Metrics that matter to PM the most
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Zeda.io welcomes you all to another edition of the weekly Newsletter. This week we have curated a list of 5 Blogs on KPIs which are must known to a Product Manager. We hope this will help you to become a successful Product Manager and also help you in gaining some knowledge and upgrading your skills. If you enjoy reading this newsletter then don’t forget to share it with your friends.
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Data is the king, a quote we often hear in this digital world. We know each software product we use is data-driven no matter what field it is dealing with. Data drives most of the product manager’s move in the business. A product manager is always pressured to deliver a valuable product that genuinely makes the difference. So to deliver a product that stands out in the market against its competition, a PM spends a lot of time analysing tonnes of data to make it a success. Data makes things quantified and helps the PM to make their decisions with ease. You can judge a lot of things by looking into that data - like what is working for your app and what is not, what users are liking, which feature is useful and which is not. Data helps you to make major decisions related to the monetization of the application and more importantly help you to make decisions when a PM is doing A/B testing of any feature.
All these can be summed up by looking into a few metrics. Zeda.io is listing 5 top articles on KPIs which helps the PM to make more calculated decisions.
As a product manager, metrics affect every move you make. You need to know the right ones to get the job done—and to prove you did it right.
Today’s Product teams are under increasing pressure to deliver outstanding products and exceptional user experiences. Three new market dynamics have contributed to the evolution of our product expectations:
Subscription models
Fierce competition
Access to data
Product analytics provide the insight necessary to evaluate your last roadmap planning session and make informed decisions going forward. General business metrics are important as well, so you can tie your activities back to overall company goals. Here are six critical product management KPI’s (Key Performance Indicators) that every product manager should know.
As a product manager, you will have to know your product health, if there are any issues concerning your product, how does your team work on it and a lot more. You have a lot of data to assess so that you can improve your product and make it more desirable. You can use certain metrics that measure the product’s performance. Finding the right metrics to measure is pivotal to having a successful product strategy in place. Well, you know what I am talking about right? Yes, the Product Management KPIs.
Measuring the KPIs will help you understand if you are on the right track when it comes to reaching your business goals and seeing if your product strategy is working.
For product managers (PDMs), key performance indicators (KPIs) are the strongest, defensible tool in decision making. They identify the progress of the work of the team, the progress of the product and the overall business. Product manager KPIs include specific activities associated with the product, customers, and the overall process for bringing a product to market.
KPIs should be used to celebrate success and identify risk. Conversely, the lack of KPIs leave a product manager blind to what’s going on and show a weakness in management style. Product managers should determine which product management metrics are the most important to track and report.
To be a successful product manager of a SaaS product, you need a good understanding of the fundamental metrics of the trade. From specific metrics that help you understand user engagement or the resonance of a new feature, to high level metrics that indicate the health of the overall business, understanding these fundamentals will make you a better product manager. In this post, we’ll cover 19 product management metrics across a handful of categories:
Customer / user acquisition
Product or user engagement
User or customer satisfaction
Feature resonance
Roadmap Prioritization
SaaS company metrics
Key Performance Indicators are the lights on a foggy landing strip, a beacon on the horizon of a choppy ocean, and a GPS as you try finding your way to an unfamiliar destination. Pay attention to them, and your actions will stay aligned with your strategy. Ignore them and increase the odds of an unpleasant outcome.
But like any metric, slavishly pursuing a higher grade while ignoring everything else is also a risk. KPIs are necessary, useful tools, but so are common sense and general business savvy.
To make the most of KPIs, it’s important to select them wisely. Monitor (but not obsess over) them and ensure they’re still the most accurate measures of the current strategy. But before going any further, let’s make sure everyone understands what KPIs are and what they are not.
So these were the few KPIs that are important for a Product Manager to keep track of. This helps them to deliver good featured products and services to their users. Most of the decisions are based on these KPIs so a product manager should know how to use these KPIs in their product management process.
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