PM School - Defining Success Metrics for a product | Solving Metrics Questions in PM interviews

0:00 Introduction
0:20 Types of Metrics Questions
0:47 Step 1 - Clarify
1:37 Step 2 - PLC Stage
2:11 Step 3 - Product/Customer Goal
2:31 Step 4 - Define Funnel Metrics
3:40 Step 5 - Prioritize
4:31 Step 6 - Critique your own Metrics
5:29 Outro + Reference Sheet

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PM School is the leading platform for Product Management aspirants in India, founded by BITS Pilani and IIT Bombay graduates. We believe Product, as a discipline, is best taught by industry practitioners. Our Live Program has produced PMs who now work at top companies like BYJU'S, Reliance Jio, Ninjacart, Games24x7, Classplus and Freecharge to name a few.

Our faculty are also regular as guest speakers at premier institutions like ISB, IIT Bombay, IIT Kanpur, BITS Pilani, IIT Kharagpur, IIT BHU, IIM Indore and IIFT Delhi.

#Tech​ #Product​ #MockInterview​ #Mock​ #ProductDesign #ProductManagement​ #PM​ #PMSchool​ #LeadTech

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[siddhantjagtap]

Great breakdown of the thought process behind metrics. A video on the difference between and interconnectivity of KPIs, Metrics, and Goals would really help. Also, it would be great if you cloud come up with a video on solving a product case study or preparing a product deck.

[anuragkewat]

Clever how you guys pulled out ideas from #Decode&Conquer. Great representation, keep going!
Good job!

[ShikhaKhandelwal]

THis was such a wonderful video to answer Goal and metrics-related questions. Can you please make a detailed video around this? OVerall it was great. Probably, a mock interview around this would be really beneficial.

[JDenim]

Thank you so much. This was very helpful.

[bishnuchetriproductcatalog]

just loved this, thanks for uploading.

[stevenspellberg]

Is their an example of application of NSM and L1 metrics for any product that I can refer to

[mrwazo]

Goal is specific and a metric should always be SMART so also specific. Just use the SMART framework...
Specific - The metric has to be focused and specific on what you want to achieve i.e your goal? So specific on the user of the metric that you want to define
Measurable - The metric has to be measurable, so what defining the type of metric you want to measure is critical- Acquisition ( How many sign-ups) Engagement ( how long is spent on an app), Retention ( retention rate), Revenue (number of paid sign ups)
Achievable - Is your metric realistic? Can you prioritize your metrics effectively?
Relevant - Do your metrics make sense? Do they tie back to business goals? Your metrics will likely require refinement so that they are optimized over time. Here you can also critique the metric
Timebound - How often should you measure your metric? Quarterly, Bi-monthly? The time dictates the frequency at which you are tracking your metric and is important as it quantifies your metric.

[AyushSharma-uxfk]

At 4:18, we are talking about if whatsapp were to measure engagement. L1 matrix could be to measure emojis sent per user.
Why is it this way? Alot of customer would still be engaging without using the emjois or gifs.
Would this be the critique of the matrix? Or am I not able to understand properly the reasoning behind this L1 matrix?

[Stardom_nightmare]

Amazing videos amazing communication skills

[rohitbansal]

Your videos are very well structured.
It would have been better if you would have used same example of Whatsapp for Funnel metrics. And how is product objective helping to get NSM or L1 metrics.

[Limauser]

this is gold, can you tell how OKR is calculated and split across quarters and months

[nikitaverma]

Thanks for a great framework! Although it would've been more helpful if you'd solved a problem using this framework also. Please create another video for that!

[pvsnpavan]

This was a wonderful video which provides insightful information on Product metrics. Do we have any videos which describe what is Product Sense and Platform Mindset.

[richagaur]

Hi, Great content here. I did not understood how do you prepare counter metrics for a particular time period? the one that you have used in example is already as per the time period . for example 100 users downloaded the app in month 1 and out of which 30 downloaded. I feel the video in the last was not completed to the conclusion. Sorry if i did not understood what you were trying to convey. i would love to understand more on how do we prepare counter metrics

[AayushSingh-ghlm]

To understand stage 2 (PLC stage), can we ask the interviewer for clarification

[shivananduddannavar]

@PM school Good explanation.... But please make the contents systematically with respect PM concepts... so it helps to complete the course. Now we hardly see few contents.... !!

[primrose]

Some analytical or estimation solving framework would be useful

[chieduagain]

Good video.
Just need to remove the background music, it's hard listening when u speak fast

[aj]

Its not true that companies at stage 1, 2 [ early adopters and growth] don't need engagement, that will cause a massive churn in MAUs. Remember, if those early adopters don't LOVE your product - you won't have a business. 

Maybe you meant to say profitability and revenue?

(Speaking from experience of building and scaling a SAAS company from scratch.)