Have you ever checked if you are tracking the crucial KPIs of your product?

Question

How come you know those specifics are crucial ones?

Keeping in mind KPIs may differ from business to business and products to products, few of the major KPIs could be;

➤No. of signups (shows users are interested to try your product)
➤No. of logins by registered users ( may gauge users continued interest)
➤No. of forgetting password requests (evaluate if social signups or logins need to be activated)
➤No. of sessions by logged in users (( may gauge users continued interest)
➤No. of users exposed to paywall
➤No. of users taken action against paywall
➤No. of users continued payment processing
➤No. of users abandoned payment processing
➤No. of times payment processing failed
➤No. of users edited payment methods after the first payment
➤No. of users renewed subscriptions or services
➤No. of users raised a support ticket

What more KPIs would you like to add that help in better decision making?

Kyrylo Taranenko · Accepted Answer

Hey @ranvijay_singh! The # of possible KPIs to track is potentially endless. The question is, how to choose the right ones to maintain your focus?

That depends on what stage your product is at. 
(Choose the stage that applies to you)  Is it the idea validation phase? Is it a search for product-market fit?  Is it growth?

I'll list some general things you may want to focus on each stage. I suggest fine-tuning that according to your context:

* Idea validation - # of interviews and the quality of engagement with your MVP (goal - measure potential interest to your solution and narrow down the niche)

* Concept development&testing - # of landing page visitors vs the # of registered vs the # of churned; % of users who perform actions required to consider them activated. For instance, in the early stage of Facebook this metric was the specific # of friends added after the profile was created. If people constantly fail to meet these criteria, there's the problem. Goal - get people to try your concept and get their feedback or analytics about how they use the product and if they succeed to use the key features, figure if there is any problem and how to fix it.

* (Pre) Product-Market fit - First KPI: % of retained users vs the % of the churned. Second KPI: % of activated users vs the % of power users. The goal is to increase the % of retained and resurrected users and better educate them to successfully gain the value of your product. Add the missing education or functionality parts if they're missing.

By the way, the main mistake here is makers focusing on improving the quality of life of their power users instead of making the product more easy to grasp for the new users. You won't proceed to growth stage if it is hard to start using your product, you want to minimize this friction

* Growth&Referral - measure acquisition channels against each other, find at least 2 that work for you constantly and double on them. Main KPIs here would concern increasing the # of leads to your landing page

* Monetization&Profit - ROI

See? On each stage, there is a small number of KPIs that you want to pay your attention to. Usually up to 3 and not more. Anything above would tear your focus and efforts apart. If you feel that you're trying to do too much at the same time, try making a step to the previous stage, analyze and see if you successfully meet the KPIs there.

Hope this helps! If you like the detailed answer and want to help me back, please follow our upcoming page for TimelinesAI:

https://www.producthunt.com/upcoming/timelinesai-for-whatsapp/

We want to validate if people need an easier way to report and review their business communication on Whatsapp chats, update each other and collaborate on the way they follow up with the clients.

Your support upon launch would help us to get visibility and gain more feedback for our concept developing stage to successfully transition to product-market fit :)