Define a base metric.
With a single product metric, you can prioritize your employees. You might want to track several at once to be more efficient, but that will just be wasted time. Sometimes metrics how to add taiwan number on whatsapp work synergistically with each other, but that's not always the case, and when measured independently, they can be redundant. And if you have too many goals, it will be difficult to find the one that is more important.
Don't pay too much attention to poor performance indicators.
The most striking example may be the number of likes, which does not bring any profit at all and is only an element of vanity.
Stick to the metric that is easiest to measure.
If there are two metrics, for example, advertisers and revenue, and the first is easier to measure, do it. And then identify conversions to determine the impact of one metric on the other. If you are more interested in the one that takes too much time to analyze, think about what similar data you could choose.
Choose a metric that best reflects your product.
Everything is simple here. For social networks, the main metric will be user activity. You can choose one of them, initially determining which is more suitable: daily, weekly or monthly. There are MAU (Monthly Active Users), WAU (Weekly Active Users), DAU (Daily Active Users).
How to Choose a Key Product Metric
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The best choice is based on expectations from the product. What does this mean? For example, if a person will take the product once a day, then Daily Active Users will suit you, and if only once a month, then Weekly Active Users.
If there are changes in the company, change the metric.
This may sound scary to you, but it is always good to adapt to the reality and choose what is relevant at the moment. Of course, it is better to choose something more suitable and study the product in more depth than to stop at the usual research methods.
Identify a simple metric that relates to your business.
For example, it is important that the number of new users increases. To do this, you send out letters to potential clients, and some of them visit your page. A smaller number registered, and the mini-group became active users. You can build a scheme that will help solve the problem of client activation. After studying the metrics, it is clear that more people "drop off" when they visit the site but do not register. It will be correct to set the percentage of visitors who create an account and go towards this figure.
Eliminate the coefficients.
If CTR is important to you, consider whether you can start measuring clicks instead, but of course, this is not an absolute rule. There are a number of companies that successfully use this metric as their primary one.
Don't forget to take counter metrics into account.
Let's look at eBay as an example. Here, the number of unique items sold is used as a countermetric. The number of items and their positions is taken as an indicator. If the results deviate in the negative direction or if the numbers remain unchanged, you need to set a goal to increase the indicators. On eBay, the main metric is Gross Merchandise Value (GMV).
As your business grows, change the metric.
The world is changing, as is everything around us, as is the collection of information that determines the success of a business. For example, before there were no cell phones and the influence of social networks on business. And now the latter is a very powerful advertising channel. And many have already changed the metrics from MAU to DAU. This evolution is typical for companies launching new products. Example: the number of Amazon Video customers has increased significantly, which means it is time for management to change the metrics.