The ultimate list of product metrics.

Free, Nov 2024 edition with a special emphasis on revenue.

1/9 1. Acquisition: How do users find you?

Simplifying your product helps you stand out.

But unlike many believe, it doesn't always mean killing features.

In one of my favorite posts, 'The Obvious, the Easy, and the Possible,' @jasonfried categorized product features into three distinct buckets:

(1/5) 1. The Obvious

These are the things users do all the time. They should be immediately clear and easy to access. Making something obvious comes at a cost—when one feature is prioritized, others may need to be less visible.

For example, creating a new Google Doc.

{2/5)

ChatGPT can save you 10+ hours/week.

But 90% of people don't know how to write good prompts.

The 9 most powerful techniques:

(1/7) 1. Communicate the Why
2. Explain the strategic context
3. Clearly state your objectives
4. Specify the key results (desired outcomes)
5. Provide an example or template

(2/7)

Many startups remain stuck with early adopters forever.

But only a few understand what’s wrong.

Five rules every startup has to follow:

(1/8) Before we go further, look at the diagram. See the "chasm"?

Unlike early adopters who love innovations, pragmatists want things that are proven and work.

Here are five rules every startup has to follow:

(2/8)

Many PMs struggle to explain the difference between Vision, Strategy, Objectives, and Roadmap.

But those are extremely simple concepts.

Let's tackle them one by one:

(1/9) 1. Product Vision (Why)

Product Vision is the long-term aspiration of your product. It motivates your team to wake up every morning and go to work.

For example, “Send humans to the Moon” or “Help tour operators focus on doing what they love.”

(2/9)

Product strategy is simple to understand.

But it’s not:

- A plan (“we will build x, y, and z”)
- A goal (“we want to grow by 50% by 2024”)
- An ambition (“we want to be the best”)
- A business model
- A unique value proposition

Many companies do not have a product strategy at all.

(1/9) Let me tell you a story.

My friend Mike knows he wants to be the best, but he’s struggling to make a choice.

Every day of the week, he tried to pursue a different career.

(2/9)

Bad product teams merely handle feature requests.

Good product teams regularly talk to their customers.

Great product teams leverage insights from multiple sources.

Here are a few ideas you can start exploring on Monday:

(1/10) 1. Customer interviews

Ask about specific situations and operate on facts to understand Why customers behave that way. Leverage the storytelling technique, in which you follow the narrative step-by-step.

All you need to know:

(2/10)

https://x.com/PawelHuryn/status/1733737808609644974

Thinking about design too late is like lipsticking a pig.

I found a fantastic, free collection of Laws of UX.

They can help product teams:
- Come up with better ideas
- Come up with better hypotheses
- Analyze and understand any usability issues

The top eight:

(1/10) 1. Aesthetic-Usability Effect

Users perceive designs that are aesthetically pleasing as more usable.

Product teams should recognize this effect, particularly when testing user prototypes.

(2/10)

Product Discovery is the most critical area for a PM.

But, it is largely misunderstood.

Teams waste time and energy delivering ideas that do not work and do not drive the expected outcomes.

Product Discovery 101:

(1/10) 1. Why do we need Product Discovery?

„The first truth is that at least half of your ideas are just not going to work” - Marty Cagan, Inspired

I’d argue that Product Management is, at its heart, about managing risk. And for every product, there are 5 risks that can materialize:

(2/10)

The North Star Framework is one of the most powerful growth tools.

It allowed Airbnb to go from 80K to 100M nights booked between 2009 and 2017.

An 124,900% increase!

But 90% of the people still don't know how to use the framework.

(1/12) So, in this free post:

1. What is a North Star Metric?
2. Common Misconceptions
3. Recommended Classification

(2/12)

As a PM, you need to remember that every product serves two purposes:

- Creating value for the customers
- Capturing some part of that value for the business

But many product teams struggle with the latter.

(1/9) The most popular discovery tool, the Opportunity Solution Tree, is excellent for teams focused solely on customer value (many teams in large organizations).

But it doesn’t always help you pinpoint capturing business value.

Because it wasn’t designed for this.

(2/9)

Product Management is not about:

- Asking customers about the requirements.
- Writing detailed specifications.
- Creating prototypes and wireframes.
- Assigning tasks to developers.
- Verifying and accepting the work of others.

(1/10) - Obsessing over velocity, deadlines, and roadmaps.
- Mastering Scrum or any other framework to perfection.
- Acting like the CEO of the product.

Anyone can do that.

(2/10)

User Journey Mapping is essential for product teams.

But it's often poorly applied and can lead you astray.

Top 7 mistakes and a free template:

(1/10) (2/10) 1. Guesses instead of data

The User Journey Map is worthless without talking to users. How else can you understand what they think and feel?

One helpful method is "thinking aloud." Start by defining a series of tasks. Next, ask the first-time user to discuss their thought processes as they interact with your product.

In product, it’s essential to test our assumptions.

But you can’t test everything. And you can’t test what you’re unaware of.

(1/9) (2/9) I couldn't find a single assumption prioritization canvas that would:

- Focus specifically on prioritizing assumptions

- Allow you to use value, usability, viability, and feasibility risks

Pic. 1: Adapted by Paweł Huryn from an image by @strategyzer

"Outcomes over output" is essential for any PM.

But there is no single definition of an outcome.

3 types of outcomes a PM should know about:

(1/10) (2/10) 1. Business Outcomes

They refer to the metrics related to the organization’s goals, for example:

- profit margin grew by 5%
- churn rate was reduced by 10%

Product teams typically cannot influence them directly, so they need to be translated into product outcomes.

Co-creating a GTM strategy is part of a PM's job.

But many PMs struggle with the basics.

5 core GTM principles with free frameworks and templates:

(I couldn't believe it's all free)

(1/12)





(2/12) 1. The Product-Market Fit Cycle

Getting to the PMF is not "magic." It involves cycles of validating assumptions in the early GTM stages, such as:

- Who should be your ICP?
- How should you charge?
- What price to set?
- How good should the MVP be?
- How will you attract customers to your product?

The Ultimate Guide to Product Metrics:
(with free links)

1. Frameworks
2. Techniques
3. Types of metrics
4. What makes a good metric?
5. The Ultimate List of Product Metrics
6. Recommended books

(1/8) (2/8) 1. Frameworks:

- AARRR (Pirate) Metrics
- North Star Framework 101 (12 pages, PDF)
- Google HEART framework

PMs use the Kano Model 5x more often than alternatives.

Unfortunately, the model focuses on the features.

So, how do we fix that?

(1/8) (2/8) First, focusing on the features is dangerous.

If the features we build do not solve customer problems, nobody will use them, whatever they declare:

Let's fix that in 4 steps:

https://x.com/PawelHuryn/status/1694423000781672767

All PM templates from my Google Drive are now free for everyone 🎁

The extended edition:

(1/4) (2/4) XLSX:

- RICE Framework
- ICE Framework
- Analyze opportunity to add value by customer
- Weighted Decision prioritization
- Value Curve Template drive.google.com/drive/folders/…

As a PM, your main goal is maximizing customer value.

But many a few know how to prioritize ideas with ease.

There are two popular ways of doing this.

Here's everything you need to know:

(1/17) (2/17)

Approach 1: Opportunity Score by Dan Olsen

When thinking about value for the customers, we’d like to understand:

- How well is the customer’s need served today?

- What is the opportunity to create new value by addressing that need?

- How much value did you create?

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? 1. Acquisition Metrics