Suhail Doshi - How to Measure Your Product

User Experience and Iteration 💡 Focusing on a few key metrics that guide the team is more effective than tracking a long list of sub metrics that are difficult to keep track of. 🚀 Making the first step easy for users is crucial for getting them started with your product, even if you have many cool features. 💡 The importance of getting step one right in product development: "You don't even have a chance at any of the subsequent steps." 🏠 Airbnb simplified their initial user experience by focusing on the most important steps, despite having a complex booking process. 💡 Figuring out the right thing for a product is harder than building it: "The thing that's really hard is like figuring out that that's the right thing that's really hard that takes like they probably change that you know 50 times before they figure it out." 💡 Speed is a crucial factor in measuring the success of a product, as it can determine how quickly users can get started and how complicated the experience is. 💡 Iterating on user experience is a never-ending process and having someone responsible for it is critical for the success of the product. 💬 Talking to customers is more valuable than looking at data points: "You will never get as much information and insight in building your own intuition than just talking to customers." Measuring Product Success 💰 Suhail Doshi's company, Mixpanel, has around 7,000 paying customers and is closing in on around 100 million dollars in annual recurring revenues. 💡 The most important thing for a product is whether people are coming back and using it. 💡 Measuring growth of a product involves tracking basic user actions, valuable actions, retention, and referrals. 💡 Suhail Doshi emphasizes the importance of measurement and iteration in product development, stating that "after a lot of work. A lot of hard work a lot of iteration a lot of talking to customers a lot of measurement" is what led to success. Importance of Retention and Churn Reduction 📉 "There's a really strong correlation with daily use and rate of churn like rate of like people like stop not no longer paying for the product." - Suhail Doshi emphasizes the importance of measuring daily active users for reducing churn in a product. 💀 Monthly churn can be the "single cause of death" for a product, and it's important to focus on retention to avoid this.