How can you set product metrics for a new category?

Early-Stage Flexibility: Embrace an adaptable approach in the initial stages, allowing for flexible metrics that evolve with the product's discovery phase. Contextual User Insights: Prioritize metrics that offer nuanced insights into user context and behavior, aiding in understanding evolving user needs within the new category. Innovation Measurement: Implement metrics that specifically measure innovation, such as the rate of experimentation or the success of unique product features introduced in the new category. Competitive Benchmarking: Include metrics that allow for comparative analysis against established competitors or industry benchmarks, providing context within the broader market landscape.

Understanding new categories means focusing on metrics beyond just market share. Initially, track how well people get and like your idea – look at first-time users, user retention, and Net Promoter Score (NPS). Also, keep an eye on how your product evolves. Track new feature adoption and user feedback use. This shows how well you're meeting new market needs. As your product grows, shift to standard metrics like market share or revenue growth to gauge long-term impact. Don't forget, educating the market about your new concept is crucial. Measure the success of your marketing efforts too. It’s all about making sure your new idea takes off and stays flying.

It could be just a simple measure of success rate of your business model. If a product offers 1:1 Counseling for Entry Level Professionals by Industry Veterans, it could be 'number of appointments booked' Once you have enough traction, you have enough data, you can create more metrics relevant to category, but keep your NSM the same!

Setting metrics for a new product category involves aligning KPIs with business goals. A "new category" is an unestablished market segment. Metrics include adoption rates, engagement, conversion, and satisfaction. Track market share, analyze competition, and assess financial indicators like customer acquisition costs. Use analytics for user behavior insights and prioritize a feedback loop for continuous improvement. Social media sentiment and customer support metrics gauge brand perception and issue resolution. Regularly reassess these metrics for adaptability in emerging categories.

Setting product metrics for a new category requires a strategic approach. Define clear objectives and align with key performance indicators, understanding user behavior and benchmarking against competitors. Emphasize growth metrics, include customer satisfaction measures, and balance leading and lagging indicators. Implement SMART goals, robust analytics, and iterate based on feedback for long-term sustainability. Regularly review and adjust metrics to align with evolving strategies and market conditions. This iterative and adaptable approach ensures meaningful insights and contributes to sustained success in the new category.

Employ Predictive Analytics: Utilize predictive analytics to identify patterns and trends in your data. Machine learning models and algorithms can help predict future market changes based on historical data.

Product metrics in a new category are vital because they act like a compass in uncharted territory. They provide tangible benchmarks to gauge the success and impact of a product in a space where there are no pre-existing standards. For our unique e-commerce solution, metrics helped us understand if our innovative features were resonating with users and driving value. In a new category, these metrics become your navigational tools – they guide product development, inform strategic decisions, and help articulate the product's value to stakeholders.

Quantitative indicators in new categories are vital. They’re not just numbers; they tell you if your assumptions about user needs are spot on. Metrics are key for tweaking your product. In new fields, user engagement and churn rate help you learn and adapt quickly, showing what works and what doesn’t. Communicating progress to stakeholders in new areas is tricky without standard benchmarks. Metrics become your language for showing growth. Clear metrics also keep your team focused and aligned in uncharted territories. Remember, as the market evolves, so should your metrics. Flexibility in your measurement strategy is crucial to keep up with changes.

Every business has a model which describes how it makes money (ad views, subscriptions, purchases, fees, etc.). And in every model there is an engine for growth (adding new customers, growing share of wallet, increasing CLV, etc.). In a new category, there is no established winning business model yet - each company will have its own approach and will need to look for different signals that their approach is working. Product metrics at the execution level are the observable changes which tell you you are effectively solving the right problems for the right customers and when well designed are leading indicators of business value.

The metrics helps a product grow further by looking in to the data via the metrics. This data will help in answering the questions: 1. How many customers are using the product 2. Which feature is highly liked by the customers Various metrics that can be used: ✒️Conversion rate ✒️Churn ✒️Cost per acquisition ✒️CLV ✒️Net promoter score

To set product metrics for a new category, think systematically. You need a combination of metrics to track activation, engagement, and retention. The metrics can be viewed as a pyramid, starting from measuring single actions to getting a top-level overview: 1. Identify the key actions in order that lead users to task completion. These metrics help optimize user experience to achieve business goals. 2. Analyse cohorts of users based on usage patterns. This data enhances the understanding of user personas. 3. Measure engagement to improve the trigger-action-reward loop. This set of metrics determines how likely users are to return and how long they will stay. 4. Activation - indicates a likelihood of prospects turning into users.

Build-Measure-Learn: Start by defining MVP. The key is to build just enough to learn. Implement quick prototyping, followed by user testing. Integrate OKRs for Goal-Setting: Define clear, ambitious yet achievable objectives. Data-Informed Decision Making: Leverage qualitative insights and data signals to inform the WHY behind usage and engagement patterns Continuous Adaptation and Evolution: Be prepared to pivot and make changes based on what the data tells you. In new categories, rapid shifts are common Customer-Centric Approach: Keep a close eye on user feedback as customer insights are invaluable for shaping a new product and it's features Measure What Matters: Avoid generic metrics and balance between leading and lagging indicators

Defining metrics in a new product category is challenging, with no benchmarks. Directly engage customers to identify key "Jobs-to-be-done" (JTBD) and outcomes to measure. Hypothesize signals showing job progression and devise provisional targets. As the category matures, add metrics tracking acquisition, usage, retention and business value versus cost. Continually refine a customer-centric metrics framework through iterative user testing as the market forms.

It is purely akin to sculpting a masterpiece. Begin by defining overarching goals—crafted with stakeholders—that align with the category's strategic purpose. Identify key performance indicators (KPIs) resonating with user value, like adoption rates and customer satisfaction. Leverage quantitative metrics, such as conversion rates and user engagement, as the cornerstone. Forge a narrative around qualitative aspects, employing user feedback and sentiment analysis. Continuously refine the metrics based on evolving user needs and market dynamics. This symphony of quantitative precision and qualitative resonance will guide your product through the uncharted waters of a new category, transforming metrics into a compass for success.

Start by identifying key objectives for your product. These should align with broader business goals and address specific needs of the new category. Next, define measurable key results. Use the lean startup approach here: establish metrics that accurately reflect user engagement and satisfaction. This might include user retention rates, feature usage, or customer feedback scores. These metrics should be agile, allowing for iterative improvements based on real-world feedback. For instance, if you're launching a new health app, track metrics like daily active users or average session duration to gauge engagement. Remember, the goal is to learn and adapt swiftly, ensuring your product resonates well within its new category.

Think of metrics as the compass guiding your journey. For instance, if your vision is to revolutionize home fitness, key metrics might include user engagement, equipment adoption, and retention rates. Your value proposition, perhaps seamless integration with daily routines, could be measured through user surveys and feedback loops. Remember, metrics aren't just numbers; they tell the story of your product's impact. As a personal example, when I launched a language-learning app, our metrics focused on daily active users and fluency progression, reflecting our vision of making language acquisition enjoyable and effective. Regularly revisiting and refining these metrics keeps your product evolving in sync with your mission.

Defining product vision and value proposition is a crucial aspect of a new product category. Here are few steps to guide you through the process: - Identify and understand your target audience - Identify market trends and opportunities - Craft clear and concise vision statement - Define key objective and identify unique value proposition - Use tools and frameworks for structured approaches to articulate and refine your vision and value proposition. - Gather feedback , Iterate and Refine - Align with business goals - Communicate clearly with the stakeholders By following these steps, you can establish a solid foundation for your product, ensuring that your vision and value proposition align with user needs and market dynamics.

This is important. Ultimately, the product metrics help validate the value proposition of a new category. They provide insights into customer adoption, engagement, and satisfaction, indicating whether the product is meeting customer needs and delivering the promised value. If assumptions and hypothesis is not well identified, articulated and aligned on, the metrics will likely not have the impact they seek to have.

In the journey of setting product metrics for a new category, this step is about charting your assumptions and hypotheses. Think of it as creating a roadmap before exploration. In my experience, it involves critically examining your beliefs about the new category. For instance, if you assume users desire a more intuitive interface, your hypothesis might be that an improved interface will boost user adoption. Clearly defining these assumptions sets the stage for metrics that align with the core questions you need to answer, guiding your product metrics selection in uncharted territory.

Balanced Scorecard for broader strategic alignment, or KPIs for specific performance monitoring help ensure metrics are comprehensive and aligned with both short-term actions and long-term objectives.

For product leaders navigating new categories, two key aspects are crucial in choosing product metrics and experiments: 1) Understanding anticipated user behaviors and defining metrics to measure these behaviors within product usage. This approach ensures alignment with user engagement and product effectiveness. 2) Developing a hierarchy of product metrics, distinguishing between outcome metrics and leading indicators. Focusing on leading metrics can provide actionable insights that directly influence and improve outcome metrics, therefore driving product success in uncharted categories.

Creating intuitive dashboards is like having a compass for your product journey. Picture a dashboard showcasing daily active users, conversion rates, and feature usage. During my time working on a language learning app, we closely watched how users interacted with newly introduced pronunciation exercises. The dashboard illuminated a significant increase in engagement, affirming our strategy. Charts and graphs are your storytelling companions. Consider plotting a graph depicting user satisfaction scores over time. In a previous role developing a project management tool, we utilized graphs to showcase the correlation between a recent UI overhaul and increased user satisfaction – a visual representation that resonated with stakeholders.

Monitoring and analyzing the metrics for Instagram Reels was a dynamic process. We used real-time data to track user engagement and content trends, enabling us to make data-driven decisions. This ongoing analysis helped us understand the impact of new features and changes, ensuring we were always aligned with user needs and market trends.

After shipping the product, analyzing the metrics is one of the most important aspect which a PM should always prioritize. Create a dashboard with important metrics & categories the same into buckets like monetization, acquisition, engagement, retention etc. Prefer graphs over table as it helps in identifying a break. In case there is some break, deep dive via tabular data later.

Metrics unveil the story behind user interactions, guiding us through the labyrinth of customer experiences. They illuminate the impact of our decisions, enabling a nuanced understanding of what resonates. Experiments, akin to scientific quests, empower us to validate hypotheses, refine strategies, and evolve our products dynamically. This iterative dance with metrics and experiments is a compass in the fog, steering us toward user-centric innovation. It transforms mere features into value-laden solutions, shaping products that not only meet but exceed expectations. As custodians of this ongoing dialogue with data, product managers harness insights to craft compelling narratives that elevate not just products, but entire user journeys.

AVOID VANITY METRICS: Vanity metrics are metrics that provide a positive impression but often do not offer meaningful insight or impact decision-making directly.Examples of vanity metrics include: Total Email Subscribers: While having a large number of email subscribers may seem impressive, it does not indicate the actual engagement or conversion of those subscribers. Social Media Likes/Followers: High numbers of likes or followers on social media platforms might create a perception of popularity, but it may not result in real customer engagement or sales. Pageviews: Tracking only the number of pageviews without considering more meaningful engagement metrics might not provide a comprehensive understanding of user behavior or conversion.

When setting product metrics for a new category, first define clear goals for the category. Identify key performance indicators (KPIs) aligned with these goals, considering factors like user engagement, customer satisfaction, and revenue. Regularly measure and analyze the chosen metrics, adjusting strategies based on the insights gained to optimize product performance in the new category.

Setting product metrics for a new category involves defining your product's vision and value proposition, identifying assumptions and hypotheses, setting objectives and key results (OKRs), choosing relevant product metrics and experiments, monitoring and analyzing these metrics, and reviewing and iterating them regularly. This approach requires a blend of strategic planning, empirical testing, and continual adaptation to align product development with market needs and goals. It emphasizes the importance of a data-driven, iterative process in navigating the challenges of pioneering a new product category.

Have a top down approach when deciding which metrics to use... Company Vision> Company Business Model > Revenue vs engagement > user journey > Prioritise KPI There will be one big metric often called OKR which is usually Revenue or engagement and then KPIs to support that OKR

Setting product metrics for a new category requires a blend of creativity and analytical thinking. In my experience, especially when launching Baghyra, we started by defining what success looked like for our unique product. We chose metrics that aligned closely with our core objectives – user engagement, market penetration, and customer satisfaction. For example, we closely monitored user onboarding completion rates and repeat usage patterns as early indicators of engagement and satisfaction. This approach of selecting tailored, relevant metrics is key for any new category, ensuring you're tracking the right signs of growth and acceptance in the market.