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Why should a product manager look at metrics? Which metrics to track?

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As a product manager or owner, you are frequently bombarded with questions on data and analytics related to your apps/software products. Well, it is a data-driven world. Scout around the internet, and you will find several insightful articles/blogs on ‘must have app metrics’. Let us guide you to some more useful metrics to track and how to measure product analytics. – PowerPoint PPT presentation

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Title: Why should a product manager look at metrics? Which metrics to track?


1
Why Should a Product Manager Look at Metrics?
  • Simple Guide to App Analytics

2
INTRODUCTIONS
  • WHAT METRICS YOU SHOULD TRACK ?
  • 1 . As a product manager or owner, you are
    frequently bombarded with questions on data and
    analytics related to your apps/software products.
  • 2 . Well, it is a data-driven world. Scout around
    the internet, and you will find several
    insightful articles/blogs on must have app
    metrics.
  • 3 . So much so that the typical top 10 lists
    range from a listing of 6 to 24 metrics. And of
    course, there is no dearth of tools for
    measurement.

3
Choose Wisely
  • Let us take a look at the importance of metrics
    for an app, especially in its first version, as
    well as some useful guidelines on choosing your
    metrics.

4
Let the stage of your app define the metric.
  • The key is in choosing a few metrics that are
    relevant to your apps marketing and adoption in
    the stage of its journey rather than any top
    ten metrics.

5
Kaloyan Yankulov.
HeadReach Founder
  1. I choose to follow a progressive system to
    identify the importance of metrics.
  2. This system of selecting KPIs is remotely based
    on the AIDA (Attention, Interest, Desire, Action)
    marketing funnel.
  3. At each stage, I focus only on 1 or 2 metrics.

6
His Metrics
  • First days to a week after I launch a product I
    track the top of the funnel metrics like unique
    visitors and sessions.
  • Once Im satisfied with the number of top of the
    funnel visitors the product gets, I put focus on
    optimizing the visitor to trial signup conversion
    rate. This usually happens by optimizing the
    landing page adding demo videos, testimonials,
    case studies, answering user objections through
    better copy, making our pricing as clear as
    possible, etc.

7
His Metrics - Contd.
  • Next stage is all about activation or delivering
    customer value as quickly as possible. With
    HeadReach that usually is pretty quick. From a
    couple of minutes up to 3 days. For other apps,
    the Aha! moment takes longer so take that into
    consideration when evaluating that stage.
    Activation metrics are very different for every
    startup. In our case, activation metric is the
    number of searches and email credits used.
  • At that phase, we track how many trials convert
    to paying customers.
  • At the last phase, we track retention rates.

8
Let your business model define the metrics.
  • The way your app is going to make money would
    also guide the choice of metrics.
  • For example, if an app relies on ads to make
    money, the amount of time a user spends in that
    app is more critical than the total number of
    downloads. Ads do work well when users spend a
    significant amount of time in the app.
  • Similarly, if the app relies on In-App Purchases,
    knowing which screen has users spending the most
    time can help you use that screen to display most
    of your In-App Purchase upgrades.

9
Let the character of your app define the metric.
  • This is another simple way to choose the metrics.
    The type of the app transactions, gaming,
    social network, education, etc. will determine
    the key business objective of the app, i.e.,
    sign-ups / downloads/ purchases/interaction.
  • This would, in turn, help you choose the one top
    metric that you gotta track.
  • For example, the total amount of time spent in a
    banking app is not such an important metric
    compared to the number of users, which would be
    the opposite in a marketplace/shopping app.

10
Critical metrics to the success of an app
  • Retention rate
  • As the number of customers returning to the
    site/app shows their interest in the app and the
    overall usability, which will drive growth and
    popularity.
  • 2. Cost per acquisition
  • Since this metric shows the financial viability
    of the app and drives key business decisions.

11
  • This article is originally published at
    www.hakunamatata.in

12
Thanks!
  • Any questions?
  • You can find us at www.hakunamatata.in
    hello_at_hakunamatata.in
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