KoThinker reposted this
🟣 Action-focused mastermind groups for product leaders 🌸 I build tech organizations & digital products. I help you to transform into a product org that boosts collaboration and minimizes waste 💜
If you spot a challenge in your conversion, hold off on rushing to fix it! 🛑 This valuable insight comes from yesterday's discussion event led by Martin Küngas. 🗣️ Whenever I gain a new insight, whether from qualitative or quantitative sources, my first reaction is often to solve it—especially if it's critical strategically. 🎯 But what's the problem with rushing? Jumping straight to solutions means we might just be guessing. Instead, we should engage more deeply with our customers to truly understand what's causing poor conversion at specific stages of their journey. 🕵️♂️ Remember, research and discovery always come first; solutions follow. Patience is key! 🧘 Other key takeaways from yesterday's event: 👉 Measuring ratios provides more thoughtful insights. 👉 Don't overemphasize metrics before achieving product-market fit. 👉 The ideal ratio of customer lifetime value to customer acquisition cost is 2-4. Below this, your business model struggles; above this, you likely need to invest more in growth. 👉 Identify whether your product is focused on attention, transactions, or productivity. 👉 Feature adoption is critical to track, whether you're in B2B or B2C. 👉 The backend should be the primary source of truth for analytics. 👉 It's practical to maintain separate product and business reports. These insights help us approach challenges more effectively and strategically! 💡 Where's your biggest struggle with metrics?
Awesome takeaways and thanks again Aive Uus for raising the discussion around product metrics!
Martin Küngas, I also have an additional question. In the context of Phishbite, where we help companies mitigate cybersecurity risks and raise employee security awareness. I have defined two product-specific metrics: ▶ The first is the click-rate in the first month of using the service - that is, how many of our phishing simulation emails are clicked on. This essentially helps to understand how realistic our phishing emails are and benchmark with competitors. ▶ The second is related to completing the training after clicking on the link - the goal is for the click-rate to significantly decrease 3 months after starting the service (I have currently set the target at 50%, but this is indicative). Currently, we are in the early phase and have not yet found PMF. You mentioned that in the early stages we shouldn't focus too much on metrics, but for me, these are important internal service indicators/predictive metrics that the service is useful and creates value. What is your perspective, is it still right to monitor them, or are we focusing on the wrong things? For background, we also regularly talk to our first clients and try to understand how the service creates value for them and what are the possible issues while using product.
the biggest learning for early stage startups is the second point from Martin Küngas : "Don't overemphasize metrics before achieving product-market fit." Taking decisions based on metrics when the data is few customers or transactions is not meaningful, in this case anecdotal evidence will be more important
Martin Küngas, thank you very much for the excellent and useful presentation! In addition to what Aive mentioned, I really liked the idea that your actions in measurement depend on your level of maturity. Start with small steps. Aive Uus, many thanks for organizing these events!
🟣 Action-focused mastermind groups for product leaders 🌸 I build tech organizations & digital products. I help you to transform into a product org that boosts collaboration and minimizes waste 💜
5moToday, we launched the next event in the series: Untrapping Product Teams. https://www.linkedin.com/events/ko-creators-ko-readerssession-u7199317353417859072/about/