Dan Olsen, tech guru navigates through the fundamentals and advanced strategies connected to the data you gather as a PM. Find out how to optimize your skills with this talk!
Dan Olsen is the tech guru behind The Lean Product Playbook. He has worked as Product Manager and consulted for several top companies. As a result, he is in the perfect position to discuss key product management analytics and metrics. Find out which ones matter, how to exploit them and make the most of a data-based approach to PM.
Meet Dan Olsen
Dan Olsen, Product Management & Lean Startup Consultant, has a really interesting background. He was an engineer, managing nuclear submarine design. After his Stanford MBA, he became Product Manager Leader at Intuit, where he learnt about UX Design and Coding. He was then CEO and Cofounder of YourVersion (TechCrunch winner) and has acted as PM consultant for Box, Facebook, Microsoft and Medallia. He is the founder of Lean Product Silicon Valley.
Product Management Analytics and Metrics for PMs
We are no longer in the dark when it comes to data. There are many tools PMs can use to collect, manage and display information. But, as with any other function, product management analytics and metrics can devour a lot of your time and resources. Dan Olsen, the Lean expert, will help you optimize your products by focusing on the right data.
Dan Olsen’s Insights on Product Management Analytics:
- The Product Manager’s motto: “With great responsibility comes NO power”
- “Focus on the right metric at the right time”.
An Approach to Lean Data and Analytics Metrics
- Global Level: Identify what your metrics are. Then, measure those metrics’ baseline values. Finally, evaluate the metrics’ upside potential.
- Metric Level: You have to follow a learning and iteration process.
Apply a Holistic Analytics Framework: Dave McClure‘s AARRR!
- Acquisition: Prospects visit from various channels.
- Activation: Prospects convert to customers.
- Retention: Customers remain active.
- Referral: Customers refer prospects.
- Revenue: Customers make your business money.
- Associate each metric with a different phase of the framework, this will help you identify your MTMM: Metric that Matters Most!
An example of a Key Metric: Retention Rate
- The percentage of customers still active over time. Improving this rate implies increasing your product-market fit.
- You have to define the equation of your business. What are the most relevant product management analytics and metrics you will apply?
Identify the “Critical Few” Metrics
- “What is the upside potential of each metric?”
- Forget vanity metrics. You need to think long and hard about the revenue impact, the resources, and the ROI for each of them.