Product Managers are constantly evaluating how to improve the customer experience. They use data in order to understand their product’s performance and make changes to improve it. While understanding the data as a product manager is fairly challenging, communicating how your product is doing to others accurately can be much more so. Product managers must communicate with many areas within their organizations: marketing, finance and engineering to name a few. Each department has its own unique points of interest.
- Are we acquiring enough customers per month?
- What is the product’s retention rate?
- How are customers engaging the product
Needless to say these are just the tip of the iceberg. How do you begin to build a comprehensive story that keeps all parties abreast of high level progress? What metrics should you be including?
Building Your Product’s Performance Story
While there are many strategies for communicating data. We are going to focus on grouping metrics by objectives to establish a framework for your performance story. Then combining metrics from these different objectives to highlight key wins and provide discussion points for product improvements.
We will walk through how to use business intelligence (BI) to convey a multi-metric story using a fictitious company, Get Fit. The company owns a streaming exercise video app that currently has roughly 5 million subscribers and is growing. They charge a $10 monthly subscription that gives you unlimited access to popular training programs! This is a great tool for people wanting to get a workout on the go!
Here are some metrics groupings to use as a guide: