As a product manager, there are various metrics that can be used to measure the performance of your product. The specific metrics that you should use will depend on the nature of your product and the goals that you have set for it. Here are some commonly used metrics:
- User Acquisition: This metric measures the number of new users that are attracted to your product. It can include metrics such as app downloads, website visits, and social media followers.
- User Engagement: This metric measures how often users interact with your product. It can include metrics such as daily active users (DAU), monthly active users (MAU), and time spent on the product.
- Retention: This metric measures how many users continue to use your product over time. It can include metrics such as churn rate, user lifetime value, and repeat purchase rate.
- Revenue: This metric measures the amount of money generated by your product. It can include metrics such as average revenue per user (ARPU), total revenue, and revenue growth rate.
- Customer Satisfaction: This metric measures how happy your customers are with your product. It can include metrics such as Net Promoter Score (NPS), customer reviews, and customer support response time.
- Conversion Rates: This metric measures the percentage of users who complete a desired action, such as making a purchase or filling out a form. It can include metrics such as click-through rate (CTR), conversion rate, and abandoned cart rate.
It’s important to note that while metrics are important for measuring the success of a product, it’s also important to use them in conjunction with qualitative feedback from users and stakeholders to get a complete picture of your product’s performance.
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