If you can't measure it you can't improve it
Metrics are the representation of user behavior and product success. Metrics values obtained by aggregation: addition, division, fraction, subtraction, multiplication, logarithm, etc. There are continuous metrics with values from minus infinity to plus infinity, or nominative, for example, 0 or 1, yes or no.
There is no one set of metrics fits any project. Of course, there are some big metrics you can meet almost at any product, but every product is unique. Behind every big indicator always is a set of micro metrics. Think about this as metric hierarchy. Product metrics should be formed based on individual product characteristics and its business model. We call this process metrics mapping.
We categorize metrics by behavioral metrics, which are related to user experience (UX) and growth metrics which are related to business and product economics.
We can’t describe user behavior by this type of metric, but these metrics indicate product performance.
Are metrics that indicate how users interacted with our product and based on this data, we can gather insights on whether the users interact effectively with the product or not.
Stakeholders are aware of the strategic and business goals. The interview helps to understand the business and build a proper economic model as well as form growth metrics hierarchy.
Customer success, support and dev teams are user-focused and can tell a lot about customer pains and gains. Also, the metrics and its structure must be clear, complete and useful for the whole team so that the team can use the metrics as a reference point.
The result of the interview should be a non-prioritized table with metrics that are relevant to different business units.
Though, not all metrics are equally important. Metrics should be prioritized and structured. Prioritized metrics help to understand how successful was an A/B testing or a new feature release. Also, metrics prioritization helps to focus on the most important things for the product and business. We will uncover more details on metric prioritization in the next article. Stay tuned.