Linking Goal Setting to Key Product Metrics
Posted: Sun Dec 22, 2024 7:20 am
Often, employees think about goals and metrics at the same time, because it is difficult to separate them. But this should be done, because if you succeed, it will be much easier to outline a strategy and a roadmap. And developers will move along them. Goals are different from metrics, they should lead to the final point and act as a kind of steps to accelerate growth. In addition, you can unite the team to achieve a single goal.
Let's look at an example
You set a goal to increase the how to add taiwan number on whatsapp number of active users and formulated it: “Bring MAU to 10 million by Q4 2024.”
Here you have linked both it and the metric by defining a specific deadline and numbers.
It is important to remember that goals should not be unrealistic, but clear, simple and achievable.
There is a methodology that is suitable for setting such tasks - these are "Objectives and Key Results", or OKR. It serves as an effective tool for synchronizing, achieving and monitoring any company priority. The choice of goal may depend on:
Ambitions. Often the main goal is based on the basic mission of the company, which in turn has certain business or product ambitions. As an example, we can take a video production company. Its goal may be to reduce the time the user spends watching. The management decided that it will achieve the desired result in three years.
Accordingly, the first steps will be to break the path into parts, and then come an understanding of what growth is needed at each stage to make achieving the goal a reality.
Product metrics. If the product is not new, then a so-called bottom-up forecast can be made for it, this will help determine which points need to be reached on the way to the goal in the allotted time. During MAU forecasting, data from previous years on changes in the product itself, country, seasonality, market share can be taken into account.
New products. If a product is already being prepared for release on the market, it is necessary to study competitors and set goals from the top down.
Let's look at an example
You set a goal to increase the how to add taiwan number on whatsapp number of active users and formulated it: “Bring MAU to 10 million by Q4 2024.”
Here you have linked both it and the metric by defining a specific deadline and numbers.
It is important to remember that goals should not be unrealistic, but clear, simple and achievable.
There is a methodology that is suitable for setting such tasks - these are "Objectives and Key Results", or OKR. It serves as an effective tool for synchronizing, achieving and monitoring any company priority. The choice of goal may depend on:
Ambitions. Often the main goal is based on the basic mission of the company, which in turn has certain business or product ambitions. As an example, we can take a video production company. Its goal may be to reduce the time the user spends watching. The management decided that it will achieve the desired result in three years.
Accordingly, the first steps will be to break the path into parts, and then come an understanding of what growth is needed at each stage to make achieving the goal a reality.
Product metrics. If the product is not new, then a so-called bottom-up forecast can be made for it, this will help determine which points need to be reached on the way to the goal in the allotted time. During MAU forecasting, data from previous years on changes in the product itself, country, seasonality, market share can be taken into account.
New products. If a product is already being prepared for release on the market, it is necessary to study competitors and set goals from the top down.