Picking the right KPIs can be a real challenge. From our conversations with product leaders and mangers, it requires understanding of the product, market, and the organization's goals. There are many metrics to choose from and it's important to focus on the most relevant ones. Also, certain KPIs may become more or less important depending on the stage of the product's life cycle and the target market. Data accuracy and reliability is also important to consider, as well as how the KPI will be used and by whom. Overall, it's a tricky process but it's crucial for achieving business outcomes and making data-driven decisions.
Product teams should measure Key Performance Indicators (KPIs) by first identifying the specific metrics that are most relevant to their products and business goals. This can include metrics such as user engagement, product adoption, retention, usage frequency, and customer feedback. Once these metrics have been identified, teams should establish clear targets and goals for each KPI.
Next, teams should set up systems to collect and track data on each KPI, and establish a schedule for regularly monitoring and reporting on the metrics. Data can be collected through in-app analytics, surveys, customer interviews and other feedback mechanisms.
It's important that teams should not just look at the number, but also try to understand the reason behind the numbers. For example, a low retention rate could be caused by a lack of engagement with certain features, or a poor onboarding process. Understanding the root causes behind KPI performance can help teams make more informed decisions about how to improve their products.
Finally, teams should use the insights gained from KPI tracking to inform product development and decision-making, and communicate progress to stakeholders. This can include adjusting product development roadmaps, targeting specific customer segments, and making data-driven decisions about product features and functionality.
Adding Objectives and Key Results (OKRs) to Key Performance Indicators (KPIs) can make it easier for product teams to manage outcomes and achieve their goals. OKRs provide a framework for setting specific, measurable, and actionable goals for a product team, and aligning those goals with the overall objectives of the organization. By aligning KPIs with OKRs, product teams can ensure that they remain focused on the metrics that are most important for achieving their goals and driving business outcomes.
OKRs help to establish clear and measurable targets for each KPI and make it easy to track progress over time. This allows teams to see how they are performing against their objectives and identify areas where they need to improve. OKRs also help to ensure that teams are working together towards a common goal and are aligned with the overall strategy of the organization.
In addition, OKRs provide a framework for regular check-ins and progress reviews, allowing teams to stay on track and make course corrections as needed. This can help to ensure that teams are making steady progress towards achieving their goals, and can help to identify potential roadblocks early on.
Overall, adding OKRs to KPIs can help product teams to better manage outcomes and achieve their goals by providing a clear framework for setting and achieving objectives, and aligning those objectives with the overall strategy of the organization.
1. Product usage - The frequency and duration of usage for a specific product or feature. Measured monthly or quarterly.
Typical owners: Product Managers
2. User engagement - The level of interaction and activity of users with a specific product or feature. Measured monthly or quarterly.
Typical owners: Product Managers
3. Feature adoption rate - The rate at which users adopt and actively use a specific product or feature. Measured monthly or quarterly.
Typical owners: Product Managers
4. Time to first value - The amount of time it takes for a user to receive value from a specific product or feature. Measured monthly or quarterly.
Typical owners: Product Managers
5. Net Promoter Score (NPS) - A measure of customer loyalty and willingness to recommend a specific product or feature. Measured quarterly or annually.
Typical owners: Product Managers
6. Customer satisfaction - A measure of how satisfied customers are with a specific product or feature. Measured quarterly or annually.
Typical owners: Product Managers
7. Retention rate - The rate at which users continue to use a specific product or feature over time. Measured monthly or quarterly.
Typical owners: Product Managers
8. Revenue per user (RPU) - The revenue generated per user for a specific product or feature. Measured monthly or quarterly.
Typical owners: Product Managers
9. Lifetime value (LTV) - The total revenue generated by a user for a specific product or feature over their lifetime. Measured annually.
Typical owners: Product Managers
10. Feature usage - The frequency and duration of usage for a specific product feature. Measured monthly or quarterly.
Typical owners: Product Managers
11. Error rate - The rate at which errors occur within a specific product or feature. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering
12. Bug rate - The number of bugs found and fixed in a specific product or feature. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering, QA
13. Performance metrics - Measure of how fast and efficiently a specific product or feature performs. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering
14. A/B testing conversion rate - The conversion rate for different variations of a specific product or feature. Measured during the testing period.
Typical owners: Product Managers, Engineering, Marketing
15. Onboarding completion rate - The rate at which new users complete the onboarding process for a specific product or feature. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering, UX
16. Engagement rate - The rate of engagement with specific product or feature over time. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering, Marketing
17. Feature requests - The number of requests for a specific feature or product. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering, Customer Support
18. New user growth - The rate of new users for a specific product or feature. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering, Marketing
19. Lead-to-customer conversion rate - The percentage of leads that become paying customers for a specific product or feature. Measured monthly or quarterly. Typical owners: Product Managers, Engineering, Sales
20. Sales pipeline velocity - The speed at which potential deals move through the sales process for a specific product or feature. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering, Sales
21. Sales win rate - The percentage of deals that result in a sale for a specific product or feature. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering, Sales
22. Upsell and cross-sell rate -The rate at which existing customers purchase additional products or features from the company. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering, Sales
23. Churn rate - The rate at which customers cancel or stop using a specific product or feature. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering, Customer Success
24. Market share - The percentage of a specific market that a product or feature captures. Measured quarterly or annually.
Typical owners: Product Managers, Engineering, Marketing
25. Product roadmap progress - The progress made towards completing items on the product roadmap for a specific product or feature. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering
26. Technical debt - The amount of work needed to maintain and update a specific product or feature. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering
27. Code quality - The quality of the code for a specific product or feature, as determined by code reviews or automated tools. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering
28. Deployment frequency - The number of times a specific product or feature is deployed. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering
29. Mean time to recover (MTTR) - The amount of time it takes to recover from a specific product or feature incident. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering
30. Mean time between failures (MTBF) - The amount of time between incidents for a specific product or feature. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering
31. Incident resolution time - The amount of time it takes to resolve an incident for a specific product or feature. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering
32. Feature development time - The amount of time it takes to develop a specific feature or product. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering
33. Feature lead time - The amount of time it takes from feature request to feature deployment. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering
34. Feature backlog - The number of features in the backlog for a specific product or feature. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering
35. Feature cycle time - The amount of time it takes to complete a specific feature development cycle. Measured monthly or quarterly. Typical owners: Product Managers, Engineering
36. Feature request fulfillment - The percentage of feature requests that are fulfilled for a specific product or feature. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering
37. Technical support ticket volume - The number of technical support tickets for a specific product or feature. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering
38. Technical support ticket resolution time - The amount of time it takes to resolve a technical support ticket for a specific product or feature. Measured monthly or quarterly. Typical owners: Product Managers, Engineering
39. Technical support satisfaction - The level of satisfaction of customers with the technical support for a specific product or feature. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering
40. Root cause analysis completion - The percentage of incidents for which a root cause analysis has been completed. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering
41. Root cause analysis accuracy - The percentage of incidents for which the root cause analysis was accurate. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering
42. Continuous integration and delivery (CI/CD) pipeline success rate - The percentage of successful builds and deployments through the CI/CD pipeline.
Typical owners: Deployment manager, Lead of engineering Measured monthly or quarterly.
43. Product adoption rate - The rate at which customers are adopting a new product or feature. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering, Marketing
44. Product retention rate - The rate at which customers continue to use a product or feature over time. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering, Marketing
45. Product usage frequency - The number of times a customer uses a product or feature. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering, Marketing
46. Product usage duration - The amount of time a customer spends using a product or feature. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering, Marketing
47. Product engagement - The level of engagement customers have with a product or feature. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering, Marketing
48. Product feedback - The feedback received from customers regarding a product or feature. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering, Marketing
49. Product feature usage - The usage of specific features within a product. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering, Marketing
50. Product feature satisfaction - The level of satisfaction customers have with specific features within a product. Measured monthly or quarterly.
Typical owners: Product Managers, Engineering, Marketing
At Fitbots, we are engrossed in OKRs, KPIs and strategy execution. While helping you figure out what to measure, we strongly believe actions drive progress. Fitbots software is specially tuned to help you drive actions with both OKRs and KPIs no matter how you choose to run your business. Try our software and align your teams to make meaningful contributions towards business outcomes.
Kashi is the Co-founder and CTO of Fitbots. Kashi has coached over 700+ teams on OKRs with the focus on helping founders and teams achieve more with OKRs. His niche focuses on the future of work by bringing technology to life.
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