12 product metrics to start tracking

Tracking the right product metrics can transform how you understand, manage, and grow your products. These metrics offer valuable insights into performance, customer satisfaction, and financial health, helping teams make informed decisions. Whether you’re exploring product management KPIs for the first time or looking to refine your current approach, this guide will provide the clarity and tools you need.

What are product metrics?

Product metrics are measurable data points that provide insights into a product’s performance, success, and customer impact. They answer critical questions like, “How well is the product meeting user needs?” and “Is the product delivering value to the business?”

By focusing on product metrics, teams can set goals, evaluate progress, and make informed decisions to enhance both user experience and market impact.

Product management KPIs

Product management KPIs (Key Performance Indicators) are specific metrics that align with broader business goals. They act as benchmarks for success, helping product teams evaluate performance and focus on what matters most.

For example, a KPI might track how quickly users complete a task in your product or measure revenue growth over a specific period. These KPIs ensure that every team member stays aligned with strategic priorities and helps gauge the overall health of a product.

Product success metrics

Product success metrics gauge how well a product meets its goals and serves its users. Here are some critical categories:

Customer satisfaction

Metrics like Customer Satisfaction Score (CSAT) and Net Promoter Score (NPS) show how users feel about your product. A high score often reflects strong product value and a loyal customer base.

Market share

Market share measures your product’s share of the overall market compared to competitors. Growing market share is a key indicator of success.

Adoption rate

The adoption rate reveals how quickly users are embracing your product or specific features. A high rate suggests strong product-market fit.

Metrics for product performance

Product performance metrics focus on how customers interact with your product over time. These metrics highlight engagement and retention, helping teams understand user behavior and refine their strategies.

Usage rate

Usage rate tracks how often customers use your product or its features. Consistent usage often signals that the product is solving key pain points.

Retention rate

Retention rate measures how many customers continue using your product over time. High retention shows that users find long-term value in your offering.

Churn rate

Churn rate is the opposite of retention—it shows how many customers stop using your product. Reducing churn is vital for sustained growth.

Customer-centric metrics

Customer-centric metrics help teams improve the user experience by focusing on feedback and engagement. These metrics include:

Net Promoter Score (NPS)

NPS measures customer loyalty by asking users how likely they are to recommend your product. A high NPS often correlates with long-term growth.

Customer Satisfaction Score (CSAT)

CSAT gauges customer satisfaction with specific interactions or product experiences. Tracking CSAT helps identify areas for improvement.

Financial metrics for product teams

Financial metrics provide a snapshot of your product’s contribution to the business. Key financial metrics include:

Revenue growth

Revenue growth shows whether your product is driving more income over time. It’s a direct measure of business impact.

Profit margins

Profit margins reflect how efficiently your product generates revenue compared to costs. Strong margins indicate operational effectiveness.

Customer acquisition cost (CAC)

CAC measures the cost of acquiring a new customer. Keeping CAC low while growing revenue is crucial for long-term success.

Operational metrics for product teams

Operational metrics focus on the efficiency of product development and delivery. These include:

Time to market

Time to market tracks how quickly a product or feature moves from concept to launch. Faster times often give a competitive edge.

Development cycle time

Cycle time measures the speed of your development process. Reducing cycle time can improve agility and responsiveness.

Analyze product metrics effectively

Collecting data is only the first step. To turn metrics into actionable insights:

1. Define your goals: Start with clear objectives, such as increasing retention or reducing churn.

2. Compare against benchmarks: Use industry standards or past performance to gauge success.

3. Look for patterns: Analyze trends over time to identify strengths and weaknesses.

4. Prioritize action: Focus on metrics that align with business priorities and user needs.

Pro Tip: Miro's Product Metrics & Analytics Template makes it easy to get started.

Find tools for tracking metrics

Monitoring product metrics is easier with the right tools. Here are a few that stand out:

Miro

Miro’s innovation workspace includes powerful visualization tools for tracking product performance metrics. Teams can map out KPIs and collaborate in real time.

Mixpanel

Mixpanel specializes in tracking user behavior, providing detailed insights into how customers interact with your product.

Google Analytics

Google Analytics offers robust tracking for web and app performance, helping teams measure traffic, conversions, and engagement.

Apply best practices for metrics

Effective KPIs start with thoughtful planning. Follow these best practices:

Align KPIs with goals

Ensure every KPI ties directly to your business and product objectives. Misaligned metrics can waste time and resources.

Keep it simple

Focus on a few impactful KPIs instead of overwhelming your team with too many metrics.

Revisit regularly

Regularly review KPIs to ensure they remain relevant as goals evolve.

Real-world examples of product metrics

Understanding how other companies succeed with product metrics can inspire and inform your own strategies. Here are two examples of metrics in action:

SaaS company improves retention

A SaaS provider focused on product success metrics like retention rate and churn. By refining their onboarding process, they increased retention by 15% in six months.

E-commerce brand boosts revenue

An e-commerce company used product performance metrics like average order value (AOV) and CAC to optimize campaigns. These insights led to a 20% increase in revenue over a quarter.

Visualize product metrics in Miro

Tracking product metrics doesn’t have to be complicated. Miro’s innovation workspace provides intuitive tools for visualizing data, collaborating with teams, and gaining actionable insights. Whether you’re tracking product management KPIs or monitoring product performance metrics, Miro keeps everything in one place.

Sign up for Miro to get started.