Tracking metrics that matter

When we talk about metrics that matter, we’re talking about those numbers that help you make decisions about your product. The bit about “help you make decisions about your product” is key. It’s one thing to instrument up your product to record a lot of data. It’s another thing to use that data to arrive at insights and guide your product actions. The resources we share this week help you do the latter.

Meanwhile in product news, more layoffs of product and technology folks, a big fine, a big service outage with some schadenfreude, and a developer platform introducing an AI feature. History may not repeat itself, but it often rhymes.

Metrics that matter: what a consumer VC looks for in a start-up’s numbers. Spoiler alert: all metrics matter. They help build a rich tapestry of the company’s health today and in the future. Taos Edmondson explains why all metrics matter, and what all those metrics are.

Creating metrics that matter. Product managers love to create metrics, however, many product teams still get these wrong, resulting in a lot of churn that generates no meaningful improvement to customer experience and business outputs. Since there is so much already written on the different metrics, Kapil Khosla focused on the common pitfalls that lead to ineffective metrics and a simple framework you can use for your North Star metrics.

Continues below...

​ Transform User Experience Unlock the secrets to transforming every user interaction into a growth opportunity with this 19-page report. Discover proven strategies from top companies to elevate your Product Experience during challenging times. Enhance retention, expansion, and advocacy, even in an economic downturn. ​ ​ DOWNLOAD NOW

This Week’s Video

Help your company thrive with Survival Metrics. The product strategy you made at the end of 2019 didn’t work. The events of 2020 most likely invalidated it. As our industry and society had to adapt to new circumstances, the importance of flexibility has become clear. Given the landmines that often exist, changing projects isn’t just a switch you can flip. Product teams often know that a project needs to change direction, but they don’t have a way to make that change safely and quickly. In this presentation from INDUSTRY Virtual Spring 2021, Adam Thomas explains how survival metrics empower them to do just that.

This video, and many more just like it, are available on our Member Hub. If you don’t have access to the Member Hub already, you can join the community today for free.

Dashboard Metrics

Imagine you’re driving down a country road with the sun starting to set off in the distance against a clear blue sky. You glance down at the dashboard – and can immediately track the essentials: you know how much gas is in the tank, you can see how fast you’re going, and you feel confident knowing that there aren’t any warning lights flashing on.

Now think about what it’s like to manage your product right now. Do you have metrics in place that are just as simple – and just as actionable – as when you glance above your steering wheel when you’re inside your car?

Maybe it can’t be that easy – but you get the point. If the metrics you have in place are overly complex and are providing data that you can’t take action on – or even worse, if you don’t even really have true metrics that you’re tracking – you’re essentially driving blind.

Your product's 'dashboard' needs to show you the good stuff at a glance - like how engaged your users are, if they're buying what you're selling, how happy they are, and if they're sticking around. What’s most important is keeping it simple – as having too many irrelevant metrics just gets in the way. Imagine if you were trying to find out if you were running out of gas when you were driving, but couldn’t find out because there were thousands of different other measurements clogging up your dashboard.

So remember – if your current metrics aren't cutting it, it might be time for a little spring cleaning. The right metrics can make navigating your product's journey a breeze, rather than a frantic scramble.

Smooth driving out there!

​

Expedia Group cuts 8% of its workforce. Expedia Group is cutting approximately 1,500 roles this year, mostly in its Product & Technology division. The cuts came because of a recently concluded operational review following an extensive transformation. In a memo explaining the cuts, CEO Peter Kern explained the cuts made sure that Expedia focused on the right areas and streamlined their cost structure. These cuts may hit the Product & Technology division because the transformation unified the tech platform used by its different brands. Yes, that’s a billion, with a B. European Union antitrust regulators hit Apple with a $2 billion fine over its App Store rules. Besides the fine, regulators told Apple that it cannot stop music services from advertising cheaper subscription deals outside of the Apple store. Be on the lookout for apps offering discounts nearing 30% if you subscribe somewhere other than the App Store. Beyonce couldn’t break Verizon, but did she break Facebook? Meta platforms, including Facebook and Instagram, suffered a widespread outage on Tuesday morning but were back up later in the day. There’s no sign that the outage resulted from the lack of election surprises, malicious cyber activity, or a popular singer’s attempts to break the internet. Instead, a Facebook spokesperson chalked the outage up to a “technical issue.” Meanwhile, Elon Musk took time away from suing organizations he used to be affiliated with to make fun of Facebook on X. Copilot is moving into the big leagues. GitHub released Copilot Enterprise, the $39/month version of its code completion tool and developer-centric chatbot for large businesses. Copilot Enterprise includes all of the features of the existing Business plan and adds features for larger teams such as the ability to build team-specific knowledge bases. This feature is one of the more productive ways that product teams can use AI to make their lives easier.

Prices increase on April 1st!

The New York Product Conference (a Product Collective/INDUSTRY event) returns to the Times Center in Manhattan on April 18th for a packed day of:

• Keynote talks on product leadership, AI, product positioning, and more.
• Interactive working sessions on AI for PMs and Customer Research.
• Small group discussions, networking, an end-of-day reception, and more!

BONUS: Purchase a Plus Pass or Superpass, and get access to a half-day workshop on April 17th (Influencing Without Authority) and/or access to online training programs.

​Register before February 1st to save $200 off of our day-of-show rate – no code required! Bringing a group? Reply to this email and you could save even more.

Metrics that matter: a guide to measuring the success of your growth hacking initiatives. Growth hacking can fuel rapid expansion, but how do you know if your efforts are working? The key lies in meticulous measurement. Mari Luukkainen explores the metrics that matter to evaluate the success of your growth hacking initiatives effectively.

Deep-dive: Metrics that matter. Mike Belsito dives into the sophisticated yet practical approaches for measuring metrics that matter. By understanding the evolution of these metric frameworks and their pivotal role in steering product development and strategy, we equip ourselves with the tools necessary to make informed decisions that align with our overarching goals of delivering value to users and achieving sustainable growth.

Resources and news curated by Kent J. McDonald.

​

​

​