Choose right product kpi's
To choose the right key performance indicators (KPIs) for a product, one must first be clear on the business goals of the product. Only collect KPIs that will help make decisions, avoiding "vanity metrics" that don't provide useful information. Both quantitative and qualitative KPIs should be used to get a balanced view of the product's performance. In addition, include both lagging indicators of past performance and leading indicators of future potential to understand outcomes and likelihood of meeting goals. Consider more than just financial and customer metrics, as motivation, leadership, and trends are also important factors for long-term success. KPIs should be measured and analyzed iteratively to continuously improve processes through a data-driven approach
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Choose right product kpi's
- 1. Choose Right Product KPIs Source: http://www.romanpichler.com/blog/10-tips-how-to-choose-the-right-product-key-performance-indicators-kpis/
- 2. About Me Raffaello Torraco Lean Agile Coach Licensed NLP Coach @raffaellotorraco www.agile-nlp.com [email protected]
- 3. State the Business Goals of your Product To choose the right key performance indicators or KPIs, you must be clear on the business goals your product serves.
- 4. Collect only KPIs to help you to take decisions Avoid Vanity Metrics. Don’t Measure everything that can be Measured.
- 5. Use Quantitative and Qualitative KPIs Combining the two types gives you a balanced outlook on how your product is doing.
- 6. Employ Lagging and Leading Indicators Lagging indicators tell you about the outcome of past actions. Leading indicators help you understand how likely your product will meet a goal in the future.
- 7. Look beyond Financial and Customer Indicators Profit goals and that customer engagement are the success of today. Motivation and Leadership are the success of tomorrow.
- 8. Leverage Trends Trends allow you to better understand what’s happening and to take the right actions.
- 9. Measure and Analyze your KPIs iteratively A data-driven improvement cycle improve, optimize and stabilize the business processes and designs.
- 10. -anonymous “If you don’t measure, you cannot improve”