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.

Be the first to get exclusive Product Management resources and news, and connect with other like-minded product people from around the world by following Product Collective on Linkedin
FOLLOW ON LINKEDIN
Someone forward you this newsletter?
SUBSCRIBE TO THE #1 PRODUCT NEWSLETTER TODAY
FROM OUR FRIENDS

💡 NEW REPORT💡 We recently partnered with Productboard to survey 1400+ #productmanagers & leaders on how they are meeting product marketing challenges in increasing uncertainty. We found that:

  • Nearly half (48%) of respondents said that setting a clear product vision and strategy is the area where they experience the most challenge.

  • Confidence in product roadmaps has waned year over year, with only 41% of product professionals reporting they’re able to successfully keep them up-to-date compared to 57% a year ago.

  • Product organizations still lack purpose-built toolkits to ply their trade, resulting in fragmented workflows and greater difficulty aligning across multiple stakeholders.

Download the 2022 Product Excellence Report now for a comprehensive overview of modern product management and key takeaways for teams on the path to Product Excellence.

DOWNLOAD REPORT

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)

Product Market fit is Dead!

Wednesday, November 16th @ 1:00 PM EST

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!

REGISTER FOR FREE





 
Don't want to receive this newsletter each week?
You can update your preferences or unsubscribe from this list altogether (you'll miss invites to online video interviews, INDUSTRY: The Product Conference promos, etc.). 

Key phrases

Older messages

📗 Report -- your path to product excellence

Thursday, November 3, 2022

DOWNLOAD REPORT We recently partnered with Productboard to survey 1400+ product managers and leaders on how they incorporate customers into their product management processes. Here's a sneak

You're invited -- product-market fit, product lessons, prioritization, growth

Tuesday, November 1, 2022

Scratch to Exit: Product Lessons Learned from Failure and Success Wednesday, November 2nd @ 1:00 PM EST John Knific has been involved with two early stage technology startups as a founder and product

🔨 Build it and they will come?

Friday, October 28, 2022

Go-to-Market is more than build it and they will come As much as we may like our product launches to be like Field of Dreams (build it and he will come), that's not how product launches work. To

🍀 Product conferences in the Spring, let's go!

Monday, October 24, 2022

OK, OK, we might be getting a little ahead of ourselves. But with INDUSTRY Europe: The Product Conference taking place in Dublin, Ireland from March 20-22, and the New York Product Conference taking

💲Get the price right for your product

Friday, October 21, 2022

How to set the pricing model for your product You build products to help customers solve their problems and add value to your business. A key factor in how much value you add to your business is how

You Might Also Like

From Request to Response: How APIs Work – Beginners Guide

Thursday, March 28, 2024

In the vast expanse of the digital ecosystem, APIs (Application Programming Interfaces) act as critical conduits, facilitating seamless conversations between different software platforms. From clicking

Elastic 8.13 is here: Amazon Bedrock in the AI Assistant for Observability

Thursday, March 28, 2024

Learn about Amazon Bedrock support within the Elastic AI Assistant for Observability ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ elastic | Search. Observe. Protect

A Creative Market Reset 🎨

Thursday, March 28, 2024

Adobe needed some real competition. Now it has some. Here's a version for your browser. Hunting for the end of the long tail • March 27, 2024 A Creative Market Reset Canva's purchase of

Fisker lost millions … then it got them back

Wednesday, March 27, 2024

More Fisker woes View this email online in your browser By Christine Hall Wednesday, March 27, 2024 Welcome back to TechCrunch PM! This afternoon, learn about some new Google features, a startup that

▶️ How to Get Better YouTube Video Recommendations — What to Know About Alexa Skills

Wednesday, March 27, 2024

Also: The Best Samsung Phones of 2024, and More! How-To Geek Logo March 27, 2024 📩 Get expert reviews, the hottest deals, how-to's, breaking news, and more delivered directly to your inbox by

JSK Daily for Mar 27, 2024

Wednesday, March 27, 2024

JSK Daily for Mar 27, 2024 View this email in your browser A community curated daily e-mail of JavaScript news Bad Abstractions Could Be Ruining Your Code The code is easy to read and it runs fine -

Ranked | The World's Biggest Oil Producers in 2023 🛢️

Wednesday, March 27, 2024

The word's three biggest oil producers accounted for 40% of production in 2023. View this graphic to learn more. View Online | Subscribe Presented by FEATURED STORY The World's Biggest Oil

Daily Coding Problem: Problem #1394 [Easy]

Wednesday, March 27, 2024

Daily Coding Problem Good morning! Here's your coding interview problem for today. This problem was asked by Google. Given the head of a singly linked list, reverse it in-place. Upgrade to premium

Free Event: Watch 10 entrepreneurs launch their AI ideas

Wednesday, March 27, 2024

They built this in 2 months 👀 ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Digging into Marissa Mayer’s newest app

Wednesday, March 27, 2024

Plus a snake robot on Saturn's moon View this email online in your browser By Alex Wilhelm Wednesday, March 27, 2024 Welcome to TechCrunch AM! Today we have notes on Marissa Mayer's new app,