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Plan: Measuring Your Product's Value Moment
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Plan: Measuring Your Product's Value Moment

Understanding Product Metrics and KPIs

Defining Value for Target Users

  • Product metrics and KPIs should be centered around the value your product delivers to its target users, focusing on the problems it solves.
  • Identify key actions that signify a user is deriving value from the product, which helps in defining relevant metrics.

Example: DocuSign's Value Proposition

  • Using DocuSign as an example, the product offers electronic signature solutions that provide convenience in executing contracts.
  • The convenience offered by DocuSign is not easily quantifiable; thus, identifying key actions like signing a contract becomes essential for measuring value.

Measuring User Actions

  • Each time a user signs a contract on DocuSign, they experience the convenience of executing contracts effectively.
  • The expected natural frequency of this action (signing contracts) could be monthly, reflecting typical business practices. This frequency aids in understanding how often users engage with the product.

Setting Tangible Goals

Playlists: Getting Started with Mixpanel
Video description

Your product's metrics and KPIs should be defined around your product's value to your target users. The more value your users derive from your product, the higher their adoption and engagement which leads to higher retention. In this video, we walk through how you can find your product's value moment using data. Following along our tutorials here: https://docs.mixpanel.com/docs/tutorials/plan/framework