What are KPIs for product management?
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What are KPIs for product management?
Product key performance indicators (KPIs) are metrics that measure your product’s performance. They help you understand if the product is meetings its business goals and if the product strategy is working. Without KPIs, you end up guessing how your product is performing.
What are metrics and KPIs?
Metrics and KPIs are often confused, but the clear difference is KPIs are the key measures that will have the most impact in moving your organization forward. Metrics are your “business as usual” measures that still add value to your organization but aren’t the critical measure you need to achieve.
How do you think about product metrics?
Choose based on the expected usage of the product. For example, if you expect the product to be used once per day or more, select DAU as your top-level metric. If instead you think the product will be used only on a weekly basis (e.g., when searching for specific restaurants, businesses, etc.), then choose WAU.
How do you identify product metrics?
Finding The Right Product Metrics
- Define your business goals.
- Find the right metrics by asking the right questions.
- Avoid common pitfalls.
- Work on your data and visualize it.
- Customer-oriented metrics.
- Engagement and Features metrics.
- Business-oriented metrics.
What are the best product metrics?
Here are the major metrics that matter the most for almost all product people:
- MAUs / DAUs. Monthly Active Users (MAU) and Daily Active Users (DAU) are a great overview of a digital product’s overall health.
- Customer Conversion Rate.
- Churn & Customer Retention Rate.
- NPS & CSAT Score.
- CLTV.
- CAC.
- MRR / ARR.
How do you do product metrics?
Why are product metrics important?
Why are product metrics useful? Product metrics are a fantastic way of evaluating how successful a product launch has been and whether you need to adapt your product strategy. It allows you to respond to user feedback and engagement quickly, as product success is quantified into easily digestible information.