– Next stage is all about activation or delivering customer value as quickly as possible. With HeadReach that usually is pretty quick. From a couple of minutes up to 3 days. For other apps, the “Aha!” moment takes longer so take that into consideration when evaluating that stage. Activation metrics are very different for every startup. In our case, activation metric is the number of searches and email credits used.
– At that phase, we track how many trials convert to paying customers.
– At the last phase, we track retention rates.
# Let your business model define the metric/s. The way your app is going to make money would also guide the choice of metrics. For example, if an app relies on ads to make money, the amount of time a user spends in that app is more critical than the total number of downloads. Ads do work well when users spend a significant amount of time in the app. Similarly, if the app relies on In-App Purchases, knowing which screen has users spending the most time can help you use that screen to display most of your In-App Purchase upgrades.
# Let the character of your app define the metric. This is another simple way to choose the metrics. The type of the app – transactions, gaming, social network, education, etc. – will determine the key business objective of the app, i.e., sign-ups / downloads/ purchases/interaction. This would, in turn, help you choose the one top metric that you got to track. For example, the total amount of time spent in a banking app is not such an important metric compared to the number of users, which would be the opposite in a marketplace/shopping app.
As a product manager, you have access to several metrics and humongous data points. Once you are past the initial days post the launch of the app, it makes good sense to look at metrics by their logical purpose. There will be metrics that are important mainly for Marketing, while some others are vital for customer service, and still some others for Productivity & Profitability. Check out 15 Metrics Every Software Product Manager Should Know by Brian de Haaff.