome them.</li>
<li><span style="font-weight: bold; text-decoration: underline;"><a href="https://www.amazon.in/Algorithms-Live-Computer-Science-Decisions/dp/1627790365" target="_blank" rel="noopener">Algorithms to Live By: The Computer Science of Human Decisions</a></span> by Brian Christian and Tom Griffiths: Although not specifically about biases, this book explores how algorithms and computer science concepts can inform human decision-making and can help mitigate biases.</li>
</ol>
<p>Here are some YouTube videos that discuss biases and decision-making:</p>
<ol>
<li><span style="text-decoration: underline;"><a href="https://youtu.be/wEwGBIr_RIw" target="_blank" rel="noopener">12 Cognitive Biases Explained &#8211; How to Think Better and More Logically Removing Bias</a></span></li>
<li><span style="text-decoration: underline;"><a href="https://youtu.be/R2cgoZWWxVs" target="_blank" rel="noopener">The Anchoring Effect: What is This Jacket Really Worth?</a></span></li>
<li><span style="text-decoration: underline;"><a href="https://youtu.be/d3PHwYomgzs" target="_blank" rel="noopener">Availability Bias &#8211; Learn to overcome this common cognitive bias</a></span></li>
<li><span style="text-decoration: underline;"><a href="https://youtu.be/rHgn2bRK7ms" target="_blank" rel="noopener">Confirmation Bias: Learn to overcome this common cognitive bias</a></span></li>
<li><span style="text-decoration: underline;"><a href="https://youtu.be/n64Xgr6VDYQ" target="_blank" rel="noopener">Anecdotal Evidence: How to use critical thinking skills to overcome this common logical fallacy</a></span></li>
</ol>
<div class="g g-21"><div class="g-single a-170"><a class="gofollow" data-track="MTcwLDIxLDEsNjA=" href="https://www.pendo.io/pendomonium/"><img decoding="async" src="https://www.mindtheproduct.com/wp-content/uploads/2024/06/MTP-Footer_ad.png" /></a></div></div>

The power of perspective: Strategies for product managers to overcome biases

Saurabh Pandey

Comments

Read next