There are plenty of KPIs to choose from, but you must find the most relevant KPIs for your product. Some of your stakeholders might even have favorites. But, your team will spend time aligning to these parameters, so you must take a stand. In his blog article, Roman Pichler shares tips to help you discover relevant KPIs for your product.
A Guide to Relevant KPIs
When you choose relevant KPIs, they will indicate how your product is faring performance-wise. In the end, end-users, consumers, and your business should find value in your team’s efforts. Your instincts accumulated from years of experience might be good. But, your stakeholders will not provide support without tangible results. Sans KPIs, you are “driving a car with your vision blurred,” explains Pichler. With relevant KPIs, you will have hard evidence to display in your product development report. Here are tips to help select the best ones for your product:
Identify User and Business Objectives
Talk to your users and top management to discover what they expect from the product. For instance, the users would want a feature that helps reduces blood sugar levels. Meanwhile, the top management wants the same product to bring $50,000 as revenue within a year of its launch. User feedback, net promoter score, referral rate, and monthly recurring revenue (MRR) would be relevant KPIs for these goals.
Leverage Product Goals
Apart from the above KPIs, you can also use product goals to identify relevant KPIs. The product goal is a measurable result of your product that you should reach at the end of the roadmap. For instance, if your requirement is to get an initial set of users for your product, market share would be one of the relevant KPIs.
Chip In Some Health KPIs
All the above parameters are working fine for you, yet your team is accumulating technical debt. Tests are throwing more bugs. Your team is clocking more hours, and that is causing burnout and absenteeism. The rest of the crew is stretched thin, and that will soon affect project status as well. Establish health indicators to warn you about team and product health could be some relevant KPIs.
To view the original article in full, visit the following link: https://www.romanpichler.com/blog/how-to-choose-the-right-kpis-for-your-product/