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Product Management Metrics

How to truly manage your
products like a CEO

June 9, 2012




Saeed Khan
Twitter: @saeedwkhan, @onpm
www.OnProductManagement.net

                              Copyright © Saeed Khan 2012
Is this you? 




http://www.productfocus.com/blog/archives/129




                                                Copyright © Saeed Khan 2012
My Talk Last Year




http://bit.ly/building-pm-org

                                Copyright © Saeed Khan 2012
The goal of Product Management



 To deliver measurable
business results through
  product solutions that
meet both market needs
and company objectives.
               Don Vendetti - http://wp.me/pXBON-WE

                                     Copyright © Saeed Khan 2012
Comments during the talk


 “the business people push us to
   fill the gap on the technical
          side of things.”

Is that desired?

  “No, but that’s the way it is.”

                            Copyright © Saeed Khan 2012
Turning the situation around…


Do you want to be more strategic?
Do you want to show your CEO the
value of Product Management in
your company?
Do you want to get promoted?*

* No promises of career success are being made in this presentation.
Your mileage may vary.

                         Copyright © Saeed Khan 2012
Manage your product
  like your CEO manages
        the company
Yes I know you are not the “CEO of your product” but
    don’t let that stop you from acting like you are.


                                          Copyright © Saeed Khan 2012
What examples are
there for managing
    Products in a
  systematic way?

               Copyright © Saeed Khan 2012
Captain Jack – Product Manager




http://www.slideshare.net/dmc500hats/startup-metrics-for-pirates-long-version


                            Copyright © Saeed Khan 2012
Soon a True PM you shall be!




  http://www.slideshare.net/dan_o/how-to-be-a-web-20-metrics-jedi-web-20-expo-april-2009



                                Copyright © Saeed Khan 2012
Don’t let Chuck Norris stop you!




 http://www.slideshare.net/maverickaman/metrics-for-start-up-ninjas



                                Copyright © Saeed Khan 2012
Lots of Web funnel related metrics




 •   http://www.slideshare.net/stueccles/lean-startup-metrics
 •   http://www.cindyalvarez.com/data-driven/57-questions-about-metrics
 •   http://bostonturnergroup.com/ideals-2/web-funnel-101-24-metrics-you-need-to-measure-
     right-now/
                          Copyright © Saeed Khan 2012
Couldn’t find anything
 taking a holistic view
 of the overall state of
      the product

                   Copyright © Saeed Khan 2012
The key question


    How to truly
 manage the product
     across the
  product lifecycle?
   (and stop being the gap filler)

                                Copyright © Saeed Khan 2012
What is
“the Product”?

            Copyright © Saeed Khan 2012
What is “the product” OR….



 What are the major
areas I must track and
  manage to ensure
   product success?

                             Copyright © Saeed Khan 2012
4 Areas of Focus




   Business                       Organization



 Go To Market                             Product


            Copyright © Saeed Khan 2012
4 Areas of Focus


       Business                                  Organization
  Corporate Objectives,                    Internal Training and
   Revenue, Pipeline,                       Enablement (Sales,
  Win/Loss, Renewals,                     Support, Marketing etc.)
      Pricing, etc.


     Go To Market                                 Product
  Positioning, Messaging,                  Product Strategy,
   Lead Gen, Marketing                   Capabilities, Roadmap,
 Plan/Funnel, References,                 Quality, Performance,
       Collateral etc.                     Stability, Gaps etc.




                   Copyright © Saeed Khan 2012
What is the
 Product
Lifecycle?
          Copyright © Saeed Khan 2012
Product Lifecycle Stages




                                                                     End of Life
    Develop




                                                Maturity


                                                           Decline
              Launch


                                Growth




                       Copyright © Saeed Khan 2012
Product Lifecycle OBJECTIVES




                                                 Extend it
                                  Scale it
    Build it




                                                             Milk it


                                                                       End it
               Nail it




                         Copyright © Saeed Khan 2012
Product Lifecycle Objectives

Objective                              Description

 Build it   Build the first version of the product for specific use
            cases for a target market
  Nail it   Identify and address barriers to wider adoption within
            your target market and prepare the company for
            product growth – more than just product/market fit
 Scale it   Scale the business (marketing/sales etc.) and focus on
            expansion and new customer acquisition
Extend it   Move into new markets, market segments, use cases.
            Growth in new customers and sales into existing base
  Milk it   Reduce investment but continue to market/sell with an
            eye on maximizing profits from customer base
  End it    Remove all investment, stop actively marketing and
            eventually remove from market

                       Copyright © Saeed Khan 2012
At each lifecycle stage,
 Product Management
  focus and objectives
     are different!

                   Copyright © Saeed Khan 2012
Focus Areas vs. Lifecycle Objectives




              Copyright © Saeed Khan 2012
For any product, look at 1 stage at a time




              Copyright © Saeed Khan 2012
For any product, look at 1 stage at a time




              Copyright © Saeed Khan 2012
For any product, look at 1 stage at a time




              Copyright © Saeed Khan 2012
For any product, look at 1 stage at a time




              Copyright © Saeed Khan 2012
So what goes in the boxes?



Questions that are important
to answer for each focus area
 for the current stage of the
       product lifecycle

  i.e. key business metrics 


            Copyright © Saeed Khan 2012
What is a “business metric”?


The definition I like is:

• n. A business metric is any type of
  measurement used to gauge some
  quantifiable component of a company’s
  performance.


Somewhat vague (but good for us)! 


               Copyright © Saeed Khan 2012
Rules for defining key “business metrics”


• Define metrics to align with key goals and
  objectives for your product.
• Ensure that you can put programs in
  place to change those metrics if needed.
• The actual “metrics” will be a
  combination of numeric values, and
  empirical evaluations of important
  situations (i.e. judgment calls)


              Copyright © Saeed Khan 2012
Hypothetical example… READ THIS!


• The following is an example set of dashboards
  for an early (Scale it!) stage product to show
  how to implement the model.
• For each of 4 focus areas, I’ve picked
  important metrics to track. You will need to
  pick the right metrics for your product and
  stage.
   – i.e. these may not all apply to your product.
     Don’t just copy them without thought. 


                Copyright © Saeed Khan 2012
Creating a simple dashboard


• CEOs like dashboards 
• Use traffic light model to indicate state
  of metric

     - on or ahead of plan

     - at risk of missing plan (must monitor)

     - behind plan, needs immediate attention



                Copyright © Saeed Khan 2012
Common Business Metrics

• Sales/Revenue
                   What are the key metrics
• Pipeline         and measurable factors to
• Win/Loss         track business progress
                   and success?
• Deal Size
• Renewals         How are you tracking
                   against the plan or target?
• Pricing
                   What actions are needed
• Resellers        to improve the situation?
• Etc.
                                   Copyright © Saeed Khan 2012
Hypothetical Business Dashboard




            Copyright © Saeed Khan 2012
Common Go-To-Market Metrics

• Positioning
• Competition
• References          These “metrics” are not as
• Social Media        numeric as the Business
                      are, but are key to
• Analyst Relations   tracking GTM status and
                      progress
• Demand Gen
• Web Presence
• Collateral
                                     Copyright © Saeed Khan 2012
Go-to-Market Metrics




            Copyright © Saeed Khan 2012
Organizational Readiness

• Each group that is
  key to go-to-market
  or the ongoing
                        Ensure there is a clear way
  success of the        to assess if team are
  product should be     ready. Processes in place,
  assessed to see if    training complete, systems
  they have been        ready etc.
  trained and are
  functioning
  optimally.

                                        Copyright © Saeed Khan 2012
Organizational Readiness




            Copyright © Saeed Khan 2012
Product Metrics

• Strategy
• Roadmap status    Where you probably spend
                    a lot of your time
• Product/Market    currently, filling gaps,
  Fit               fighting fires etc.

• Product Gaps      Raise the bar and
                    systemetize your efforts
• Product Quality   and management of the
                    product
• Etc.


                                   Copyright © Saeed Khan 2012
Product Metrics




             Copyright © Saeed Khan 2012
Each metric is based on
 additional underlying
  data or information.
 Should be available if
needed by Management.
                  Copyright © Saeed Khan 2012
Updated dashboards as
  often as needed for
    business review.
   Quarterly or semi-
annually is good for most
      companies.
                   Copyright © Saeed Khan 2012
Why go through all
   this effort and
present the product
      this way?

               Copyright © Saeed Khan 2012
Why do this?


• It is a simple, standard way to
  manage almost ANY product
• Easy to communicate status and
  trouble spots to Senior Management
• Raise your own understanding of
  your product and manage it like a
  CEO
• And finally….
                                Copyright © Saeed Khan 2012
…Because this is NOT what you want!!




 http://www.productfocus.com/blog/archives/129




                                                 Copyright © Saeed Khan 2012
Product Management Metrics

How to truly manage your
products like a CEO

June 9, 2012


Saeed Khan
Twitter: @saeedwkhan, @onpm
www.OnProductManagement.net

                              Copyright © Saeed Khan 2012

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Product Management Metrics Be the Product CEO

  • 1. Product Management Metrics How to truly manage your products like a CEO June 9, 2012 Saeed Khan Twitter: @saeedwkhan, @onpm www.OnProductManagement.net Copyright © Saeed Khan 2012
  • 2. Is this you?  http://www.productfocus.com/blog/archives/129 Copyright © Saeed Khan 2012
  • 3. My Talk Last Year http://bit.ly/building-pm-org Copyright © Saeed Khan 2012
  • 4. The goal of Product Management To deliver measurable business results through product solutions that meet both market needs and company objectives. Don Vendetti - http://wp.me/pXBON-WE Copyright © Saeed Khan 2012
  • 5. Comments during the talk “the business people push us to fill the gap on the technical side of things.” Is that desired? “No, but that’s the way it is.” Copyright © Saeed Khan 2012
  • 6. Turning the situation around… Do you want to be more strategic? Do you want to show your CEO the value of Product Management in your company? Do you want to get promoted?* * No promises of career success are being made in this presentation. Your mileage may vary. Copyright © Saeed Khan 2012
  • 7. Manage your product like your CEO manages the company Yes I know you are not the “CEO of your product” but don’t let that stop you from acting like you are. Copyright © Saeed Khan 2012
  • 8. What examples are there for managing Products in a systematic way? Copyright © Saeed Khan 2012
  • 9. Captain Jack – Product Manager http://www.slideshare.net/dmc500hats/startup-metrics-for-pirates-long-version Copyright © Saeed Khan 2012
  • 10. Soon a True PM you shall be! http://www.slideshare.net/dan_o/how-to-be-a-web-20-metrics-jedi-web-20-expo-april-2009 Copyright © Saeed Khan 2012
  • 11. Don’t let Chuck Norris stop you! http://www.slideshare.net/maverickaman/metrics-for-start-up-ninjas Copyright © Saeed Khan 2012
  • 12. Lots of Web funnel related metrics • http://www.slideshare.net/stueccles/lean-startup-metrics • http://www.cindyalvarez.com/data-driven/57-questions-about-metrics • http://bostonturnergroup.com/ideals-2/web-funnel-101-24-metrics-you-need-to-measure- right-now/ Copyright © Saeed Khan 2012
  • 13. Couldn’t find anything taking a holistic view of the overall state of the product Copyright © Saeed Khan 2012
  • 14. The key question How to truly manage the product across the product lifecycle? (and stop being the gap filler) Copyright © Saeed Khan 2012
  • 15. What is “the Product”? Copyright © Saeed Khan 2012
  • 16. What is “the product” OR…. What are the major areas I must track and manage to ensure product success? Copyright © Saeed Khan 2012
  • 17. 4 Areas of Focus Business Organization Go To Market Product Copyright © Saeed Khan 2012
  • 18. 4 Areas of Focus Business Organization Corporate Objectives, Internal Training and Revenue, Pipeline, Enablement (Sales, Win/Loss, Renewals, Support, Marketing etc.) Pricing, etc. Go To Market Product Positioning, Messaging, Product Strategy, Lead Gen, Marketing Capabilities, Roadmap, Plan/Funnel, References, Quality, Performance, Collateral etc. Stability, Gaps etc. Copyright © Saeed Khan 2012
  • 19. What is the Product Lifecycle? Copyright © Saeed Khan 2012
  • 20. Product Lifecycle Stages End of Life Develop Maturity Decline Launch Growth Copyright © Saeed Khan 2012
  • 21. Product Lifecycle OBJECTIVES Extend it Scale it Build it Milk it End it Nail it Copyright © Saeed Khan 2012
  • 22. Product Lifecycle Objectives Objective Description Build it Build the first version of the product for specific use cases for a target market Nail it Identify and address barriers to wider adoption within your target market and prepare the company for product growth – more than just product/market fit Scale it Scale the business (marketing/sales etc.) and focus on expansion and new customer acquisition Extend it Move into new markets, market segments, use cases. Growth in new customers and sales into existing base Milk it Reduce investment but continue to market/sell with an eye on maximizing profits from customer base End it Remove all investment, stop actively marketing and eventually remove from market Copyright © Saeed Khan 2012
  • 23. At each lifecycle stage, Product Management focus and objectives are different! Copyright © Saeed Khan 2012
  • 24. Focus Areas vs. Lifecycle Objectives Copyright © Saeed Khan 2012
  • 25. For any product, look at 1 stage at a time Copyright © Saeed Khan 2012
  • 26. For any product, look at 1 stage at a time Copyright © Saeed Khan 2012
  • 27. For any product, look at 1 stage at a time Copyright © Saeed Khan 2012
  • 28. For any product, look at 1 stage at a time Copyright © Saeed Khan 2012
  • 29. So what goes in the boxes? Questions that are important to answer for each focus area for the current stage of the product lifecycle i.e. key business metrics  Copyright © Saeed Khan 2012
  • 30. What is a “business metric”? The definition I like is: • n. A business metric is any type of measurement used to gauge some quantifiable component of a company’s performance. Somewhat vague (but good for us)!  Copyright © Saeed Khan 2012
  • 31. Rules for defining key “business metrics” • Define metrics to align with key goals and objectives for your product. • Ensure that you can put programs in place to change those metrics if needed. • The actual “metrics” will be a combination of numeric values, and empirical evaluations of important situations (i.e. judgment calls) Copyright © Saeed Khan 2012
  • 32. Hypothetical example… READ THIS! • The following is an example set of dashboards for an early (Scale it!) stage product to show how to implement the model. • For each of 4 focus areas, I’ve picked important metrics to track. You will need to pick the right metrics for your product and stage. – i.e. these may not all apply to your product. Don’t just copy them without thought.  Copyright © Saeed Khan 2012
  • 33. Creating a simple dashboard • CEOs like dashboards  • Use traffic light model to indicate state of metric - on or ahead of plan - at risk of missing plan (must monitor) - behind plan, needs immediate attention Copyright © Saeed Khan 2012
  • 34. Common Business Metrics • Sales/Revenue What are the key metrics • Pipeline and measurable factors to • Win/Loss track business progress and success? • Deal Size • Renewals How are you tracking against the plan or target? • Pricing What actions are needed • Resellers to improve the situation? • Etc. Copyright © Saeed Khan 2012
  • 35. Hypothetical Business Dashboard Copyright © Saeed Khan 2012
  • 36. Common Go-To-Market Metrics • Positioning • Competition • References These “metrics” are not as • Social Media numeric as the Business are, but are key to • Analyst Relations tracking GTM status and progress • Demand Gen • Web Presence • Collateral Copyright © Saeed Khan 2012
  • 37. Go-to-Market Metrics Copyright © Saeed Khan 2012
  • 38. Organizational Readiness • Each group that is key to go-to-market or the ongoing Ensure there is a clear way success of the to assess if team are product should be ready. Processes in place, assessed to see if training complete, systems they have been ready etc. trained and are functioning optimally. Copyright © Saeed Khan 2012
  • 39. Organizational Readiness Copyright © Saeed Khan 2012
  • 40. Product Metrics • Strategy • Roadmap status Where you probably spend a lot of your time • Product/Market currently, filling gaps, Fit fighting fires etc. • Product Gaps Raise the bar and systemetize your efforts • Product Quality and management of the product • Etc. Copyright © Saeed Khan 2012
  • 41. Product Metrics Copyright © Saeed Khan 2012
  • 42. Each metric is based on additional underlying data or information. Should be available if needed by Management. Copyright © Saeed Khan 2012
  • 43. Updated dashboards as often as needed for business review. Quarterly or semi- annually is good for most companies. Copyright © Saeed Khan 2012
  • 44. Why go through all this effort and present the product this way? Copyright © Saeed Khan 2012
  • 45. Why do this? • It is a simple, standard way to manage almost ANY product • Easy to communicate status and trouble spots to Senior Management • Raise your own understanding of your product and manage it like a CEO • And finally…. Copyright © Saeed Khan 2012
  • 46. …Because this is NOT what you want!! http://www.productfocus.com/blog/archives/129 Copyright © Saeed Khan 2012
  • 47. Product Management Metrics How to truly manage your products like a CEO June 9, 2012 Saeed Khan Twitter: @saeedwkhan, @onpm www.OnProductManagement.net Copyright © Saeed Khan 2012