Insights for product leaders on applying design thinking, data science, lean startup, and agile principles to develop great product teams and product growth strategies.
Everyone agrees metrics are important, but there is so much talk about metrics, and such a firehose of data, that knowing which metrics to track, how to interpret the results, and what decisions to make from them can be overwhelming.
When I started working at Shutterstock on the Skillfeed business back in 2015, this was one of the first things I looked at. I learned a lot from the team there about marketing metrics, but I had a lot to teach them about product metrics. I believe firmly that if you want to drive product growth, you have to focus on the product metrics - customer behavior with your solution. If you can’t get that to a good place, the rest doesn’t matter.
Nowadays I help lots of clients and students figure out what metric to focus on - what is the best way to measure the growth in customers getting value from your product? I often help people understand why that ruthless focus on the most important metric will drive their business forward and move all the other metrics along the way.
Here are some of my favorite articles on the topic, and an upcoming panel I’ll be speaking on about metrics!
Josh Elman helps to break through the data noise to define the one product metric that matters based on his experience at LinkedIn, Facebook, Twitter, and the many startups he works with today as a partner at Greylock Ventures. This is hands-down my favorite thinking on product metrics.
This is a great piece from the team at Intercom on finding the right product metrics. Their story about going beyond conversion rates and monthly recurring revenue is a great illustration of finding the right product metrics from the start of an initiative.
This article from Jim Semick, founder of ProductPlan, provides a good overview of the basics on metric selection for product management. It covers both customer-focused and business-focused metrics, though I’d argue that the way to drive the business ones is to focus on the customer ones. You’ll need to understand the business ones to win over your leadership team with your plans, though!