There’s no need to be too hard on yourself as metrics can be challenging for everyone. Make sure you have a comprehensive understanding of the issue you’re trying to solve and the metrics that you will use to gauge your progress (acquisition, activation, engagement, revenue and referral metrics).
Take into account the broader context of your product, as it may have reached its maximum potential. Use any gaps in data and data organisation to enhance data management. Remember, it’s not necessary to measure every single thing.
Metrics are tools used to measure how well a product development team is doing. They help identify areas for improvement and make sure the team is delivering value to customers. Some common metrics include how quickly the team brings new stuff to market, how fast they complete work, how long it takes to finish a single task, how long it takes to deliver a request, how many bugs there are, how much work is left to do and how much work the team can handle. These metrics help the team work more efficiently and produce better quality products.
Common product metrics include:
Revenue: This metric measures the amount of money generated by the product over a specific period.
Customer Acquisition Cost (CAC): This metric measures the cost of acquiring a new customer, including marketing and sales expenses.
Retention Rate: This metric measures the percentage of customers who continue to use the product over time.
Churn Rate: This metric measures the percentage of customers who stop using the product over time.
Net Promoter Score (NPS): This metric measures the likelihood of customers recommending the product to others.
User Engagement: This metric measures how often and how long users interact with the product.
Conversion Rate: This metric measures the percentage of users who take a desired action, such as making a purchase or signing up for a trial.
Average Revenue Per User (ARPU): This metric measures the average amount of revenue generated per user.
Time to Market: This metric measures the amount of time it takes to bring a new product or feature to market.
Velocity: This metric measures the rate at which the product team is completing work. Higher velocity can indicate that the team is working efficiently and delivering value to customers more quickly.
Lead Time: This metric measures the time it takes from the initial request for a feature or product to its delivery. A shorter lead time can indicate that the team is working efficiently and effectively.
Productivity: This metric measures the efficiency of the product development process and the output generated.