3 answers
All related (8)
Principal PM & Product Coach at Microsoft | Formerly Amazon
This is a hard one as I am sure there are a ton of layers to unpack here. Whenever there is a question around metrics, I would first look to the customer and understand what customer pain points your product area is solving for. Then see how those needs and your business goals align, and how your specific area can help solve for that. If it is a matter of stakeholder management that is a different story, but engineering, product and design should really have shared KPIs.
Director of Product Management at Atlassian
Here is a rough process I would follow but it really varies a lot depending upon
each business:
* Understand Company Objectives and Goals
* Have a clear Product Vision and Strategy that aligns with these
goals/objectives
* Create higher level OKR's that can map to KPI's
* Determine the top KPI's the company is interested in driving/moving. Examples
are: Business Performance KPIs: Customer counts, Customer / user acquisition,
Retention Rate, Churn Rate, Revenue etc.
* Make a prioritized list of these KPI's you can measure. Example Revenue would
map to MRR and so on
* Pick ...more
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Principal PM & Product Coach at Microsoft | Formerly Amazon
Wonderful, congrats!
Get into a rhythm by understanding the business/company goals. Then understand how the tech works (look at the customer/user interface first and then make sure you understand how the system behind the UI works). Begin collecting data in a transparent way and share your learnings with your stakeholders and leadership.
Conduct user research (both qualitative and quantitative) to help illustrate what product areas (epics/themes) you want to focus on and how these connect back to the business/company goals.
Director of Product Management, Growth and Monetization at Zendesk
Usually I would begin with understanding
1. What are the key customer pain points that I am trying to solve for your
customer? Those are my metrics in 9 out of 10 cases
2. Why is my product team funded? What problems am I solving for the business?
Once I have the initial list, just like all things product management I
PRIORITIZE. What matters the most vs what is not as important.
Now for every item in the list its also crucial to think through what are the
counter metrics. A crude example would be, I want to have more paying customers
but a counter metric will be revenue from t...more
Staff Product Manager, Libraries and SDKs at Twilio
The worst KPIs to commit to are the ones you can’t commit to at all. We can set targets and metrics and make dashboards, but that’s exactly what they are - targets. I recommend looking at past performance and trends within the data and setting a realistic yet aspirational target to work towards. After that, begin iterating on your target. Revisit the KPI, analyze, adjust, and communicate your findings.
VP of Product at Zumper
Product, Engineering (and even design!) should ensure the majority of the user's
experience is measured (engagement, conversion), the platform is functional
(speed, etc), and that the company's key metrics are preserved.
A big miss that comes up between product and engineering is when there is
confusion around a product experience.
Product Perspective: "This is not working as expected. This is a bug"
Engineering: "This is what I was asked to build. It's working as specified"
This will happen from time to time based on how mocks, specifications, or flows
are interpreted. The best KPI her...more
Director of Product Management, Growth and Monetization at Zendesk
Product Management is a bit hard to list skills for because product managers
wear so many different hats and each company has a different way on how they
think of product management. But I do think there are some broad skills that PMs
should have or build as they think of their career.
1. Hustle - This is the number 1 skill that I look for. If you have this
everything else follows or can be built.
2. Empathy - Understanding your customer and being able to put yourselves in
their shoes
3. Storytelling - Communication is key for product managers but I think its
super importan...more
Director of Product Management at Atlassian
Some of the worst KPI's in my opinion are:
* KPI's that cannot be measured correctly
* KPI's that do not give a sense for the goal you are tracking. You can use the
AARRR (Acquisition, Activation, Retention, Revenue, Referral) framework to
understand the best metrics you can choose to align with your outcome/goal.
* KPI's that are not achievable in a desired timeframe. Yes there could be
exceptions here but generally these are not the best ones in my opinion.
* Any KPI's that do not really tell you the health of the business unless a
holistic picture is presented. e.g. numb...more