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What defines success for a Product Manager
Product managers are the ones to blame when a product fails. They are the ones who have to take the heat when a product doesn’t meet expectations. And, they are the ones who have to answer to the stakeholders when a product doesn’t live up to its potential.
But, product managers are also the ones who get to take the credit when a product is a success. They are the ones who get to take the glory when a product meets or exceeds expectations. In short, product managers are also responsible for the success of the product.
So, whether a product succeeds or fails, the product manager is always responsible. That’s the burden and the beauty of being a product manager.
Product Managers are driven by KPI or metrics
In product management, we often say that success is defined by KPIs or metrics. But what does that really mean? In a nutshell, it means that we need to set goals for our products and track progress against those goals. KPIs and metrics are the tools that help us do that.
But it’s not just about setting goals and tracking progress. It’s also about making sure that our products are delivering value to our users and meeting their needs. So ultimately, success in product management is about creating products that users love and that make a difference in their lives. And that’s something that we can all strive for.
Examples of Product Metrics
There are many types of product metrics that can be used to evaluate the success of a product. Some common examples of product metrics include sales figures, customer satisfaction ratings, and return on investment (ROI). By tracking these and other metrics, businesses can get a better understanding of how their products are performing and make necessary changes to improve results.
We need to keep in mind that those metrics may vary a lot depending on the industry and the company itself.
Some of the few other famous metrics are:
- MAU (Monthly active users)
- Returning Users
- Churn Users
- App Store Reviews
- AOV (Average Order Value)
How to choose the correct product metrics?
Product metrics are the key to success for any business. But how do you select the right ones?
There are a few things to consider when choosing product metrics. First, you need to think about what you want to measure. Do you want to measure customer satisfaction? Or perhaps you want to track how many people are using your product.
Once you know what you want to measure, you need to pick the right metrics. There are a few different ways to do this. You can look at industry benchmarks, or you can talk to your customers and see what they think is important.
You also need to make sure that your product metrics are actionable. This means that you should be able to take action based on the data you collect. Otherwise, there’s no point in measuring it.
Finally, you need to make sure that your product metrics are meaningful. This means that they should give you insights that you can use to improve your product. If a metric doesn’t do this, then it’s not worth tracking.
It’s not all about the numbers
There’s no denying that success is often defined by numbers and metrics. Whether it’s the number of sales, the amount of money in the bank, or the number of Twitter followers, we frequently equate success with specific quantitative goals.
But does this mean that qualitative measures are completely worthless? Of course not! While metrics are critical, they don’t tell the whole story. After all, numbers don’t always reflect things like the quality of your product, the loyalty of your customers, or the engagement of your team.
So while success may be defined by numbers, remember that it’s also important to focus on the qualitative measures that can’t be quantified. After all, a business is more than just a collection of numbers and KPIs.
Conclusion
When it comes to product metrics, there is no one-size-fits-all solution. The best approach is to start by understanding your product and your business goals, and then choosing the metrics that will help you achieve those goals. With a bit of thought and planning, you can select the right product metrics for your business and start making better data-driven decisions.