Here's how you can prioritize key metrics and KPIs as a mid-career product manager.

Top 3 ways you can prioritize key metrics and KPIs as a mid-career product manager. 1 - Your metrics should align with the impact on North Star Metric 2 - Break down your feature impact in L0, L1, L2, . . n metrics. (L0 = Direct Impact, L3/4/5 = Indirect Impact) 3 - Jot down leading and lagging metrics. And, keep a health check of your product with correct actionable Bonus: 1 - What's leading metric? Metric that tells you what to do next [Example: Number of views, engagement, clicks etc] 2 - What's lagging metric? Metric that just highlights the number and nothing else can be done based on that [Example: CTR]

CAC, LTV, ROAS, NPS, ARPU are some one the key KPIS that are needed to be captured and tracked for the product growth but tracking these KPIs without knowing what do you need to track in which phase of your product development will be a futile effort and will not take your product in right direction. Example: Focusing alot on CAC and trying to bring it down during thr growth phase is not a good strategy, PM should focus on NPS, CSAT as it will bring more customers and retain existing

KPIs like conversion rates and daily active users provide invaluable insights. However, it's essential not to solely rely on quantitative data. We must continuously validate our metrics narrative by sense checking against customer anecdotes and feedback. This ensures our focus remains on the core user problem and the effectiveness of our product in solving it.

A KPI focuses on strategic goals whereas metric focuses on specific business activities. Therefore, understanding the difference is they key. As a PM, tracking a metric depends on the stage of the product (acquisition, retention, etc), so aligning your metrics accordingly will make a lot of sense. Lastly, focus on the metric and KPIs which sync with the business goals and objectives. For ex - a mature product might be focused on retention more than anything else.

Each Metric → Be relevant to an objective. Some objectives to classify them are User Engagement, Financial, Loyalty, User Satisfaction, and others based on your business objectives. Selecting and tracking the right metrics is vital for measuring the success of any business or product. Some methods to choose the appropriate metrics are 1) AARRR Framework -> Acquisition, Activation, Retention, Revenue, and Referral. 2) HEART Framework -> Happiness, Engagement, Adoption, Retention, & Task Success. 3) NorthStar Metrics -> Guiding star which you measure the success of your product & business as a whole Counter Metrics -> guardrail to help maintain the overall business objectives.

Figuring out the right KPIs and their benchmark value is part of the art of product management. For a given product does CLV matter more than cost of acquisition ? If yes then what should be target CLV? Answer to these questions are not straightforward. Data analysis and experimentation helps you get answers to these questions. If your goal is profit maximisation and with data analysis you find that customer with high CLV provide higher profit irrespective of their cost of acquisition. Then you will make CLV the top priority. Now you run experiments to increase CLV.

Utilize dados históricos e atuais para entender tendências e identificar áreas que precisam de melhorias. Ferramentas de análise e dashboards s?o essenciais para monitorar o desempenho.

Regularly analyze data to monitor these KPIs and extract actionable insights. Use data analytics tools like Google Analytics, Tableau, or Mixpanel to track performance and identify trends. Look for patterns, anomalies, and correlations that can inform your decisions and strategies. By consistently analyzing data, you can make data-driven decisions, adjust your roadmap as needed, and demonstrate the impact of your initiatives to stakeholders. This analytical approach ensures that you stay aligned with your goals and continuously drive product improvements.

Data analysis is crucial. Dive into your analytics to understand trends and patterns. I once discovered a drop in user engagement by analyzing session duration and page visits. This led to a redesign of our onboarding process, significantly boosting engagement. Use tools like Google Analytics, Mixpanel, or Tableau to dissect the data. Data doesn’t just tell you what happened; it helps you understand why it happened.

Regularly monitoring KPIs is essential. By gaining an understanding of patterns, you can identify key KPIs that impact your product. A/B testing can provide additional insights to effectively plan and optimize performance.

When defining KPIs in the initial stages, it is important to establish specific goals to work towards, such as a 5% increase in conversion rate or a 2% reduction in bounce rate. Setting measurable goals is essential for guiding your efforts effectively. SMART goals are a recommended approach for setting goals that are specific, measurable, achievable, relevant, and time-bound.

Think about what success looks like for your product and set benchmarks to aim for. Your goals should be Specific, Measurable, Achievable, Relevant, and Time-bound (SMART). For example, if your goal is to reduce customer acquisition cost , you might set a target to lower it from $10 to $8 in six months. Or, if you want to boost lifetime value , aim to increase it from $500 to $600 over the next year by improving customer retention strategies. By defining these SMART goals, you can focus on the KPIs that will directly help you reach your product's objectives.

Defina metas claras e alcan?áveis para cada KPI. Isso ajuda a direcionar os esfor?os da equipe e a medir o progresso de maneira consistente.

Set realistic and achievable goals based on your KPIs. When we launched a new feature, our goal was to increase user engagement by 20% in three months. Setting such specific goals helped keep the team focused and motivated. Use tools like OKR software or even simple spreadsheets to track these goals. Clear goals turn vision into action.

KPIs are an integral part of every major strategy, roadmap, and feature discussion. They should also be a part of every major team sync, as a way of aligning team members with the product strategy and mission. And as important as they are, they will fluctuate as much as the product strategy. Team members should be encouraged to engage in discussions and share opinions on KPI choices. This will encourage the entire team to work towards the same business goals.

Create a collaborative environment where everyone can pitch in and see how their work connects to the chosen KPIs. For example, involve your marketing team in discussing customer acquisition costs or your support team in analyzing churn rates. This way, everyone is on the same page and values the KPIs that have been prioritized, ensuring the whole team is working towards the same goals.

It is essential to engage in discussions with the team about the KPIs and goals set for alignment. This approach provides direction for the team's work. As a product manager, regularly sharing these metrics with the team and stakeholders is crucial to ensure transparency and collaboration.

Involve Stakeholders: ? Collaborate with cross-functional teams to choose metrics and KPIs that align with their expectations ? Create a shared vision of what success looks like to boost commitment to achieving goals ? Gather meaningful input on collecting, analyzing, and presenting data

As a product team manager keep regular cadence to review progress. Check if the KPI and metrics are moving in right direction. Guide the team in designing experiments. Discuss interpretations of experiment results. This will make sure you are building a world class product and world class team.

A habit of many Product Managers is that the first task that they do every morning is to review the metrics of the previous day. Doing this regulary will allow you to gain insights quickly and modify changes to your product promptly.

In the case of software products, utilizing some of the best product analytics tools out there is game-changing in adding to your product's success. These tools provide invaluable insights into user behavior, feature adoption, and overall product performance, enabling you to make data-driven decisions that enhance the user experience and drive growth. Ex: Google Analytics, Pendo, Mixpanel, Amplitude, and many more. Integrating these analytics tools into your workflow can significantly improve your ability to respond to user needs, streamline processes, and ensure your product evolves to meet market demands.

Productivity and analytics tools can automate data collection, provide real-time insights, and help you visualize your progress. For example, use a tool like Google Analytics to monitor user engagement or a project management tool like Trello to track team tasks related to KPIs. This way, you spend less time on data management and more on making strategic decisions, keeping your prioritized KPIs front and center in your product management efforts.

It is important to also consider the stage of the product lifecycle you are at. Adapt metrics to product phase, different metrics are relevant at different stages. Also, adjust priorities as the product evolves and re-evaluate metrics based on product maturity.

Concise approach to prioritizing metrics: 1. Align with business goals: Choose metrics that directly reflect your company's primary objectives ,e.g. revenue growth, market share,etc. 2. Focus on user-centric metrics: Prioritize metrics that measure user satisfaction, engagement, and retention. 3. Balance leading and lagging indicators: Include both predictive (leading) metrics like user engagement rates and outcome (lagging) metrics like revenue or customer lifetime value. 4. Limit to a manageable set: Select 5-7 key metrics to focus on, avoiding metric overload. Ensure metrics are actionable: 5. Choose metrics that you can influence through product decisions and that provide clear insights for improvement.

Establish a KPI Governance Structure: ? Designate a team or committee to oversee the alignment process ? Ensure alignment remains a top priority through regular reviews and adjustments

Focus on a few key metrics directly tied to business goals (growth, revenue, engagement). Dig deeper with relevant KPIs (like cost per acquisition for user growth). Track user behavior metrics to see if your product is solving problems. Analyze trends, not one-off data points, and communicate insights to stakeholders regularly. Prioritizing metrics this way shows the real impact your product has on the business.