What Key Product Metrics should every PM monitor daily?
In my past 8 months working in Product, looking at data has been integral daily.
- Tracking the funnel from the point where the user INSTALLS the app to the last step where the critical event occurs (i.e., at GIVA-OrderCompleted, Goibibo-BookingCompleted).
Installation — Signup — PageViewed — AddedtoCart — CheckoutInitiated — Purchase
Looking at every step of the funnel to identify deviations in data from its previous 7, 30-day averages is important, especially if any product, feature, or design implementations have been made recently.
2. Monitoring User SESSIONS based on total events, length, frequency, and the split between new and old user sessions (primarily comes under the larger umbrella of RETENTION) can help identify behavioral and purchase patterns.
- This additionally helps build user personas and cohorts, which further down the road helps in designing your product offerings and marketing campaigns.
3. Examining tailed events, such as fatal crashes, bugs, forced clicks/taps based on version/platform/mobile, and so on, allows you to identify avenues for any sudden losses that can be mitigated if actions are taken in a timely manner, as well as to plan for such future fatal events.
In my personal experience — pricing errors, unable to checkout (device/platform-specific), payment gateway failures, etc. all occur from time to time, which leads to user distress. Being able to monitor, identify, and resolve such conflicts leads to both lower revenue loss and higher user satisfaction.
Do share your thoughts in the comments.