How To Optimize Your Product Using Analytics by Dan Olsen
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Product Management Event Held at the Product Conference in Silicon Valley. Dan talked about what to do after you've launched your product to the market and how to use analytics to improve and optimize it. He shared his process for how to think about this approach. He also discussed the importance of identifying the metric that matters the most.
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How To Optimize Your Product Using Analytics by Dan Olsen
- 1. How To Optimize Your Product Using Analytics by Product Management Consultant Dan Olsen www.productschool.com
- 2. How to Optimize Your Product Using Analytics Dan Olsen March 21, 2018
- 3. My Background n Engineering background n Managed nuclear submarine design n Stanford MBA n Product Management leader at Intuit n UX design and coding n CEO & Cofounder, TechCrunch winner YourVersion n PM consultant: Box, Facebook, MicrosoI, Medallia n Founder: Lean Product Silicon Valley TwiKer: @danolsen My slides: hKps://dan-olsen.com Copyright © 2018 @danolsen
- 9. n Book giveaway on TwiKer n Tweet: include @danolsen n Hashtags #leanstartup #prodmgmt #productcon That’s Why I Wrote Copyright © 2018 @danolsen
- 18. Reten]on Rate n Reten]on rate tracks what % of your customers are s]ll ac]ve over ]me ~80% never use app again Curve either goes to zero or flattens out
- 24. Copyright © 2018 Olsen Solu]ons ( SEO Visitors + SEM Visitors + Viral Visitors ) x Trial Conversion Rate Paying Users x Revenue per Paying User New Paying Users + Repeat Paying Users Previous Paying Users x ( 1 – Cancella]on Rate ) Trial Users x Conv Rate Profit = Revenue - Cost Define the Equa]on of your Business: Subscrip]on Business Model
- 26. Iden]fying the Cri]cal Few Metrics n What is the upside poten]al of each metric? n How much do we think we can “move the needle”? n What would the revenue impact be? n How many resources will it take to move the needle”? n Developer-days, ]me, money n Which metrics offer best Return on Investment (ROI)? Copyright © 2018 @danolsen
- 29. • Which metric has highest ROI opportunity? Case Study: Op]mizing Friendster’s Viral Loop Active Users Prospective Users Invite Click Succeed Invite click-through rate Conversion rate Don’t Click Fail Invites per sender % of users sending invites • Mul]plied together, these metrics determine your viral ra]o Users % of users who are active = 15% = 2.3 = 85% Registration Process Copyright © 2018 @danolsen
- 33. Okay, so how can we improve the metric? n How do we increase the average number of invites being sent out per sender? n For each idea: n What’s the expected benefit? (how much will it improve the metric?) n What’s the expected cost? (how many engineer- days will it take?) n You want to iden]fy highest ROI idea Copyright © 2018 @danolsen
- 39. Product Management Consul]ng I’ve been helping tech companies for 9 years at VP/CPO level I’ve expanded my PM consul]ng team: n Senior PM level n Director of PM level n Senior Director of PM Questions? @danolsen dan-olsen.com meetup.com/lean-product I’ll ping winners on Twitter Happy to connect LinkedIn Copyright © 2018 @danolsen
- 40. Part-time Product Management Courses in San Francisco, Silicon Valley, Los Angeles, New York, Austin, Boston, Seattle, Chicago, Denver, London, Toronto www.productschool.com