107 While the product manager is responsible for
designing the product roadmap, they don’t complete product road mapping alone. To ensure that all the essential information is included in the roadmap, the product manager must collaborate with key stakeholders to brainstorm and prioritize features and requirements.
What goes into product roadmap planning? • Defining your
product strategy and vision • Define measurable objectives
• Define who your audience is and how far out you want the roadmap to gob What are KPIs?
Key performance indicators show whether the business achieves its predetermined goals and objectives. KPIs are used to quantify the success and failure of product goals.
KPIs measure the performance of the business or product inline
with elements such as revenue, cost, usage, customer satisfaction rate, and more. Product teams set
goals and identify specific, measurable KPIs to help ascertain progress. They can brainstorm and setup five to six KPIs to document and monitor regularly.
What are metrics A metric is a specific number or data-centric criteria that teams use to track the success of a product or business activity. Product teams
use metrics to detect risks, set goals, and make effective decisions. KPIs track
measurable business outcomes, while metrics track workflows and processes. While every KPI is a metric, all metrics are not KPIs.
Here’s a product
metrics and KPIs example 108
Metrics: Active product users is a metric that represents the number of regular customers that use the product. It can indicate growth, revenue, and other important insights.
KPI: An achievement of a 25% increase in users year over year is an example of a KPI. Let’s say that a significant business objective was to increase revenue by a certain amount within a financial year. A 25% increase in users indicates that more paid users have
adopted or joined the platform, signaling that the organization is closer to achieving this objective.
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