Never design a product without explicit metrics and tracking tools.

Imagine driving cross-country without a dashboard. How do you know your school zone speed? Low gas? Without a dashboard, you can't monitor your car. You can't improve what you don't measure, as Peter Drucker said. Product managers must constantly enhance their understanding of their users, how they use their product, and how to improve it for optimum value. Customers will only pay if they consistently acquire value from your product.

I’m Solomon Ayanlakin. I’m a product manager at CredPal, a financial business that offers credit cards and Buy Now Pay Later services. Before falling into product management (like most PMs lol), I self-trained as a data analyst, using Alex the Analyst's YouTube playlists and DannyMas' virtual data internship. This article aims to help product managers, owners, and CXOs understand product metrics, give a methodology for creating them, and execute product experiments to enhance them.

☝🏽Introduction

Product metrics assist companies track product performance from the user's perspective. Metrics help firms decide what to construct (feature priority), how to build it, and the outcome's success or failure. To give the best value to new and existing users, track product metrics.

Why should a product manager monitor metrics?

• to assist your users in having a "aha" moment

• To inform you of which features are frequently used by users and which are not

• To assess the effectiveness of a product feature

• To aid in enhancing client onboarding and retention

• To assist you in identifying areas throughout the user journey where customers are satisfied or dissatisfied

• to determine the percentage of returning users and determine the reasons for their return

📈 What Metrics Ought a Product Manager to Monitor?

What indicators should a product manager watch to monitor product health? The metrics to follow change based on the industry, business stage (early, growth, late), consumer needs, and company goals. A startup should focus more on conversion, activation, and active user engagement than revenue growth and retention. The company hasn't found product-market fit or discovered what features drive customer value.

Depending on your use case, company goals, or business stage, here are some important product metric buckets:

All measurements shouldn't be used simultaneously. It depends on your business goals and what value means for your users, then selecting what metrics to track to see if they get it.

Some KPIs are more beneficial to track, independent of industry or customer type. To prevent recording vanity metrics, product managers must clearly specify the types of metrics they should track. Here's how to segment metrics:

1. The North Star Metric, also known as the Focus Metric, is the indicator and aid in keeping track of the top value you provide to users.

2. Primary/Level 1 Metrics: These metrics should either add to the north star metric or be used to determine whether it is moving in the appropriate direction. They are metrics that support the north star metric.

3. These measures serve as leading indications for your north star and Level 2 metrics. You ought to have been aware of certain problems with your L2 measurements prior to the North star metric modifications.

North Star Metric

This is the key metric. A good north star metric measures customer value. It emphasizes your product's longevity. Many organizations fail to grow because they confuse north star measures with other indicators. A good focus metric should touch all company teams and be tracked forever. If a company gives its customers outstanding value, growth and success are inevitable. How do we measure this value?

A north star metric has these benefits:

• Customer Obsession: It promotes a culture of customer value throughout the entire organization.

• Consensus: Everyone can quickly understand where the business is at and can promptly make improvements, according to consensus.

• Growth: It provides a tool to measure the company's long-term success. Do you think your company will last for a long time?

How can I pick a reliable North Star Metric?

Some fear a single metric. Ensure product leaders can objectively determine a north star metric. Your company's focus metric should meet certain conditions. Here are a few:

1. A good focus metric should reflect value and, as such, should be closely related to the point at which customers obtain the desired value from your product. For instance, the quick delivery to your home is a value proposition of UberEats. The value received from a delivery would be a suitable focal metric to use. While counting orders is alluring, the quantity of successfully completed positive review orders would make a superior north star statistic. This is due to the fact that a client who placed an order but received a defective or erratic delivery is not benefiting from Uber Eats. By tracking core value gain, which is the number of purchases that resulted in satisfied customers, we are able to track not only the total number of orders placed during a specific time period but also the core value proposition.
   

2. Focus metrics need to be quantifiable; they shouldn't only be feelings or states; they need to be actionable. A smart place to start is by counting how many times an activity has been completed.
   

3. A great focus metric is one that can be measured within predetermined time limits; otherwise, you are not measuring at all. The company can improve that measure more quickly by having time-bound focus metrics. Measuring and accounting for progress over set time periods is the only method to determine whether or not you are moving in the right path. You can then evaluate your metrics for today and yesterday. It's generally not a good idea to use a year as a time frame. Ideally, depending on the nature of your organization and the measure you are focusing on, you want to take into account on a daily, weekly, or monthly basis.
   

4. Everyone in the firm has the potential to affect it: A short glance at the well-known AAARRR funnel, also known as the Pirate Metrics, reveals that various teams inside the organization have an impact on the funnel. Ideally, the NSM should be impacted if changes are made to one portion of the funnel. Consider how the growth team in your firm is enhancing customer retention. This would have a good effect on the north star indicator because at this stage, a repeat client is probably being satisfied on a regular basis. Additionally, if the opposite were true and a client churned, it would have a negative effect on the focus metric.
   

5. It ought to be connected to the business's long-term success: The direction of sustainability would be indicated by a good north star metric. A company's lifeblood is product demand and revenue, so it's critical that your NSM points in the direction of sustainability. If UberEats can effectively increase the monthly total of happy client orders, it will remain in operation indefinitely.

Many product teams make the mistake of focusing on revenue. When the bottom line is emphasized, a company's goal moves from giving value to extracting money from customers. A happy consumer will stay and pay for your service. Customer lifetime value always exceeds initial daily, monthly, or weekly revenue.

Great North Star Metrics Examples

🥇 Basic/L1 Metrics:

The NSM is broad and focuses on providing value for users, while the primary metric is product/feature focused and utilized to drive the focus metric or signal its health. The primary statistic is team-specific, whereas the north star metric is company-wide. For UberEats' NSM, the marketing team may measure the amount of quality food vendors who sign up using email marketing. With quality vendors, more orders will be satisfied. Shorter feedback loops and unambiguous team assignments make L1 metrics more actionable and significant in the immediate term.

🥈 Supporting L2 metrics:

These are supporting metrics to the L1 and focus metrics. Location, demographics, or features are examples of L1 metrics. UberEats' supporting metrics might be the number of sales emails sent to food vendors, the number of opens, and the click-through rate. Secondary metrics are low-level and evident, and they relate into primary and north star measurements. UberEats needs a high email open rate to attract high-quality food vendors. L2 is a leading sign for L1.

Where can I find product metrics?

How can I measure in-app usage and activity now that I know what metrics to track? Enter product analytics. Product analytics tools evaluate and improve product management parameters that indicate a product's health from a user's perspective.

Various analytics tools on the market supply product insight. From page views and user flows through A/B testing, in-app walkthroughs, and surveys. Depending on your use case and necessity, you may combine tools to see how users engage with your product. Gainsight, MixPanel, Amplitude, Google Analytics, FullStory, Heap, and Pendo are product tools.

This article isn't sponsored and doesn't market product analytics tools. When choosing an analytics tool, consider the following:

• Tools for tracking your Focus, L1, and L2 measurements

• Pricing

• Adaptations to include external data sources and other products

• Usability and the interface

• Scalability

• Security

An investment in the appropriate tool pays off. To choose the correct metrics to track, you must first understand your business need and what value means to your users. Metrics and analytics are crucial for any tech product's growth. It shows how your business is doing and how to best serve users.

This is how to build a car while driving.

Building a high-growth startup is compared to building a car while it's speeding down the highway.

How to plan without going crazy? Or, without losing team, board, and investor buy-in?

I just delivered our company's product roadmap for the rest of the year. Complete. Thorough. Page-long. I'm optimistic about its chances of surviving as everything around us changes, from internal priorities to the global economy.

It's tricky. This isn't the first time I've created a startup roadmap. I didn't invent a document. It took time to deliver a document that will be relevant for months.

Goals matter.

Although they never change, goals are rarely understood.

This is the third in a series about a startup's unique roadmapping needs. Velocity is the intensity at which a startup must produce to survive.

A high-growth startup moves at breakneck speed, which I alluded to when I said priorities and economic factors can change daily or weekly.

At that speed, a startup's roadmap must be flexible, bend but not break, and be brief and to the point. I can't tell you how many startups and large companies develop a product roadmap every quarter and then tuck it away.

Big, wealthy companies can do this. It's suicide for a startup.

The drawer thing happens because startup product roadmaps are often valid for a short time. The roadmap is a random list of features prioritized by different company factions and unrelated to company goals.

It's not because the goals changed that a roadmap is shelved or ignored. Because the company's goals were never communicated or documented in the context of its product.

In the previous post, I discussed how to turn company goals into a product roadmap. In this post, I'll show you how to make a one-page startup roadmap.

In a future post, I'll show you how to follow this roadmap. This roadmap helps you track company goals, something a roadmap must do.

Be vague for growth, but direct for execution.

Here's my plan. The real one has more entries and more content in each.

Let's discuss smaller boxes.

Product developers and engineers know that the further out they predict, the more wrong they'll be. When developing the product roadmap, this rule is ignored. Then it bites us three, six, or nine months later when we haven't even started.

Why do we put everything in a product roadmap like a project plan?

Yes, I know. We use it when the product roadmap isn't goal-based.

A goal-based roadmap begins with a document that outlines each goal's idea, execution, growth, and refinement.

Once the goals are broken down into epics, initiatives, projects, and programs, only the idea and execution phases should be modeled. Any goal growth or refinement items should be vague and loosely mapped.

Why? First, any idea or execution-phase goal will result in growth initiatives that are unimaginable today. Second, internal priorities and external factors will change, but the goals won't. Locking items into calendar slots reduces flexibility and forces deviation from the single source of truth.

No soothsayers. Predicting the future is pointless; just prepare.

A map is useless if you don't know where you're going.

As we speed down the road, the car and the road will change. Goals define the destination.

This quarter and next quarter's roadmap should be set. After that, you should track destination milestones, not how to get there.

When you do that, even the most critical investors will understand the roadmap and buy in. When you track progress at the end of the quarter and revise your roadmap, the destination won't change.

We've all been there: You propose a suggestion to your team at a meeting, and most people appear on board, but a handful or small minority aren't. How can we achieve collective buy-in when we need to go forward but don't know how to deal with some team members' perceived intransigence?

Steps:

1. Investigate the divergent opinions: Begin by sincerely attempting to comprehend the viewpoint of your disagreeing coworkers. Maybe it makes sense to switch horses in the middle of the race. Have you completely overlooked a blind spot, such as a political concern that could arise as an unexpected result of proceeding? This is crucial to ensure that the person or people feel heard as well as to advance the goals of the team. Sometimes all individuals need is a little affirmation before they fully accept your point of view.

• It says a lot about you as a leader to be someone who always lets the perceived greatest idea win, regardless of the originating channel, if after studying and evaluating you see the necessity to align with the divergent position.

• If, after investigation and assessment, you determine that you must adhere to the original strategy, we go to Step 2.

2. Disagree and Commit: Jeff Bezos, CEO of Amazon, has had this experience, and Julie Zhuo describes how he handles it in her book The Making of a Manager.

It's OK to disagree when the team is moving in the right direction, but it's not OK to accidentally or purposefully damage the team's efforts because you disagree. Let the team know your opinion, but then help them achieve company goals even if they disagree. Unknown. You could be wrong in today's ever-changing environment.

So next time you have a team member who seems to be dissenting and you've tried the previous tactics, you may ask the individual in the meeting I understand you but I don't want us to leave without you on board I need your permission to commit to this approach would you give us your commitment?

Fox executives will invest $100 million in NFT-based TV shows. Fox brought in "Rick and Morty" co-creator Dan Harmon to create "Krapopolis"

Fox's Blockchain Creative Labs (BCL) will develop these NFT TV shows with Bento Box Entertainment. BCL markets Fox's WWE "Moonsault" NFT.

Fox said it would use the $100 million to build a "creative community" and "brand ecosystem." The media giant mentioned using these funds for NFT "benefits."

"Krapopolis" will be a Greek-themed animated comedy, per Rarity Sniper. Initial reports said NFT buyers could collaborate on "character development" and get exclusive perks.

Fox Entertainment may drop "Krapopolis" NFTs on Ethereum, according to new reports. Fox says it will soon release more details on its NFT plans for "Krapopolis."

Media Giants Favor "NFT Storytelling"

"Krapopolis" is one of the largest "NFT storytelling" experiments due to Dan Harmon's popularity and Fox Entertainment's reach. Many celebrities have begun exploring Web3 for TV shows.

Mila Kunis' animated sitcom "The Gimmicks" lets fans direct the show. Any "Gimmick" NFT holder could contribute to episode plots.

"The Gimmicks" lets NFT holders write fan fiction about their avatars. If show producers like what they read, their NFT may appear in an episode.

Rob McElhenney recently launched "Adimverse," a Web3 writers' community. Anyone with a "Adimverse" NFT can collaborate on creative projects and share royalties.

Many blue-chip NFTs are appearing in movies and TV shows. Coinbase will release Bored Ape Yacht Club shorts at NFT. NYC. Reese Witherspoon is working on a World of Women NFT series.

PFP NFT collections have Hollywood media partners. Guy Oseary manages Madonna's World of Women and Bored Ape Yacht Club collections. The Doodles signed with Billboard's Julian Holguin and the Cool Cats with CAA.

Web3 and NFTs are changing how many filmmakers tell stories.

Bear markets don't last forever, but that's hard to remember. Jamie Cullen's illustration

A bear market is a 20% decline from peak to trough in stock prices.

The S&P 500 was down 24% from its January highs at its low point this year. Bear market.

The U.S. stock market has had 13 bear markets since WWII (including the current one). Previous 12 bear markets averaged –32.7% losses. From peak to trough, the stock market averaged 12 months. The average time from bottom to peak was 21 months.

In the past seven decades, a bear market roundtrip to breakeven has averaged less than three years.

Long-term averages can vary widely, as with all historical market data. Investors can learn from past market crashes.

Historical bear markets offer lessons.

Bear market duration

A bear market can cost investors money and time. Most of the pain comes from stock market declines, but bear markets can be long.

Here are the longest U.S. stock bear markets since World war 2:

Stock market crashes can make it difficult to break even. After the 2008 financial crisis, the stock market took 4.5 years to recover. After the dotcom bubble burst, it took seven years to break even.

The longer you're underwater in the market, the more suffering you'll experience, according to research. Suffering can lead to selling at the wrong time.

Bear markets require patience because stocks can take a long time to recover.

Stock crash recovery

Bear markets can end quickly. The Corona Crash in early 2020 is an example.

The S&P 500 fell 34% in 23 trading sessions, the fastest bear market from a high in 90 years. The entire crash lasted one month. Stocks broke even six months after bottoming. Stocks rose 100% from those lows in 15 months.

Seven bear markets have lasted two years or less since 1945.

The 2020 recovery was an outlier, but four other bear markets have made investors whole within 18 months.

During a bear market, you don't know if it will end quickly or feel like death by a thousand cuts.

Recessions vs. bear markets

Many people believe the U.S. economy is in or heading for a recession.

I agree. Four-decade high inflation. Since 1945, inflation has exceeded 5% nine times. Each inflationary spike caused a recession. Only slowing economic demand seems to stop price spikes.

This could happen again. Stocks seem to be pricing in a recession.

Recessions almost always cause a bear market, but a bear market doesn't always equal a recession. In 1946, the stock market fell 27% without a recession in sight. Without an economic slowdown, the stock market fell 22% in 1966. Black Monday in 1987 was the most famous stock market crash without a recession. Stocks fell 30% in less than a week. Many believed the stock market signaled a depression. The crash caused no slowdown.

Economic cycles are hard to predict. Even Wall Street makes mistakes.

Bears vs. bulls

Bear markets for U.S. stocks always end. Every stock market crash in U.S. history has been followed by new all-time highs.

How should investors view the recession? Investing risk is subjective.

You don't have as long to wait out a bear market if you're retired or nearing retirement. Diversification and liquidity help investors with limited time or income. Cash and short-term bonds drag down long-term returns but can ensure short-term spending.

Young people with years or decades ahead of them should view this bear market as an opportunity. Stock market crashes are good for net savers in the future. They let you buy cheap stocks with high dividend yields.

You need discipline, patience, and planning to buy stocks when it doesn't feel right.

Bear markets aren't fun because no one likes seeing their portfolio fall. But stock market downturns are a feature, not a bug. If stocks never crashed, they wouldn't offer such great long-term returns.

If asked, run.

An entrepreneur asked me about her pitch deck. A Platform as a Service (PaaS).

She told me she hadn't done her 5-year forecasts but would soon.

I said, Don't bother. I added "time-wasting."

“I've been asked”, she said.

“Who asked?”

“a VC”

“5-year forecast?”

“Yes”

“Get another VC. If he asks, it's because he doesn't understand your solution or to waste your time.”

Some VCs are lagging. They're still using steam engines.

10-years ago, 5-year forecasts were requested.

Since then, we've adopted a 3-year plan.

But It's outdated.

Max one year.

What has happened?

Revolutionary technology. NO-CODE.

Revolution's consequences?

Product viability tests are shorter. Hugely. SaaS and PaaS.

Let me explain:

• Building a minimum viable product (MVP) that works only takes a few months.

• 1 to 2 months for practical testing.

• Your company plan can be validated or rejected in 4 months as a consequence.

After validation, you can ask for VC money. Even while a prototype can generate revenue, you may not require any.

Good VCs won't ask for a 3-year business plan in that instance.

One-year, though.

If you want, establish a three-year plan, but realize that the second year will be different.

You may have changed your business model by then.

A VC isn't interested in a three-year business plan because your solution may change.

Your ability to create revenue will be key.

• But also, to pivot.

• They will be interested in your value proposition.

• They will want to know what differentiates you from other competitors and why people will buy your product over another.

• What will interest them is your resilience, your ability to bounce back.

• Not to mention your mindset. The fact that you won’t get discouraged at the slightest setback.

• The grit you have when facing adversity, as challenges will surely mark your journey.

• The authenticity of your approach. They’ll want to know that you’re not just in it for the money, let alone to show off.

• The fact that you put your guts into it and that you are passionate about it. Because entrepreneurship is a leap of faith, a leap into the void.

• They’ll want to make sure you are prepared for it because it’s not going to be a walk in the park.

• They’ll want to know your background and why you got into it.

• They’ll also want to know your family history.

• And what you’re like in real life.

So a 5-year plan…. You can bet they won’t give a damn. Like their first pair of shoes.