A Key Performance Indicator (KPI) is a measurable value that demonstrates how effectively a company, team, or individual is achieving key business objectives. KPIs are used to evaluate success at reaching targets and are an essential tool in product management for monitoring and improving performance.
In product management, KPIs are crucial for several reasons:
There are various types of KPIs that product managers can use to measure the success of their products. Some common categories include:
Selecting the appropriate KPIs for your product depends on your specific goals and objectives. Here are some tips for choosing the right KPIs:
Key Performance Indicators (KPIs) are an essential tool in product management for measuring success and driving improvement. By selecting the right KPIs and using them effectively, product managers can make data-driven decisions, align their teams with organizational goals, and ultimately deliver better products to their customers.