What does success looks like?

Understanding Success

• Defining Success: Begin by clearly defining what success looks like for your product. Success can vary depending on the product's goals, such as user acquisition, revenue growth, or user engagement.
• User-Centric Metrics: Focus on metrics that directly relate to the user experience and satisfaction. These could include user retention, conversion rates, or Net Promoter Score (NPS).

Some examples for Analytics Tools

• Amplitude: Amplitude is a powerful analytics platform that helps PMs analyze user behavior, track user journeys, and measure the impact of product changes. It provides valuable insights into user engagement and conversion funnels.
• Looker: Looker is a data exploration and business intelligence platform that allows PMs to create custom dashboards and reports. It can help you visualize data and gain actionable insights.

KPIs or OKRs?

Both Key Performance Indicators (KPIs) and Objectives and Key Results (OKRs) are essential frameworks for measuring and achieving success. However, the choice between KPIs and OKRs depends on your specific goals and the stage of your product's lifecycle:

Key Performance Indicators (KPIs)

KPI Selection: Identify and select KPIs that align with your product's goals. Common KPIs for PMs include:

• User Acquisition Metrics (e.g., monthly active users, new user sign-ups)
• User Engagement Metrics (e.g., time spent in the app, feature adoption)
• Revenue Metrics (e.g., Average Revenue Per User, conversion rate)
• Churn Rate and Retention Metrics

Objectives and Key Results (OKRs)

• Setting OKRs: Use the OKR framework to define specific objectives and measurable key results that help track progress toward product goals.
• Alignment: Ensure that OKRs are aligned with broader organizational objectives and product roadmaps.

Data-Driven Decision-Making