How to Identify Relevant Product KPIs by Roomgo Head of Product

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How to Identify Relevant Product KPIs
by Roomgo Head of Product

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A quick Intro

Agenda
1. Creating fit for purpose Product KPIs for the real world
2. Avoiding the common mistakes that Product Managers make
3. The power of product KPIs (everyone’s interested!)
4. Telling engaging stories and building buy-in through data

Where product fits in
Product Managers don’t get the luxury of
having the product all to themselves!
Product
Management
Customers
Development
Sales
Legal
Finance
Research
Marketing
Support

Wearing the Product hat
1. Understand the business drivers
2. Root cause analysis & Traceability matrix
3. Consider the user
4. Solution definition
5. COLLABORATION !
Product
Management
Customers
Development
Sales
Legal
Finance
Research
Marketing
Support

Product
Management
Customers
Development
Sales
Legal
Finance
Research
Marketing
Support
1. Understand the business drivers
2. Root cause analysis & Traceability matrix
3. Consider the user
4. Solution definition
5. COLLABORATION !
Product driven problem solving

Applying that same methodology to KPIs
Basic Smart Product

At any time KPIs are being measured at different levels:
Big picture strategic
Roadmap level
Project
MVP tests
Feature toggles
A/B Variants
Assets
Copy
Price points
…
KPIs exist at all levels

KPIs exist at all levels
At any time KPIs are being measured at different levels:
Big picture strategic
Roadmap level
Project
MVP tests
Feature toggles
A/B Variants
Assets
Copy
Price points
…

Real world application of Product KPIs
BasicBasic
State and agree the business goals
Define measurable KPIs
Benchmark trend data
Combine qualitative and quantitative sources
Employ Leading and Lagging Indicators
Basic theory

Real world application
BasicBasic
1. Measure in cohorts and ratios
Basic theory Holistic real world

Actuals tend to be vanity metrics
No. of contacts sent
No. of profiles viewed
No. of searches per session
No. of people registered
No. of emails opened
No. of push notifications clicked on
No. of subscriptions paid for
….
Also avoid testing in isolation.
(dating app scenario)

Measure cohorts
Are more users engaging with the service
over time?
Are more users sending and receiving
at least one message?
Is the ratio of searches to contacts improving?
Is the ratio of contacts to replies improving?
Are more users finding love on our platform?
Are more users loving our platform in turn?!
(dating app scenario)

BasicBasic
2. Blend user feedback and NPS

Be careful what you ask for
Net promoter scores (NPS)
Customer Satisfaction Score (CSAT)
Feedback questionnaire forms

Be careful what you ask for
Measures of satisfaction should always be
blended across the entire user journey
Happiness will peak and dip as the user
interacts with the different product features.
Often the users we should be listening to are
the bounced majority who leave before
engaging with our feedback tools

BasicBasic
3. KPI lifecycle planning
(Orphaned data & Historical comparisons)

Plan for data longevity
• Consider the KPIs to be tracked at the outset of any project
• Will data be lost or overwritten?
• How do you plan to compare a new UX or feature against the old to measure change?
• How valid is your before / after comparison?
• How are you maintaining the integrity of your baseline trend?
• Have you reviewed the traceability matrix and considered
the unintended consequences of your project that
require monitoring?
These questions cannot be addressed retroactively !

BasicBasic
3. KPI lifecycle planning
(Orphaned data & Historical comparisons)
4. User lifecycle mapping

See the big picture
• Map user lifecycles for an end-to-end funnel or journey perspective
• Combine cohort trends with balanced user feedback
• Capture data before / during / after any change to be able clearly articulate impact
• Protect the integrity of baseline trends to communicate change
We come back to the role of Product Managers within a business:
Having a holistic view of the customer need, the data to support it
and the impact of wider business operations

Tell an engaging story
• Product is interesting to the wider business!
• Communicate critical path KPIs
• Keep the message simple
• Ensure the narrative is relatable

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How to Identify Relevant Product KPIs by Roomgo Head of Product

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