As a product manager, analytics can be a crucial part of launching and developing a product. In this Sunday Rewind episode, we cast our minds way back to 2013, where Simon Cast, Co-founder of ProdPad and Mind the Product, explains everything that product managers need to know about analytics.
Analytics can tell you what is going on and not why it is going on. Without analytics, it is down to random chance whether your product will succeed or fail.
To implement analytics, Simon says to define these four things:
- Product vision
- KPIs that meet the product vision
- Metrics that allow you to hit your KPIs
- Funnels (via user journeys) that affect your metrics
Over time as the system changes and improves, KPIs and metrics will change, which in turn leads to changes in what needs to be measured. Whatever analytics you choose to use, they need to be continuously adapted to meet this change and keep you on top of what’s happening in your product.
Delve into more factors to consider with analytics by reading: Everything a product manager needs to know about analytics.