The Right Metrics to Succeed!
As the hue and cry about Product Management being the new cool has increased, so has the opportunities and the eagerness to learn about various methodologies to succeed. However, there’s something we have missed to an extent: putting numbers to our strategies in the product management space. It is true that not one metrics can possibly do justice to success for all types of products as opposed to probably the Brand Management Space where we had a fixed framework to go with and measure the Brand Equity or even the trivial issues.
Metrics don’t only help us measure the efficiency of our product strategy but they are also an important factor for an entrepreneur going in for raising funds. At the same time, the product management domain demands us to not be entirely data-driven but be data-aware, as in the end, it is all about customer journeys and solving their problems.
While I was going through a few courses and preparation materials on the internet and was reading about the possibility of various tests/experiments possible in the product space, I came across a metrics that in my view can solve most, if not all, product metrics woes. It is the ‘North Star Metrics’ to success.
North Star Metric is part of a larger picture called the ‘North Star Framework’ which came into limelight in the start of the last decade.
The general ‘North Star Framework’ can be showcased simply as:
There are certain requirements for a factor to be North-Star: express value, represents vision and strategy, leading indicator to success, understandable and measurable.
It also becomes essential to note what a North-Star is NOT: roadmap, OKRs, software development/prioritisation process and it’s definitely NOT PERFECT!
Let’s do a ‘North Star Framework’ of Spotify to have a better understanding:
Although, I’m only starting to get a hang of this, if you have any suggestion or additions to the above model, feel free to post a comment.