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How do Lean Metrics and KPIs help prioritize your product roadmap?

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As a product engineer, you want to build products that solve real problems for your customers and deliver value for your business. But how do you decide what features to work on, what to prioritize, and what to measure? That's where lean metrics and KPIs come in. In this article, you'll learn how to use lean metrics and KPIs to align your product roadmap with your vision, validate your assumptions, and optimize your outcomes.

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ImtiyazAli Palsaniya

Innovation | Leadership | Talent Development | Product Development | Product Management | Rotating Equipment |…

1 What are lean metrics and KPIs?

Lean metrics and KPIs are quantitative indicators that help you track the progress and performance of your product against your goals. Lean metrics are based on the lean startup methodology, which emphasizes learning from customer feedback and data, rather than following a fixed plan. KPIs, or key performance indicators, are specific and measurable metrics that reflect your strategic objectives and priorities. For example, if your goal is to increase user retention, you might use a KPI such as churn rate, which measures the percentage of users who stop using your product over a given period.

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ImtiyazAli Palsaniya

Innovation | Leadership | Talent Development | Product Development | Product Management | Rotating Equipment | Technology Implementation | Process Improvement | Operational Excellence | Industry 4.0 | Smart Factory
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Given my experience with KPIs, I would love to talk about them. They're invaluable for process improvement. Let's dive into the Engineering Function. Organizations dealing with detail-engineering may have various KPIs for their engineering function, but primary focus has to be on these two – First Time Yield (FTY) & On-Time Delivery (OTD) – to deliver an error-free product on time. FTY guarantees a flawless engineering output, keeps a check on critical outputs like Engineering Drawing, Technical Specification, Bill of Materials, etc. It's an assurance of getting it right the first time. OTD scrutinizes the punctuality of the department. It determines whether the product was delivered on schedule, maintaining a commitment to timelines.

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2 Why are lean metrics and KPIs important for your product roadmap?

Your product roadmap is a visual representation of your product strategy, showing the direction, scope, and timeline of your product development. It helps you communicate your vision, align your team, and manage expectations. However, since customer needs, market conditions, and business goals are constantly changing, your product roadmap needs to be flexible and adaptable. That's why you need lean metrics and KPIs to inform your product roadmap decisions. These metrics can help you validate problem-solution fit and product-market fit, prioritize features and experiments, optimize product delivery and quality, as well as monitor product growth and sustainability. For example, customer satisfaction, net promoter score, problem validation score, customer effort score, usability score, conversion rate, cycle time, lead time, defect rate, revenue, retention rate, referral rate and cost can all be used to measure the success of your product.

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3 How to choose lean metrics and KPIs for your product?

Choosing lean metrics and KPIs for your product is not a one-size-fits-all approach. Depending on your product stage, goals, and context, you may need different types of metrics and KPIs. Nonetheless, there are some general guidelines to help you select lean metrics that are relevant, actionable, and meaningful for your product. Your metrics and KPIs should be aligned with your product vision and strategy, SMART (specific, measurable, achievable, relevant, and time-bound), and focused on the metrics and KPIs that matter most for your product's success. Additionally, it is important to balance your metrics and KPIs between input and output, leading and lagging, and qualitative and quantitative. Input metrics measure the activities going into your product, output metrics measure the results coming out of it, leading metrics predict future performance, lagging metrics reflect past performance, qualitative metrics capture customer perceptions and opinions, while quantitative metrics capture the numbers of your product.

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ImtiyazAli Palsaniya

Innovation | Leadership | Talent Development | Product Development | Product Management | Rotating Equipment | Technology Implementation | Process Improvement | Operational Excellence | Industry 4.0 | Smart Factory
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In product strategy, SMART principles don't just guide product strategy; they propel it toward success. Specific goals add clarity to strategy. They define precisely what product aims to achieve, leaving no room for ambiguity. Measurable criteria offer quantifiable success indicators. They allow to track progress, making adjustments based on real data. Achievable objectives keep strategy grounded. They ensure goals align with available resources, preventing overambitious plans. Relevance ties product to broader objectives. It's about staying in sync with business goals and the ever-changing market. Time-bound goals inject urgency into strategy. Setting deadlines keeps team motivated and responsive to market opportunities.

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4 How to use lean metrics and KPIs to prioritize your product roadmap?

Once you have chosen your lean metrics and KPIs, you can use them to prioritize your product roadmap in a data-driven and customer-centric way. To do so, first define your product goals and hypotheses based on your product vision and strategy. Then, map your features and experiments to those goals and hypotheses. Estimate the impact and effort of the features and experiments using the lean metrics and KPIs. Afterwards, rank them according to their impact and effort estimates with a prioritization framework like the RICE score. Finally, update your product roadmap based on the ranking, communicating it to your team and stakeholders. Explain how the lean metrics and KPIs inform your prioritization decisions. For example, if you need to increase user retention by 10%, then creating a referral feature that rewards users for inviting their friends may be your top priority with a RICE score of 50, which you can measure with the retention rate KPI.

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5 How to track and improve your lean metrics and KPIs?

Choosing and using lean metrics and KPIs is not a one-time activity; you need to monitor and improve them regularly. Begin by defining target and baseline values, based on your product goals and benchmarks. Then, collect and analyze your data for the metrics, comparing them with the target and baseline values. Report and communicate the results for your lean metrics and KPIs to your team and stakeholders, highlighting key insights. Finally, review and adjust the metrics as needed, to ensure they are aligned with your product vision and strategy.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do Lean Metrics and KPIs help prioritize your product roadmap?

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1 What are lean metrics and KPIs?

2 Why are lean metrics and KPIs important for your product roadmap?

3 How to choose lean metrics and KPIs for your product?

4 How to use lean metrics and KPIs to prioritize your product roadmap?

5 How to track and improve your lean metrics and KPIs?

6 Here’s what else to consider

Product Engineering

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How do Lean Metrics and KPIs help prioritize your product roadmap?

1

2

3

4

5

6

1 What are lean metrics and KPIs?

2 Why are lean metrics and KPIs important for your product roadmap?

3 How to choose lean metrics and KPIs for your product?

4 How to use lean metrics and KPIs to prioritize your product roadmap?

5 How to track and improve your lean metrics and KPIs?

6 Here’s what else to consider

Product Engineering

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