Slides:
How can the metric lead you to more success on purpose?
Here are the key takeaways from the video "Measuring Progress, not just metrics: Product Management with Tim Herbig | Digitale Leute Summit 21":
- Lagging vs. Leading Indicators: Understand the difference between these types of metrics.
- Lagging indicators track what has already happened (the results), such as revenue, conversion, or churn rate.
- Leading indicators are predictive and give early signs of progress, such as the number of user tests run or prototypes developed.
- Effective Metrics Drive Purposeful Success: Metrics should not only report outcomes but guide teams towards desired change by shaping behavior and priorities.
- Balance Metrics: Product managers should strive to balance leading and lagging indicators, measuring both the outcomes (impact) and the outputs (actions taken).
- Choose the Right Metrics: Select metrics that accurately reflect both what success looks like and the progress toward achieving it. Examples include:
- Output metrics (what is delivered),
- Outcome metrics (what changes as a result).
- Integrating Metrics with Teams: Embed metrics and KPIs into the daily workflow of product teams, making them a natural part of how decisions are made and priorities set.
- Defining Goals with Metrics: Use metrics to clarify and align on product goals so that teams know when they are making meaningful progress.
- Iterative Improvement: Treat metrics as hypotheses; adjust them as you learn more about your product, users, and what truly drives outcomes.
These points were drawn from the transcript and content present on the video page, especially the timestamped sections labeled "Key Takeaways" and around the topics of integrating and balancing metrics for effective product management. If you need more detail or specific timestamped insights, let me know!