A product manager’s roles and responsibilities differ according to the company size, type, product type, product stage, and sometimes as per the culture of the company.But one thing that brings all the product managers together is the need to bring their products in the market.
In this article at Feedough.com, Sourobh Das jots down ten product metrics that may make a product manager’s life easier.
Track Down Progress
To take up the baton, product managers must know how to use data generated through customer interaction and traction. However, it is not as easy as it seems. Here is a list of product metrics for the product managers to follow:
- Customer Data: It is the net revenue a company generates in a customer’s lifetime.
- Customer Acquisition Cost: The product managers must understand the significance of customer acquisition cost (CAC) for a new customer to identify the long-term sustainability of the product.
- Customer Conversion Rate: It is equally essential to calculate the number of prospective buyers that could turn into real customers.
- Average Revenue Per User: It is to calculate the average revenue you earn per month from a customer.
- Churn Rate: It is the percentage of consumers that have stopped using the product per month.
- Monthly Recurring Revenue: This helps in finding the revenue a product generates every month from a new consumer.
- Bounce Rate: This is to calculate the ratio of people visiting your website daily but leave without buying anything. It helps in improving landing page performance.
- Dwell Time: This is to calculate the average time spent by a user in a single session.
- Net Promoter Score: It is like a product feedback survey over the product. It takes product performance feedback from customers in the form of a rate card.
- Organic or Paid Traffic: It is to calculate the product demand on the company website or app with or without splurging on fancy online marketing campaigns.
Click on the following link to read the original article: https://www.feedough.com/top-10-metrics-every-product-manager-should-know-track/