How to Measure Product Management Metrics by Square PM
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As a Product Manager, you’re responsible for delivering products and features that both delight customers and move the company closer to its top-line metrics. However, how do you know whether the individual features you ship each sprint or each quarter are successful? Setting feature-level targets builds team alignment, creates accountability, and helps drive future product iterations, yet is rarely done.
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How to Measure Product Management Metrics by Square PM
- 1. How to Measure Product Management Metrics by Square PM www.productschool.com
- 2. FREE INVITE Join 23,000+ Product Managers on
- 3. COURSES Product Management Learn the skills you need to land a product manager job
- 4. COURSES Coding for Managers Build a website and gain the technical knowledge to lead software engineers
- 5. COURSES Data Analytics for Managers Learn the skills to understand web analytics, SQL and machine learning concepts
- 6. COURSES Blockchain for Managers Learn how to trade cryptocurrencies and build products using the blockchain
- 8. Sarah Jacobson Why success metrics matter and how to set them
- 9. About me Technical rotational program Product Analyst → Product Manager Product Manager (week 4!)
- 10. About Stride Create economic security anyone who works for themselves Taxes: mileage & expense tracking Benefits: health, dental, vision, life, accident, disability
- 11. How is the new product performing? 17 16 13 9 73% conversion!
- 12. Top takeaways Why metrics matter Setting targets Measuring success post-launch Combining qualitative & quantitative insights
- 13. Feature metrics should ladder up to company goals Team goalsTeam goals Company objective Products Features Products Features Company strategy
- 14. Company level goal to grow active users by improving retention 50% of people who download the app never activate on the product How can we improve the new user experience to grow active users? Product challengeOpportunityCompany objective How do we measure success? Feature target
- 16. Problem Statement “I don’t know how this thing works and whether it’s worth it. Maybe I’ll come back another time.”
- 17. First, define your most important metric Directly ties back to a company objective Measurable and simple They start with a question 1 2 3
- 18. Let’s brainstorm What should be our primary metric?
- 19. Primary metric % of members who reach activation moment How do we actually calculate this?!
- 20. Directly ties back to a company objective Company objective: Achieve 4-week retention of 50%
- 21. The role of data analysis To achieve a 50% 4- week retention, what % of new users must activate within 24 hrs? 60% 35%
- 22. The role of data analysis 60% 4-week retention of activated cohort 83% of new members activate 50% overall 4-wk retention =x
- 23. Staying organized (and accountable) Metric Description Target Actual Primary Activation rate % of members who add a deduction within 24 hours 83% Secondary Metrics Secondary
- 24. What secondary metrics might we want to track? Secondary metrics often measure: ● Engagement with smaller features ● Segmentation ● Secondary behaviors (because the user did X, we think they’re more likely to do Y)
- 25. Staying organized (and accountable) Metric Description Target Actual Primary Activation % of users who download the app and add a deduction within 24 hours 83% Secondary Metrics Secondary Authentication % of users who created an account 90% Usage % of authenticated users who add a deduction 92% Activation rate by profession Segment activation rate by profession type No cohort activation <80% 7 day retention Retention of cohort 7 days later 70%
- 26. Your feature shipped! You’re not done... Improved new user experience
- 27. Share out post-release memo Did you hit the target? Why/why not? Summary of qualitative insights Next steps and future iterations 1 2 3
- 29. A note on tools In-person Email/phone Usertesting.com (not survey) Qualitative feedback Amplitude Google Analytics Mixpanel Internal database Product analytics tools Looker Tableau Domo etc. Visualization tools
- 30. Questions?
- 32. We assumed this would be easy... Stride Tax
- 33. Onboarding experience Add slide here for 1. Quantitative 2. Qualitative
- 34. User Insights Users didn’t read and skipped past onboarding screens “I just wanted to see how this works” Sign up was a barrier from a time, trust, and convenience perspective Value at tax time has to be worth it “How do I record mileage? Does it auto track?” “For tax deduction purposes, do you know which miles I can claim and deduct?” “This seems like a lot of work, I don’t know if I’ll keep it up.”
- 36. Part-time Product Management Courses in San Francisco, Silicon Valley, Los Angeles, New York, Austin, Boston, Seattle, Chicago, Denver, London, Toronto www.productschool.com
Editor's Notes
- understand web analytics, learn SQL, and machine learning concepts
- We want retention to be 50% (4-week) We know that cohorts that activate w/i 1 day retain at 60% (4-week) Cohorts that do not activate w/i 1 day retain on avg 35% (4-wk) What % of our active users need to activate within 1 day to hit our retention target?
- We want retention to be 50% (4-week) We know that cohorts that activate w/i 1 day retain at 60% (4-week) Cohorts that do not activate w/i 1 day retain on avg 35% (4-wk) What % of our active users need to activate within 1 day to hit our retention target?
- We want retention to be 50% (4-week) We know that cohorts that activate w/i 1 day retain at 60% (4-week) Cohorts that do not activate w/i 1 day retain on avg 35% (4-wk) What % of our active users need to activate within 1 day to hit our retention target?
- We want retention to be 50% (4-week) We know that cohorts that activate w/i 1 day retain at 60% (4-week) Cohorts that do not activate w/i 1 day retain on avg 35% (4-wk) What % of our active users need to activate within 1 day to hit our retention target?
- We want retention to be 50% (4-week) We know that cohorts that activate w/i 1 day retain at 60% (4-week) Cohorts that do not activate w/i 1 day retain on avg 35% (4-wk) What % of our active users need to activate within 1 day to hit our retention target?
- We want retention to be 50% (4-week) We know that cohorts that activate w/i 1 day retain at 60% (4-week) Cohorts that do not activate w/i 1 day retain on avg 35% (4-wk) What % of our active users need to activate within 1 day to hit our retention target?
- Growth target is X Our current onboarding is Y (assume that this is the only lever we have to pull on growth) What should our target be?