Your first day as a Product Manager can be daunting.
You need to get yourself across the product roadmap, design, development, marketing, analytics, growth and more — quickly. However, all of these things take time.
With a mountain of metrics and data typically available to a Product Manager, finding a starting point can be difficult. Here are 5 key metrics for you to review on your first day to help you gain a quick perspective on the product you are now managing.
1 — Customer Acquisition Cost (CAC)
Every company acquires customers through different channels and at different costs. As a Product Manager, a product’s CAC helps you make some quick inferences about potential product strategies. For example, an increasing CAC could indicate your competitors are gaining ground on your product, meaning you need to get busy and find more feature differentiation.
2 — Churn
Comparing the historical churn rate with key product events can help you identify areas for further investigation. A high churn rate can signify customers are not happy with your feature changes, pricing structure or more. While your churn rate can occur for a wide range of reasons, being aware of the product’s churn rate can set the basis for experiments/split-testing.
3 — Numbers of Support Tickets raised
How many users raise tickets, and the total number of tickets raised, can give you a quick insight on the usability of the product. While there is no wealth of benchmarks to compare with, the categories of tickets raised and sudden spikes in tickets can be signs for further investigation. This could trigger a range of changes, such as interface revamps, on-boarding changes, more tool-tips or simply just word changes.
4 —Percentage of active users
Looking at the percentage of active users over time can give you an idea of how much “longevity” the product has with users. A low percentage signifies that the barrier to entry may be low, but the user may not understand how to use the product properly, or there is not enough value to use it often.
5 — Usage by Feature
Finding the most and least used features can quickly help you understand what parts of your product users value the most. This can help give you a general guide of why people are using the product, and where to steer your strategy/efforts in the longer term.
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