Logical product development and fact-based decision-making go hand in hand with generating hypotheses and validating them. But how do you approach the process more optimally? Let’s take a deep dive into product hypothesis statement creation and testing.
As they say, asking the right question already provides you with half of the answer. This is specifically why it is crucial for product owners to know how to effectively generate hypotheses and then test them properly.
Here’s a simple algorithm for generating hypotheses:
1️⃣ Generating a hypothesis for a product starts with identifying an existing problem or opportunity. Look for areas of your product that may need improvement or where you can make a positive impact. This could be based on user feedback, market trends, or your own goals for the product.
2️⃣ Once you’ve identified the problem, it’s important to formulate a hypothesis statement. Your wording must be concise, relevant, and actionable. This statement should clearly state what you expect to achieve and be based on data and research.
3️⃣ Next, you need to test your hypothesis through experiments. This could involve A/B testing, user testing, or prototyping. The goal is to gather data and feedback to validate (or, on the contrary, invalidate) your hypothesis.
4️⃣ Once you’ve run the experiments, you have to analyze the results. This way, you’ll determine if your hypothesis was true or not. If the hypothesis was proven, you can make the planned product changes. If it wasn’t, then think of it as a lesson to be learned, and use the results to improve your hypothesis generation process.
5️⃣ It’s also important to record your hypotheses and experiment results to have a single source of truth. This way, you’ll avoid repeating the same experiments, track your progress over time, and make data-driven decisions.
Certainly, this was a short rundown, and there’s much more to the process. Keep reading to find insights on product hypothesis generation and validation below 👇