The ultimate list of product metrics for PMs, June 2024 (PDF):
• Acquisition: How do users find you?
• Activation: How do they experience value?
• Engagement: How do they interact with your product?
• Retention: Do they stay with you?
• Revenue: How do you make money?
• Referrals: Do they tell others about your product?
• Acquisition: How do users find you?
• Activation: How do they experience value?
• Engagement: How do they interact with your product?
• Retention: Do they stay with you?
• Revenue: How do you make money?
• Referrals: Do they tell others about your product?
1. Acquisition Metrics
Bounce Rate
The percentage of visitors who leave your website after viewing just one page. A high bounce rate may indicate issues with the landing page (e.g., messaging) or targeting.
The percentage of visitors who leave your website after viewing just one page. A high bounce rate may indicate issues with the landing page (e.g., messaging) or targeting.
Conversion Rate
The percentage of users who take a desired action, like signing up for a newsletter.
The percentage of users who take a desired action, like signing up for a newsletter.
Landing Page Conversion Rate
The percentage of visitors who take a desired action on a specific landing page, like signing up or starting a trial, on a specific landing page.
The percentage of visitors who take a desired action on a specific landing page, like signing up or starting a trial, on a specific landing page.
Customer Acquisition Cost (CAC)
The cost of acquiring a new customer through marketing and sales efforts.
The cost of acquiring a new customer through marketing and sales efforts.
Channel Effectiveness
The success of each acquisition channel in driving traffic, sign-ups, or purchases.
The success of each acquisition channel in driving traffic, sign-ups, or purchases.
Traffic Source Distribution
The breakdown of incoming user traffic by different sources, such as organic search, referrals, or paid ads.
The breakdown of incoming user traffic by different sources, such as organic search, referrals, or paid ads.
Cost Per Click (CPC)
The cost incurred for each click on your ads. Helps in understanding the cost-effectiveness of your advertising campaigns.
The cost incurred for each click on your ads. Helps in understanding the cost-effectiveness of your advertising campaigns.
Click-Through Rate
The percentage of people who click on your ad after seeing it. A higher CTR indicates more effective ads.
The percentage of people who click on your ad after seeing it. A higher CTR indicates more effective ads.
2. Activation Metrics
Time to Value (TTV)
The time it takes for a user to experience the core benefits of your product after starting to use it.
A shorter TTV leads to higher user satisfaction, engagement, and retention. In product-led growth, optimizing TTV is crucial to ensure users quickly understand the value your product delivers.
The time it takes for a user to experience the core benefits of your product after starting to use it.
A shorter TTV leads to higher user satisfaction, engagement, and retention. In product-led growth, optimizing TTV is crucial to ensure users quickly understand the value your product delivers.
Onboarding Completion Rate
The percentage of users who complete the onboarding process successfully.
The percentage of users who complete the onboarding process successfully.
Onboarding Drop-off Rate
The percentage of users who start but do not complete the onboarding process.
Helps in identifying and improving weak points in the onboarding flow.
The percentage of users who start but do not complete the onboarding process.
Helps in identifying and improving weak points in the onboarding flow.
User Activation Rate
The percentage of users who successfully complete a certain milestone in your onboarding process.
The percentage of users who successfully complete a certain milestone in your onboarding process.
Trial-to-Paid Conversion Rate
The percentage of trial users who convert into paying customers.
The percentage of trial users who convert into paying customers.
First-time User Conversion Rate
The percentage of first-time users who complete a desired action, such as creating an account or purchasing. This metric helps assess the effectiveness of the onboarding process.
The percentage of first-time users who complete a desired action, such as creating an account or purchasing. This metric helps assess the effectiveness of the onboarding process.
Product Qualified Accounts (PQA)
“In product-led sales, the product determines Product Qualified Accounts (PQA) to indicate when an account is prepared for sales engagement and potential conversion.” – Elena Verna
“In product-led sales, the product determines Product Qualified Accounts (PQA) to indicate when an account is prepared for sales engagement and potential conversion.” – Elena Verna
Product Qualified Leads (PQL)
“PQLs, or Product Qualified Leads, are the people within the existing self-serve user base with buying power.” – Elena Verna
“PQLs, or Product Qualified Leads, are the people within the existing self-serve user base with buying power.” – Elena Verna
3. Engagement Product Metrics
Daily Active Users (DAU)
The number of unique users who engage with the product daily.
The number of unique users who engage with the product daily.
Monthly Active Users (MAU)
The number of unique users who engage with the product monthly.
The number of unique users who engage with the product monthly.
Stickiness
The ratio of daily active users (DAU) to monthly active users (MAU), which indicates how often users engage with the product.
The ratio of daily active users (DAU) to monthly active users (MAU), which indicates how often users engage with the product.
User Satisfaction (CSAT)
A measure of how satisfied users are with the product, often determined through surveys or in-app feedback (e.g., Pendo, Gainsight).
For a scale from 1 (extremely dissatisfied) to 5 (extremely satisfied):
A measure of how satisfied users are with the product, often determined through surveys or in-app feedback (e.g., Pendo, Gainsight).
For a scale from 1 (extremely dissatisfied) to 5 (extremely satisfied):
Session Length
The duration of a user's interaction with the product during a single session.
The duration of a user's interaction with the product during a single session.
Session Frequency
The average number of sessions per user within a specific time frame.
The average number of sessions per user within a specific time frame.
Feature Usage
The frequency and depth of usage for specific product features.
The frequency and depth of usage for specific product features.
Customer Effort Score (CES)
Measures the ease with which customers can interact with your product or service. It is often determined by asking users to rate the effort required to accomplish a task or resolve an issue on a scale from very low to very high effort.
A lower CES indicates a more user-friendly product, which can lead to higher user satisfaction and loyalty.
Measures the ease with which customers can interact with your product or service. It is often determined by asking users to rate the effort required to accomplish a task or resolve an issue on a scale from very low to very high effort.
A lower CES indicates a more user-friendly product, which can lead to higher user satisfaction and loyalty.
Task Success Rate
The percentage of users who successfully complete a specific task or set of tasks within your product. This metric helps assess the usability and effectiveness of your product's features.
The percentage of users who successfully complete a specific task or set of tasks within your product. This metric helps assess the usability and effectiveness of your product's features.
User Feedback Score
A quantitative measure of user satisfaction gathered through surveys, ratings, or reviews.
There isn't a single standardized method or rating scale. This could be a numeric scale (e.g., 1 to 5 or 1 to 10), a star rating, or a qualitative scale (e.g., poor, average, excellent).
A quantitative measure of user satisfaction gathered through surveys, ratings, or reviews.
There isn't a single standardized method or rating scale. This could be a numeric scale (e.g., 1 to 5 or 1 to 10), a star rating, or a qualitative scale (e.g., poor, average, excellent).
4. Retention Product Metrics
Churn Rate
The percentage of users who stop using the product within a specific time period, e.g., monthly.
The percentage of users who stop using the product within a specific time period, e.g., monthly.
User Retention Rate
The percentage of users who continue using the product after a specific time period. Often monthly.
The percentage of users who continue using the product after a specific time period. Often monthly.
Cohort Retention Analysis
User Retention Rate analyzed across different user cohorts (e.g., sign-up month). Helps in understanding retention patterns over time.
User Retention Rate analyzed across different user cohorts (e.g., sign-up month). Helps in understanding retention patterns over time.
User Renewal Rate
The percentage of users who renew their subscription or continue using the product after their initial contract period.
The percentage of users who renew their subscription or continue using the product after their initial contract period.
Customer Lifetime
The average time it takes for a user to stop using the product.
The average time it takes for a user to stop using the product.
Product Adoption Rate
The percentage of users who adopt new features within a certain time frame after release.
The percentage of users who adopt new features within a certain time frame after release.
Customer Health Score
A composite metric that combines multiple indicators, such as usage, satisfaction, and support interactions, to provide an overall assessment of the customer's relationship with the product.
A composite metric that combines multiple indicators, such as usage, satisfaction, and support interactions, to provide an overall assessment of the customer's relationship with the product.
4. Revenue Metrics
Average Revenue Per Account (ARPA)
The average revenue generated per account (customer) within a specific time frame. For example, monthly.
The average revenue generated per account (customer) within a specific time frame. For example, monthly.
Customer Lifetime Value (CLV or LTV)
The total revenue a user generates during their entire relationship with the product.
The total revenue a user generates during their entire relationship with the product.
Customer Profitability
The difference between the lifetime value of a customer (LTV) and the cost of acquiring them (CAC).
The difference between the lifetime value of a customer (LTV) and the cost of acquiring them (CAC).
Monthly Recurring Revenue (MRR)
The predictable revenue generated by a subscription-based product every month.
The predictable revenue generated by a subscription-based product every month.
Annual Recurring Revenue (MRR)
The annualized value of your MRR. Important for understanding long-term revenue projections.
The annualized value of your MRR. Important for understanding long-term revenue projections.
Expansion Revenue
Additional revenue generated from existing customers through upsells, cross-sells, or add-on purchases.
Additional revenue generated from existing customers through upsells, cross-sells, or add-on purchases.
Net Revenue Churn
The revenue lost due to customer cancellations, downgrades, or non-renewals within a specific time period, typically a month/year.
The revenue lost due to customer cancellations, downgrades, or non-renewals within a specific time period, typically a month/year.
Net Revenue Retention
The cumulative sum of retained, contracted, and expanded revenue over a specific period, typically a month/year.
The cumulative sum of retained, contracted, and expanded revenue over a specific period, typically a month/year.
Average Contract Value (ACV)
The average revenue generated from each customer contract, which can help assess the effectiveness of pricing and packaging strategies.
The average revenue generated from each customer contract, which can help assess the effectiveness of pricing and packaging strategies.
Gross Margin
The difference between revenue and the cost of goods sold (materials, labor, distribution, sales). Indicates the profitability of your product.
The difference between revenue and the cost of goods sold (materials, labor, distribution, sales). Indicates the profitability of your product.
5. Referral Metrics
Virality Coefficient
The number of new users acquired through referrals by existing users. Often expressed as a ratio (<1, 1, >1).
The number of new users acquired through referrals by existing users. Often expressed as a ratio (<1, 1, >1).
Customer Referral Rate
The percentage of customers who refer others to the product.
The percentage of customers who refer others to the product.
Referral Conversion Rate
The percentage of referrals that convert into active users.
The percentage of referrals that convert into active users.
Net Promoter Score (NPS)
A measure of customer satisfaction and loyalty based on how likely users are to recommend the product to others.
Warning: NPS measures customer attitude and sentiment, not the actual behavior.
A measure of customer satisfaction and loyalty based on how likely users are to recommend the product to others.
Warning: NPS measures customer attitude and sentiment, not the actual behavior.
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A free PDF (no paywall, no email): drive.google.com/file/d/17ITKjZ…
A free PDF (no paywall, no email): drive.google.com/file/d/17ITKjZ…
Don't try to track everything. Instead, focus on just a few key metrics.
How to do that?
How to do that?
Here are two free resources:
Are You Tracking the Right Metrics?
The North Star Framework 101 (PDF, 13 pages): productcompass.pm/p/are-you-trac…
theproductcompass.tech/nsm101pdf
Are You Tracking the Right Metrics?
The North Star Framework 101 (PDF, 13 pages): productcompass.pm/p/are-you-trac…
theproductcompass.tech/nsm101pdf
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