How PMs can measure the success of their Product?
PM’s can assess the product’s health & financial feasibility by measuring the metrics divided into the below 5 buckets :
- Product journey 🛣️
→ Are users successfully able to achieve their job with your product?
- Actionable utility metrics ⚒️
→ What are the leading signals of user behavior that indicate they are deriving utility from your product?
- User satisfaction 👥
→ Is your product able to satisfy users' expectations?
→ Areas where the product is excelling?
→ Areas where the product is lagging?
- User connection metrics 🖇️
→ Is your product optimized across each user touchpoint in order to invoke positive feedback from the users?
- Customer lifetime value (CLV) 💰
→ Is your product worth the financial viability of the business over the long term?
The below graph highlights the placement of the 5 buckets based on the impact generated by them vs the effort and complexity to measure and optimize the metrics.
In the next article, I will detail out metrics in each of the 5 buckets with the help of examples. Stay tuned 👀
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Do check out exclusive Product Management resources 👇
- The Ultimate List of 100+ Product Management tools 🛠https://rohitverma.gumroad.com/l/PM-tools
- The Ultimate List of Product Management Frameworks ⚙️
- The most exhaustive OKRs notion template 📔https://rohitverma.gumroad.com/l/OKR-Template