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Product Management Metrics

How to truly manage your products like a CEOMar 23, 2013

Saeed Khan @saeedwkhan http://ca.linkedin.com/in/saeedwkhan BLOG: www.OnProductManagement.net

Copyright © Saeed Khan 2013

http://ca.linkedin.com/in/saeedwkhan



http://www.onproductmanagement.net/

NOTE:

Additional information on this topic can be found in the following posts found at http://www.onproductmanagement.net

• A Model and Metrics for Tracking Product Success• Defining Business Oriented Metrics for Tracking Product Su

ccess• Go-to-Market and Organizational Metrics for Tracking Prod

uct Success• Product Metrics for Tracking Product Success• Why and How to Conduct a Mid-Year Product Review


http://onproductmanagement.net/2011/04/18/a-model-and-metrics-for-tracking-product-success/

http://onproductmanagement.net/2011/04/18/a-model-and-metrics-for-tracking-product-success/

http://onproductmanagement.net/2011/04/25/business-metrics-for-product-success/

http://onproductmanagement.net/2011/04/25/business-metrics-for-product-success/

http://onproductmanagement.net/2011/05/02/go-to-market-and-organizational-metrics-for-product-success/

http://onproductmanagement.net/2011/05/02/go-to-market-and-organizational-metrics-for-product-success/

http://onproductmanagement.net/2011/05/10/product-metrics-for-product-success/

http://onproductmanagement.net/2011/06/06/why-and-how-to-hold-a-mid-year-product-review/

Is this you?

http://www.productfocus.com/blog/archives/129


Question - Are you a:

PRODUCT Manager

Or a

Product MANAGER


Turning the situation around…

Do you want to be more strategic?

Do you want to show your CEO the value of Product Management in your company?

Do you want to get promoted?** No promises of career success are being made in this presentation. Your mileage may vary.


To deliver measurable business results through product

solutions that meet both market needs

and company objectives.

Don Vendetti - http://wp.me/pXBON-WE

The goal of Product Management


Manage your product like your CEO manages the

company

Yes I know you are not the “CEO of your product” but don’t let that stop you from

acting like you are.Copyright © Saeed Khan 2013

What examples are there for managing

Products in a systematic way?


Captain Jack – Product Manager

http://www.slideshare.net/dmc500hats/startup-metrics-for-pirates-long-version


Soon a True PM you shall be!

http://www.slideshare.net/dan_o/how-to-be-a-web-20-metrics-jedi-web-20-expo-april-2009


Don’t let Chuck Norris stop you!

http://www.slideshare.net/maverickaman/metrics-for-start-up-ninjas


Lots of Web funnel related metrics

• http://www.slideshare.net/stueccles/lean-startup-metrics• http://www.cindyalvarez.com/data-driven/57-questions-about-metrics• http://bostonturnergroup.com/ideals-2/web-funnel-101-24-metrics-you-need-to-measure-

right-now/


http://www.slideshare.net/stueccles/lean-startup-metrics

http://www.slideshare.net/stueccles/lean-startup-metrics

http://www.cindyalvarez.com/data-driven/57-questions-about-metrics

http://www.cindyalvarez.com/data-driven/57-questions-about-metrics

http://bostonturnergroup.com/ideals-2/web-funnel-101-24-metrics-you-need-to-measure-right-now/



Couldn’t find anything taking a holistic view of the overall state of the

productCopyright © Saeed Khan 2013

The key question

How to truly manage the

product across the

product lifecycle? (and stop being the gap filler)Copyright © Saeed Khan 2013

What is “the

Product”?


What are the major areas I must track

and manage to ensure product

success?

What is “the product” OR….


4 Areas of Focus

Business Organization

Go To Market Product


4 Areas of Focus

Business

Corporate Objectives, Revenue, Pipeline,

Win/Loss, Renewals, Pricing, etc.

Organization

Internal Training and Enablement (Sales,

Support, Marketing etc.)

Go To Market

Positioning, Messaging, Lead Gen, Marketing

Plan/Funnel, References, Collateral etc.

Product

Product Strategy, Capabilities, Roadmap, Quality, Performance,

Stability, Gaps etc.


What is the Product

Lifecycle?


Product Lifecycle Stages

Dev

elop

Laun

ch

Gro

wth

Mat

urity

Dec

line

End

of

Life

CRAP


Product Lifecycle OBJECTIVES

Build it

Nail i

t

Scale

it

Exten

d itM

ilk it

End it


Product Lifecycle Objectives

Objective Description

Build it Build the first version of the product for specific use cases for a target market

Nail it Identify and address barriers to wider adoption within your target market and prepare the company for product growth – more than just product/market fit

Scale it Scale the business (marketing/sales etc.) and focus on expansion and new customer acquisition

Extend it Move into new markets, market segments, use cases. Growth in new customers and sales into existing base

Milk it Reduce investment but continue to market/sell with an eye on maximizing profits from customer base

End it Remove all investment, stop actively marketing and eventually remove from marketCopyright © Saeed Khan 2013

At each lifecycle stage, Product

Management focus and objectives are

different!


What stage is your product in?










So what goes in the boxes?

Questions that are important to answer for each focus area for the

current stage of the product lifecycle

i.e. key business metrics


What is a “business metric”?

The definition I like is:

• n. A business metric is any type of measurement used to gauge some quantifiable component of a company’s performance.

Somewhat vague (but good for us)!


Rules for defining key “business metrics”

• Define metrics to align with key goals and objectives for your product. – Just because you can measure it doesn’t

mean it’s important

• Ensure that you can put programs in place to change those metrics if needed.

• The actual “metrics” will be a combination of numeric values, and empirical evaluations of important situations (i.e. judgment calls)


Hypothetical example… READ THIS!

• The following is an example set of dashboards for an early (Scale it!) stage product to show how to implement the model.

• For each of 4 focus areas, I’ve picked important metrics to track. You will need to pick the right metrics for your product and stage. – i.e. these may not all apply to your

product. Don’t just copy them without thought.


Creating a simple dashboard

• CEOs like dashboards • Use traffic light model (or similar

model) to indicate state of metric

- on plan or ahead of plan

- at risk of missing plan (must monitor)

- behind plan, needs immediate attention


Common Business Metrics

• Sales/Revenue• Pipeline• Win/Loss• Deal Size• Renewals• Pricing• Resellers• Etc.

What are the key metrics and measurable factors to track business progress and success?

How are you tracking against the plan or target?

What actions are needed to improve the situation? Copyright © Saeed Khan 2013

Hypothetical Business Dashboard


Common Go-To-Market Metrics

• Positioning• Competition• References• Social Media• Analyst

Relations• Demand Gen• Web Presence• Collateral

These “metrics” are not as numeric as the Business are, but are key to tracking GTM status and progress


Go-to-Market Metrics


Organizational Readiness

• Each group that is key to go-to-market or the ongoing success of the product should be assessed to see if they have been trained and are functioning optimally.

Ensure there is a clear way to assess if teams are ready. Processes in place, training complete, systems ready etc.


Organizational Readiness


Product Metrics

• Strategy• Roadmap status• Product/Market

Fit• Product Gaps• Product Quality• Etc.

Where you probably spend a lot of your time currently, filling gaps, fighting fires etc.

Raise the bar and systemetize your efforts and management of the product


Product Metrics


Each metric should have additional

underlying data or information. Should

be available if needed by

Management.Copyright © Saeed Khan 2013

Update dashboards as often as needed for business review. Quarterly or semi-

annually is good for most companies.


Why go through all this effort and

present the product this

way?Copyright © Saeed Khan 2013

• It is a simple, standard way to manage almost ANY product

• Easy to communicate status and trouble spots to Senior Management

• Raise your own understanding of your product and manage it like a CEO

• And finally….

Why do this?


…Because this is NOT what you want!!

http://www.productfocus.com/blog/archives/129


Product Management Metrics

How to truly manage your products like a CEO

Mar 23, 2013

Saeed Khan @saeedwkhan http://ca.linkedin.com/in/saeedwkhan BLOG: www.OnProductManagement.net





http://www.onproductmanagement.net/

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