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.

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

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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. 2

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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. 3

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

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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. 5

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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 I’m 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. 6

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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. 7

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● 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. Let your business model define the metrics. 8

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● 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. Let the character of your app define the metric. 9

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1. 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. Critical metrics to the success of an app 2.Cost per acquisition Since this metric shows the financial viability of the app and drives key business decisions. 10

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

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12 Thanks Any questions You can find us at www.hakunamatata.in hellohakunamatata.in

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