Measure key performance indicators from "summary" of Product Management in Practice by Matt LeMay
To determine the success of your product, you need to measure key performance indicators (KPIs). These KPIs are quantifiable metrics that reflect the performance of your product in achieving its goals. By tracking these KPIs, you can gain valuable insights into how well your product is meeting the needs of your users and the objectives of your business. When selecting KPIs to measure, it is important to choose metrics that are relevant to your product and aligned with your overall product strategy. For example, if one of your product goals is to increase user engagement, you might track metrics such as daily active users, time spent in the app, or retention rate. These metrics can provide valuable information about how well your product is engaging users and driving them to return to your product. In addition to selecting the right KPIs to measure, it is also important to establish benchmarks or targets for each metric. These benchmarks can help you assess whether your product is performing as expected or if there are areas that need improvement. By comparing your actual performance against these benchmarks, you can identify areas of strength and weakness and make data-driven decisions to optimize the performance of your product. Tracking KPIs on a regular basis is essential to monitor the progress of your product and make informed decisions about future product development efforts. By regularly reviewing and analyzing KPI data, you can identify trends, patterns, and areas for improvement. This data-driven approach can help you prioritize initiatives, allocate resources effectively, and make strategic decisions that drive the success of your product.- Measuring key performance indicators is a critical practice in product management that can help you assess the performance of your product, make data-driven decisions, and drive continuous improvement. By selecting the right KPIs, establishing benchmarks, and tracking metrics regularly, you can gain valuable insights into how well your product is meeting its goals and make informed decisions to optimize its performance.
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