It is extremely important for Product Managers to have their metrics in check to ensure the success of their product! Metrics help you manage your product and measure its performance so you can figure out how to improve it if needed!
Here are the major metrics that matter the most for almost all product people:
- MAUs / DAUs: Monthly Active Users (MAU) and Daily Active Users (DAU) are a great overview of a digital product’s overall health. They help to track whether your user base is growing or not, and how ‘sticky’ your product is for end-users.
- Customer Conversion Rate: A low Customer Conversion Rate shows that people are landing on your app/website, and not really finding what they’re expecting, or they’re disappointed. Always aim high!
- Churn & Customer Retention Rate: This metric refers to the rate at which customers stop doing business with you. What you want is a high Customer Retention Rate, where more people come back than disappear forever.
- NPA& CSAT Score: Net Promoter Score (NPS) and Customer Satisfaction Score (CSAT) are great ways to measure the sentiments of your users. Your NPS score, in a nutshell, tells you how well your product is loved by users. CSAT can also be used to measure how happy users are with individual processes and features.
It's important to note that no metric in isolation can give you all of the information you need, and there are so many out there which are worth keeping track of. What you keep an eye on will depend on your business strategy, the industry you’re in, and what stage of growth you’re in.
Sometimes, metrics will be decided for you, as it’s important to keep your product’s KPIs and OKRs aligned with those of your company.