Page views, Uptime, Latency, Seven-day active users and Earnings (PULSE) measures and evaluates performance. And if we compare PULSE and HEART, the first one evaluates the work of the product itself and is used most often in digital, like the second one.
PULSE is responsible for certain indicators. For example, it determines the period of service uptime, the number of active users who return to the platform within a certain time, the number of page views.
AAARRR (or AARRR) funnel
There is another funnel that engineer data package evaluates the main stages of interaction between the client and the product, it is called AAARRR. It is necessary to be able to clearly distinguish the steps of working with the user and track the indicators at each of them. It is believed that there can be six such stages, if Acquisition is included, and five if it is not used - accordingly, two abbreviations are used: AAARRR and AARRR.
How successful customer acquisition is can be understood by the marketing funnel:
Acquisition The client became interested and left his contact information.
Activation The client understood the value of the product and started using it
Retention The customer uses the product constantly
Referral (Virality) The customer shares information about the product
Revenue (Yield) The customer pays for the product
Frequently asked questions about product metrics
Product metrics are indicators that demonstrate the development of a product. If you have any questions on this topic, we have answered the most frequently asked ones below.
What are dashboards?
These are pages of the analytics system where all relevant information is collected. Often, various graphs and diagrams are used for a more detailed understanding. It is very easy and convenient to make cuts here, it is convenient to track the current state of affairs in the company. Important indicators, such as the number of orders, conversion, traffic, GMV, DAU, are assessed in the context of the platform, delivery method or sources.
To properly create a dashboard to understand how well the service and its components are functioning, create a pool of questions. Each of them needs its own chart.
Why do we need a hierarchy of product metrics?
Its main purpose is to break down product performance into components, which will help focus on the core product metrics that matter most to the business. With its help, the Product Manager determines where the drawdown is and makes adjustments.
Hierarchy of Product Metrics
Source: shutterstock.com
What is the difference between a product analyst and a product manager?
A Product Manager designs and launches a product. In addition, he or she is involved in developing a strategy, defining key functions, formulating a pricing policy, and working closely with marketers, designers, and developers. His or her job is to monitor how well the product meets the needs of the consumer and the market.
A product analyst analyzes the quality of a product and its possible improvements. He or she defines KPIs, develops and conducts A/B tests. However, he or she does not participate in creating a product strategy, but only collects data and passes it on to the product manager.
How can product benchmarking metrics help?
Control metrics are very important for a product analyst. They help to understand which changes have caused deterioration or had a negative impact. They also show the technical condition of the product and when problems arose. There are several product metrics that are called control metrics. These are Server Response Time (Average server response time), Error Rate (Number of errors); Bounce Rate (Number of failures).
The topic of product metrics is not easy, but it is very important. In order to be able to use them correctly, you need to dive deep into it and study all the issues in detail. You may have to take specialized courses. But the best option would be to delegate this work to a professional - a product analyst.
Author of the article
Sergey Kasyanov
Sergey Kasyanov
Co-founder of the company "Sales Generator"
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