Product Collective - 📈 Correct metrics for your product

How to Pick your Product Metrics

It’s almost accepted wisdom that product managers should use data in some form when making decisions about their product. What isn’t so clear is what data you should use to help you make those decisions. Here’s a set of resources that explain product metrics (the data you should use) and suggest how to pick which metrics you use.

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What are product metrics? Data is the force driving product decisions and business strategies. If you are in product management, you MUST use data to influence your backlog, get insights from users, and plan new features. But data is only as good as the ability to interpret it. Filipe Rigueiro explains what product metrics are and how they provide a distilled view of a complex process into an easy-to-interpret number.

(via filiperigueiro)

Product Metrics: Where to start and why they matter. In order to drive product-led growth, companies need to have solid product metrics to ensure that they are delivering the greatest value to their customers. Chioma Dunkley shares a basic primer on product metrics—the value they can generate across a company, core product metrics to start with (advised by our product team), and how they improve product development.

 (via @ModeAnalytics)

Continues below...

The $8 controversy

Not even a week after Elon Musk takes over Twitter, he’s started to float the idea of turning the ad-supported platform into a freemium service – charging, potentially, $8 per month for those that wish to enjoy the privilege of having a blue checkmark next to their name. 

Once that started to float around, the pushback started almost immediately. Celebrities like author Stephen King threatened to leave the platform. Some others, like AOC, even questioned whether charging for a blue checkmark was limiting people’s free speech

I’ll admit when I first heard about the idea to start charging for the blue checkmark – I didn’t know what to make of it. It seemed like Musk was throwing spaghetti at the wall to try to figure out some sort of way to recoup some of the money that he invested into Twitter. But after it sank in a while, it makes sense… and probably should have been implemented years ago.

The celebrities, politicians, and influencers that have verified accounts arguably get the most benefit from Twitter. The platform allows them to continue to build their audience – and the bigger the audience they have, the more valuable their personal brands become. It can be argued that those verified accounts with big followings also add the most value to Twitter, as their content is worth something. But we’re talking $8/month here. The ROI for them is immense.

And why should those influencers get access to some special feature that others can’t have access to? With it being a paid feature, everybody has the ability to access the benefit. 

From a business standpoint, it makes a lot of sense. Who doesn’t want some recurring revenue coming in each month? It’s a nice revenue stream that helps mitigate the ebbs and flows of an advertising network.

So fair enough, Elon. I see that $8/month. The only question that some like Casey Neistat have is where to send the check.

Thoma Bravo and Sunstone Partners are acquiring customer insight platform UserTesting to combine it with customer research company UserZoom. The move will create a privately held platform of customer experience services, and will render all of those UserTesting vs UserZoom articles irrelevant. 

A new study by researchers from the University of Wisconsin Madison claims that Slack and Teams have gaping potential security flaws in the access control given to third-party apps on the platforms. These apps expose user information to third-party apps through software agreements for API interfaces. Those agreements allow third-party apps to, in theory, post for the user and read and access most, if not all, of their information. Something you may want to consider if your team uses Slack and Teams or is building something to interface with one or both of the two.

As social media companies experience decreasing ad revenues, more of them are looking to subscriptions as the key to their future. If you work at a social-media company, your best investment right now may be on the aspects of your product that users are willing to pay for. 

Take for example, Twitter, which following its acquisition by Elon Musk, has charged forward with requiring verified users to have a subscription. Things are moving fast as the price started out at $19.99/month and is now being suggested at $8/month. Twitter appears to be offering up the rare chance to watch product development as it happens.

What metrics and KPIs do product managers track? Choosing the right metrics and analysis methods to track them can make the difference between delivering an OK product and delivering a great product. Sara Nguyen summarizes how product teams define KPIs and use data to measure the success and health of their product. She also lists some specific metrics product managers commonly track and offers some tips to help you determine what metrics your team should be collecting.

(via @LogRocket)

15 Important product metrics you should track. Product metrics measure how customers interact with your product, but not all product metrics are created equal. Noorisingh Saini helps you home in on 15 metrics for tracking user acquisition, activation, engagement, retention, and monetization.

(via @Amplitude_HQ)

Product metrics — complete list. Saving and storing relevant data allows you to answer all questions related to gaining new customers, the sales process, and the behavior of users inside the product. Alex A. Szczurek lists a set of product metrics crucial to business management and gives important information on what to focus on for product development.

(via @uxplanet)

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When building new products, it's often the aim to achieve the ever-elusive Product Market Fit. Sometimes, though, there can be major pieces getting in the way from us ever even achieving that. In this session, we will explore the challenges facing companies trying to deliver the product strategy and how to overcome them using the Product Value Creation Plan. In this session, we'll ask questions like:

- Why do new products fail to deliver true value and trap companies in limited growth?
- Are stakeholders aligned on how the product creates customer value?
- How can we execute product strategy more effectively to help achieve hyper-growth?

Plus, you'll have a chance to ask questions of your own!

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