Tom Laufer’s Post

Measuring the impact of product optimizations is more complex than it appears: - Increased feature usage doesn't always lead to higher conversion rates. - High conversion rates may not necessarily improve retention. - Improved retention might not translate into increased revenue. It all comes down to understanding the causal relationships between metrics and user actions. How to unlock it? This week, I'm thrilled to host Tom Laufer, CEO and Co-founder of Loops, to explain cause and effect relationship and share 4 different analyses with us: 🚀 Conversion Drivers analysis: Uncover usage patterns to identify what really drives conversions. 📊 Retention Drivers causal analysis: Learn how each feature contributes to retention. 😍 Engagement Drivers analysis: Examine activated users to understand consistent usage patterns. ⏳ Feature Funnel Analysis: Identify strategic opportunities to increase feature adoption. Learn how to run cause and effect analysis, build an opportunity-sizing model, understand feature usage, and more - https://lnkd.in/gTFvfsHD. Huge thank you to Tom for writing such a great guide!

⚡ Here’s how I achieved a <1% churn rate even though we were early-stage and went through two significant product pivots: 1. By not focusing on scaling A high-effort, high-touch CS model was the best approach as our customers were not yet able to truly achieve what they wanted with our product. 2. By segmenting customers Due to our product pivots we went from having UX teams to Product teams as our main user groups, and then had some other customers who were either marketing or customer-facing teams using it, too. Their needs and goals were different, so we grouped them and communicated differently with each group, plus created different materials for each one. This way, we were able to create some templated materials to support our high-touch model. 3. By involving everyone Some customers feel very flattered when the CEO joins a meeting every once in a while. Our head of marketing hopped on some of the calls with the marketing team customers. Our CTO would join calls with customers who were inconvenienced by a few persistent bugs. Our CPO would lead conversations on the best practices of running product discovery with our product team customers. 🔥 👉 This was probably the best thing we did. We involved everyone to ensure the success of our customers because it benefits everyone. 

Day 24 I’m still learning about product metrics so today I'm excited to share insights on choosing the metrics that truly matter. Yesterday, I touched on the significance of product metrics in driving success, and how product metrics guide us in making informed decisions, act as our accountability partners and help us paint the full picture. 𝐒𝐨, 𝐡𝐨𝐰 𝐝𝐨 𝐲𝐨𝐮 𝐩𝐢𝐜𝐤 𝐭𝐡𝐞 𝐫𝐢𝐠𝐡𝐭 𝐦𝐞𝐭𝐫𝐢𝐜𝐬? ↪𝐒𝐭𝐚𝐫𝐭 𝐰𝐢𝐭𝐡 𝐆𝐨𝐚𝐥𝐬: Define your product goals and align metrics with them. If you're aiming for user engagement, consider metrics like daily active users or session duration to provide insights. ↪𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐈𝐦𝐩𝐚𝐜𝐭: Metrics should mirror your business's bottom line. Whether it's conversion rates for sales or customer lifetime value for revenue. ↪𝐔𝐬𝐞𝐫-𝐅𝐨𝐜𝐮𝐬𝐞𝐝 𝐀𝐩𝐩𝐫𝐨𝐚𝐜𝐡: Always keep your users in mind. Choose metrics that reflect their experience and satisfaction. Metrics such as net promoter score (NPS) and customer satisfaction (CSAT) gauge user sentiment. ↪𝐌𝐞𝐚𝐬𝐮𝐫𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐚𝐧𝐝 𝐑𝐞𝐥𝐢𝐚𝐛𝐢𝐥𝐢𝐭𝐲: Can you consistently measure the metric? Is the data reliable? ↪𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝 𝐭𝐡𝐞 𝐜𝐨𝐧𝐭𝐞𝐱𝐭: Metrics gain greater clarity within context. Blend user engagement rate, activation rate, and churn rate to compose a comprehensive portrayal of your product's well-being. ↪𝐀𝐝𝐚𝐩𝐭 & 𝐈𝐭𝐞𝐫𝐚𝐭𝐞:Don't set your metrics in stone. As your product evolves, so should your metrics. Choosing metrics isn't a solo journey; it's a collective effort. Collaborate with your team, stakeholders, and users to ensure you're measuring what truly matters. Now, I'm curious! How do you approach choosing the metrics that matter for your products? Any insights or experiences you'd like to share? #100daysofPMchallenge

User Retention Blues? Here's Your PM Playbook 📖 Keeping users engaged is a constant battle in the product trenches. High user churn can feel overwhelming, Here's my 3-step plan to boost retention & satisfaction: 1️⃣ Understand User Needs: Analyze user data & feedback. What motivates them? What pain points are we missing? 🤔 2️⃣ Personalize the Experience: Use insights to tailor features, content, and communication 💬 . Show users you value them. 3️⃣ Prioritize User Feedback: Make feedback collection easy. Respond promptly and show users their voice matters. It fosters trust 🌟 and loyalty. Let's discuss it! What user retention strategies have worked for you? #ProductManagement #UserRetention #CustomerFocus

Are you tired of watching your website's traffic go to waste? It's time to supercharge your conversion rates with the KPIs that truly matter. Join our live session on December 7, featuring experts from FullStory to: 🎯 Learn which KPIs are essential for understanding user behavior 💡 Unlock growth potential and convert more visitors into loyal customers ⚽️ Set relevant KPI goals to drive overall quality of your product. Sign up 👇 #productledgrowth

This week's question of the week!!!! What are the essential metrics to gauge the success of a product? Whether it's user engagement, adoption rates, or revenue growth, tracking the right metrics provides valuable insights for product improvement. So how do you or your team determine success? Share your thoughts on key product success metrics! #productmetrics #productsuccess #datadrivenproductmanagement #productmanagement #archonsecure

Great 🎥 video from David Dulany on how to 🚀 Transforming Product Success into Market Buzz! 🌟 👉 If your sucks, it's crucial to head back to square one and refine it until it truly shines! 🛠️ In today's world, a subpar product can quickly erode trust and reputation through customer feedback. 👏 But if you've got a stellar product that's simply not getting enough attention, it's time to amplify your customer success stories! Highlight how real users are gaining massive value from what you offer. 🌈 🎤 Bring your satisfied customers to the forefront—feature them on your website, in case studies, and all your marketing materials. Show potential customers the real-life problems your product solves and ask, "Can you see yourself in this success story?" 📈 💥 Focus all your marketing energy on showcasing these transformations and watch as more and more customers relate and gravitate towards your product! Have any steps to add? #ProductSuccess #CustomerSatisfaction #MarketingStrategy #GrowthHacking #Testimonials #boostwinrate Boost Win Rate #GTM Konstantinos Papakonstantinou #personalbranding #thoughtleadership

🌟 FIVE PRODUCT METRICS! 🚀 Let's dive into the five main metrics that can supercharge your product efficiency and take your business to new heights: 📊 Total Revenue: The ultimate indicator of success! Keep a close eye on your total revenue to gauge the overall performance of your product. Example: Boosting marketing efforts led to a 20% increase in total revenue last quarter. 👥 Active Users: Engaged users are happy users! Monitor the number of active users regularly to ensure that your product is resonating with your audience. Example: Our latest feature update saw a 30% rise in active users within just two weeks. 💔 Customer Churn Rate: Don't let customers slip away! Track and reduce customer churn rate to enhance retention and loyalty. Example: Implementing personalized customer support reduced our churn rate by 15% month over month. 💸 Average Revenue per User (ARPU): Maximizing revenue potential per user is key! Calculate ARPU to optimize pricing strategies and drive growth. Example: Introducing a premium tier increased ARPU by 25% in the first quarter. 💖 Customer Lifetime Value (CLTV): Nurture long-term relationships with customers! CLTV helps you understand the value each customer brings over their lifetime. Example: Improving user experience led to a 40% boost in CLTV over the past year. Keep these five metrics at the forefront of your product strategy, and watch as your efficiency soars sky-high! 🚀💼 #ProductManagement #ProjectManagement 

**Unlock the Secrets to Scaling Your Product-Based Business!** Dive into this game-changing article to discover expert insights and powerful strategies for creating a scalable product-based company. From mastering product go-to-market fit to streamlining product design and overcoming the hurdles of bridging the Product Company Gap, this is your roadmap to success. Learn about the crucial concepts of Minimum Viable Segment and Customer Research, and why focusing on a Minimum Viable Product (MVP) is essential for designing a product that resonates in the market. 🚀 #ProductStrategy #ScalingBusiness #MVPSuccess

A key part of a PM’s job is knowing how to improve their product, or troubleshoot issues with their product. Metrics can seem overwhelming, but Product Faculty's 5 "S" Metrics Analysis Framework simplifies the key types of product analysis you can do to get a near-complete picture of your product. SEGMENTATION — It’s easy to fall into the trap of looking at averages, but in almost all cases, digging into segments will give you a clearer understanding of root causes. STRAIGHT-PATH — whether it's analyzing critical path funnels (that all users go through) or common-path that is use-case dependent can help you optimize paths or troubleshoot issues. SESSION-BASED — You are either trying to increase the time user’s spend engaging with your product (common for Social apps), or reducing it (utility tools). SATISFACTION — Love it or hate it, NPS is still a powerful way to measure product love (focus on NPS trends and indicators as “where to look” for issues) STICKINESS — generally indicative that you are adding value to your users. The end goal of all these analyses? Get to a flat-ish retention curve that is at or BETTER than your industry benchmark. If you are a Sr. PM looking to crystallize your advanced PM skills and Fast-track your path to Director of Product, apply for our Crystal Training™ 💎 for Advanced PM skills here: https://lnkd.in/g3db3rX