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Metrics Versus Experience

Rules For Great Metrics

  1. Use retention as a way to assess your market-product fit, as it tells you how valuable the customers find your product after they stop using it.
  2. Understand the steps your customers have to take to get to your product, and if you can eliminate extra steps.
  3. Focus on key data, and do not waste time on unimportant metrics.
  4. Ask yourself what information you want from the customers to increase sales.
  5. Understand the metric goals clearly, not just on face value.
  6. Use counter-metrics to stress-test your figures.
  7. Pair your hard data with qualitative research like usability testing, focus groups and surveys.

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Metrics Versus Experience

Metrics Versus Experience

https://medium.com/the-year-of-the-looking-glass/metrics-versus-experience-a9347d6b80b

medium.com

5

Key Ideas

Value In Numbers

  • Doing something people find valuable should be able to push your metric scores up, as a by-product. This is the real-world proof of quality in this age.
  • Similarly, if we do something, and the metrics go down, it’s a clear indication the action was wrong, no matter how right it seemed.
  • Numbers speak and provide a clear and tangible ‘score’ to rally a team around.

Pitfalls Of Metrics

Just like statistics, anything with numbers can be selective honesty.

  1. If the click-through-rate or the percentage of people clicking on your ad is increased, does it mean better earnings? It won’t work if the ad is just a false click-bait.
  2. If people spend less time on your app, does it mean it is a failure? That can also mean it gets the job done fast, and depends on what your app is supposed to do.
  3. Certain metrics provide information that is irrelevant or disposable, wasting our time.

Things That Cannot Be Measured

Certain things cannot be measured just by the number of likes and shares.

The way a product is designed, how simple and intuitive it is, the consumers trust in the product, their love and hate towards it, how they interact with other products, and how they use it as time passes.

When Metrics Fail

  • Adding new features makes the metrics go up, but it fails when we keep adding newer features, making the application bloated.
  • The brand power, of big brands like Apple or Nike, is hard to track on mere numbers, and the goodwill or trust they enjoy due to their past work is hard to put down in metric numbers.
  • Current behaviour cannot accurately predict future behaviour due to the inherent complexity and unpredictability of where technology and consumer preference goes.

Rules For Great Metrics

  1. Use retention as a way to assess your market-product fit, as it tells you how valuable the customers find your product after they stop using it.
  2. Understand the steps your customers have to take to get to your product, and if you can eliminate extra steps.
  3. Focus on key data, and do not waste time on unimportant metrics.
  4. Ask yourself what information you want from the customers to increase sales.
  5. Understand the metric goals clearly, not just on face value.
  6. Use counter-metrics to stress-test your figures.
  7. Pair your hard data with qualitative research like usability testing, focus groups and surveys.

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SIMILAR ARTICLES & IDEAS:

Peter Drucker
“You can’t manage what you can’t measure.”
Peter Drucker
Discover Your Values

Being able to achieve a success metric is hard, but knowing which metric to achieve is even more important. Discover what you value and choose your own metrics for success, otherwise, your environment will dictate it for you, which could be unfulfilling for you.

Work towards your own idea of success and don’t let “FOMO” make you feel like a failure because you’re not meeting someone else’s metrics for success.

Peter Drucker
Peter Drucker
“There is nothing quite so useless as doing with great efficiency, something that should not be done at all.”

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Measuring Productivity: Input vs. Output
Measuring Productivity:  Input vs. Output

There are two extremes of evaluating productivity: Input vs. Output

  • Input: The salaryman works long hours and is mostly judged on input. The person is judged by his ...
Only Judging Outputs

Some consultants are paid when the company profits go up, but no money is owed when there is no profit.

But, early management theorists noticed just having a consultant made people work harder. A consultant can make a fortune, even though the advice is worthless. The problem with the pay-for-results consultant is that the payment comes too soon. An extended period could give better insight.

Big-Picture and Fine-Grained Detailed

A dimension in measuring productivity is looking at the big picture or fine-grained details.

  • The big picture: Looking back over the years, how much difference did it make?
  • Fine-grained means adding up the hours worked, which gives an immediate measure of progress.

But there is a trade-off. The big picture is slow to measure and may only be visible in the long run.

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Personal & Individual OKRs (Objectives and Key Results)
Personal OKRs are for your personal life, individual OKRs are for performance tracking at work.
Why Use Personal OKRs?
We all want things from life, but life wants things from us too.
  • How do you accomplish the things that are important to you, but aren’t urgent? 
  • How do you move forward when life is screaming at you to focus on now?
From Goal setting to Goal achieving.

  • First, Close Out the Last Quarter with Learning. Take the last week of the quarter to grade last quarter’s OKR set. Reflection is the key to accelerated learning.
  • Will you Explore or Exploit Next Quarter?How much time should you spend exploring new possibilities, and how much exploiting ones you have proven work?
  • Focus on Won’t Get Done. OKRs for things you’re worried you’re NOT going to do, not for tracking things you will.

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