Rafał Kamiński, Product Manager at OLX Group, presents 5 metrics worth knowing.
We can measure and analyze almost anything on the Internet. Based on various statistics, we want to achieve the business goals that we have set in our strategy. Properly selected metrics will help us check whether the changes introduced bring us the expected benefits, react at the right time when we notice deviations in the data or find the reason for the decrease in interest in our product. That is why knowledge of metrics is so important, and Metrics Every the ability to match them to the product and situation is one of the most important competencies of a product manager. From this article, you will learn which statistics are absolutely essential when you start your adventure with metrics analysis.
The statistics that a product manager deals with are very important in today’s world, especially when we are dealing with products with an unlimited number of private users (e-commerce, websites, mobile applications). We do not have the possibility of direct contact with recipients. We cannot meet with them and talk to get feedback. However, we can examine their behavior in the system. It is worth remembering that all statistics depend on the product that we are analyzing. The first task that a product manager should deal with in a new job is to check the data. This applies both to metrics that are already analyzed by the company, as well as to considering what information would be helpful for us in product development.
We can approach analyzing statistics in three ways:
- Metrics help us make the right decision if we don’t know yet which direction we should go. We meticulously analyze user behavior and conduct A/B tests if we are considering several options and our goal is to maximize the effects of the changes introduced.
- Metrics tell us if our system is healthy . If we see drops in some statistics or rapid jumps, we need to know the reason. During the process of improving a product or introducing new features, we affect not only one process list of qatar cell phone numbers but also other elements in the system. So we need to check whether what we are introducing will not have a negative impact on other processes. Additionally, we will find out whether the change is well received by our customers.
- Metrics allow us to focus on a single statistic and set intermediate goals . If we are not satisfied with some statistic (e.g. revenue or daily active users ), we can analyze the results and improve them. Our task is to think about what we can do for our users to deepen their experience and thus increase a given statistic, because in this way we will achieve our goals – more users, more traffic to the site, and therefore more profits.
Data analysis will allow us to prioritize actions. Even if we have many ideas for changes, it is the statistics that will tell us which element we should tackle first to achieve the goals of the strategy.
5 Metrics Every Product Manager Should Track
The metrics worth tracking are wrapped up in a tool called pirate metrics , named after the pirate cry “AARRR” – acquisition , activation , retention , revenue , referral .
#1. ACQUISITION
It defines all activities that translate into acquiring new users. In this way, we get to know our users better.
#2.ACTIVATION
It defines the stage at which a user is convinced of a brand or product and begins to bond with it – they follow a Facebook profile, read blog posts why discipline in marketing brings better results leave a comment on an Instagram profile, visit a website, set up an account and make a purchase. So we study users who are already with us.
Statistics are used for this purpose:
- DAU – daily active users (number of active users during the day);
- WAU – weekly active users (number of active users per week);
- MAU – monthly active users (number of active users per month).
A very important element of user research is to define at the outset what an “active user” means to us. This could be a user who logs into their account, performs some action in the system or decides to make a purchase.
The decision is up to Metrics Every us based on the product specification.
At this stage, we look at how users cpa email list use various functions – how they make a purchase, how they choose payment methods or delivery methods, and how they search for products (manually in the search engine or by category). We also check the bounce rate . This is when a user goes through the process but does not finish it. Its opposite is the conversion rate . This will allow us to see how many people completed the process. It is also worth looking at the adoption rate , which will tell us how users react to a new functionality or how they use a new change in the system. It is extremely important to pay attention to what devices our users reach for. We will analyze activities that come from mobile devices differently than from computers.