How to Pick the Right Metrics?
Measuring What Matters and Building Great Products
Metrics and Products are kind of two sides of a coin. Nowadays, it’s too hard to imagine a product without someone asking you for feedback. The only way to improve products is by learning from the end-users. Collecting feedback is not only limited to products but also extends to services. For products, setting up a feedback loop is the most important job of a product manager. Having a mechanism to learn from every product release is very critical for success.
Build, Measure, and Learn, as proposed by Eric Ries in his popular book “Lean Startup” is a great way to establish a feedback loop that enables companies to build products quickly with constant learning from the end-users. It emphasizes two main activities, “maximize learning” and “minimize costs.”