Better Metrics for New Products

With so many new analytics tools available, it’s common to have a firehose of data and metrics available soon after your product launches. But the real challenge is determining which few metrics to focus on, and the sooner the better. By defining the right metrics early in the validation and development cycle, well before your product reaches customers, you can get better insight to guide your product decisions and your roadmap. To set the right metrics and product goals early, you’ll need to think like a scientist. Scientists first describe their hypothesis, define a test and then measure. Product management can do the same by setting goals and then setting metrics for those goals. This scientific mindset is one of the best ways to guide new products to success. For example, you may decide that a conversion metric, such as the percentage of trial customers who convert to paying customers, is important to measure. Even without solid customer data, you can create a hypothesis about what you think you will see and an ideal target. This will lead to incredibly valuable team conversations about the business model and—once the customer data begins arriving—the ability to spot challenges early. Got a new product? Learn more about how to identify the right metrics to measure success when you read the full article.
Pragmatic Institute

Pragmatic Institute

Pragmatic Institute (formerly Pragmatic Marketing) has continuously delivered thought leadership in technology product management and marketing since it was founded in 1993. Today, we provide training and present at industry events around the world, conduct the industry’s largest annual survey and produce respected publications that are read by more than 100,000 product management and marketing professionals. Our thought-leadership portfolio includes the Pragmatic  Framework, eBooks, blogs, webinars, podcasts, newsletters, The Pragmatic magazine and the bestseller “Tuned In.”

 

To learn more about our courses and join the growing international community of more than 150,000 product management and marketing professionals trained by Pragmatic Institute, please click here.


(0) Comments

Looking for the latest in product and data science? Get our articles, webinars and podcasts.