6 key product metrics every product manager should track
If you’re a product manager, then you know that tracking key product metrics is essential to steering your product in the right direction. But what are the key product metrics that you should be tracking? And how do you track them effectively?
In this blog post, we’ll discuss six key product metrics that every product manager should track. We’ll also provide tips on how to track these metrics effectively. So if you’re looking for ways to improve your product management skills, then read on!
As product manager, one of the key metrics you should be aware of is user engagement. It shows not only how many users are using your product, but also how often they’re using it. This way, you can get a sense of how well your product is performing and make necessary changes accordingly. There are a number of ways to measure user engagement, but one of the most effective is through Stormly’s “Active users” and “Power users” Insights.
These provide you with valuable insights that can help you optimize your product and ensure that users are getting the most out of it. By understanding user engagement, you can make your product more successful and impactful.
This metric is important because it helps you understand how much your product is being used and whether or not users are finding it valuable. If you see a decline in engagement, it may be an indication that users are losing interest in your product and you need to take action to re-engage them. Stormly’s Insights can help you stay on top of your user engagement so you can make sure your product is always performing its best.
Retention and Stickiness
Product managers are always looking for new ways to increase retention and stickiness metrics. Retention shows how often users are coming back after their first visit, and stickiness indicates how engaged users are with your product.
Both of these measures can give you valuable insights into how well your product is performing and whether users are finding it useful. If you see a low retention rate, for example, it could be a sign that users are not coming back because they’re not finding the value they’re looking for. Similarly, a low stickiness rate could indicate that users are losing interest in your product quickly. By keeping track of these measures, you can get a better idea of where your product is succeeding and where it needs improvement.
There are a number of ways to increase retention and stickiness, but one of the most effective is to focus on creating a great user experience. If users have a positive experience with your product, they are much more likely to come back and use it again. Another way to increase retention and stickiness is to offer incentives for users to come back. This could include providing exclusive content or discounts for returning customers. Whatever approach you take, increasing retention and stickiness should be a top priority for any product manager.
Luckily, there is an easy way to keep an eye on those metrics with Stormly’s Retention and Stickiness Insights.
Few things are more important to a business than understanding its customers. After all, without customers, there would be no business. That’s why metrics like customer lifetime value (CLV) are so important. CLV is a measure of the average value of a customer over the course of their relationship with your product. In other words, it shows how much a customer is worth to your business. Obviously, the higher the CLV, the better.
But measuring CLV can be difficult, and it’s important to understand the limitations of the metric. For one thing, it’s usually based on averages, so it doesn’t take into account individual differences. But with Stormly’s recurring revenue Insight you can get a detailed overview of recurring revenue, including a distribution showing the average customer revenue and lifetime value.
Additionally, it only applies to customers who have already made a purchase; it doesn’t take into account potential customers who haven’t bought anything yet.
Despite these limitations, CLV is still a valuable metric for businesses to understand. It helps businesses make decisions about product development, marketing, and sales. For example, if the lifetime value of a customer is $100, then a business knows that it can spend up to $99 on acquiring that customer and still make a profit. Therefore, lifetime value is a key metric for businesses to track.
Additionally, lifetime value can also help businesses identify their most valuable customers and target them with specific marketing campaigns. By understanding lifetime value, businesses can make wiser decisions about product development, marketing, and sales.
CLV is an easy metric to track with Stormly. Simply pick it from the Insight’s list and add it to your personalized Dashboard.
Product management is all about delivering the best possible product to customers. In order to do this, product managers need to track a number of different metrics that give them insights into how customers are using their product. One of the most important metrics for product managers to track is revenue growth.
This metric gives product managers a clear understanding of how their product is performing in the market. If revenue growth is flat or declining, it indicates that customers are not using the product as much as they could be. This can be a sign that the product needs to be improved or that customer demand is waning.
On the other hand, if revenue growth is strong, it indicates that the product is in high demand and that customers are finding value in it. Tracking revenue growth is essential for product managers who want to ensure that their product is meeting customer needs. Stormy’s recurring revenue insight will report your revenue growth in a matter of minutes.
Product managers are always looking for ways to improve their product and one key metric they are after is the “aha moment.” The aha moment is that magical moment when a user suddenly realizes the value of your product.
It’s often seen as the turning point when a user goes from being a casual user to a power user. In the example below, the “aha moment” goal is increasing retention, giving your answers into what makes users sticky. Being able to see exactly when users have their aha-moments with your product is valuable information that can help you improve your product.
Stormly makes it easy to measure this behavioral metric, so you can see what leads your users to that goal and make continuous improvements accordingly. This is valuable feedback that can help you make your product even better. Thanks to Stormly, you can easily see what’s working and what’s not, so you can keep making your product even more awesome.
Tracking product metrics is an essential part of being a product manager. You need to know how your products are doing in order to make informed decisions about what features to build next, where to allocate resources, and whether you’re on track towards your goals. The six key product metrics we outlined are a great starting point for any product manager, but feel free to tailor them to your own specific needs. And don’t forget - the easiest way to track all these metrics is with Stormly! Sign up today and start keeping tabs on your product performance.