Product Success Metrics | A Complete Tutorial

📊 Setting success metrics is the most important skill for product managers, growth managers, or startup founders, as everything starts and ends with metrics used to measure the impact of their work. 🗺️ The very first step in measuring product success is to map out the user's journey throughout the product at a high level, focusing on three key points within a typical user journey. 📈 The activation rate is a crucial metric for product success, measuring the conversion rate from onboarding completion to when the user takes the key action. 📈 Retention is crucial for product success, as it measures the number of people who continue to take key actions after a fixed amount of time, indicating the long-term value of the product to users. 📊 Treating the moment of starting a project as a key point in the user journey and measuring conversion rates can provide valuable insights into product success. 📊 The focus on using rates in product success metrics instead of raw numbers allows for a more accurate understanding of user engagement and retention. 📈 Your activation rate, engagement rate, and retention rate are crucial metrics for measuring product success, especially for e-commerce products. 📊 Developing strong success metrics for your product is arguably the most important skill for a product manager.