Hi!In the previous article, for some reason, we immediately began to sort out what kind of tool the "Metric Tree" is. But let me ask you, is it possible to explain the term "Metric" and give examples of several metrics.Yes, of course, let's fix this mistake.

A metric is a measurable metric that helps product managers track product progress, make decisions based on data, and achieve their goals.

And let's imagine that the definition of the concept of "Metric" needs to be explained to any mother from Mari El.

Mom, imagine baking your favorite pie. To make it perfect, you need to keep track of different things: how much flour to put, how long to keep in the oven, at what temperature to bake. These "things" are the metrics.

The amount of flour is a metric that shows how fluffy the dough will be.

Baking time is a metric that determines whether the pie is baked inside.

Temperature is a metric that affects whether the pie burns or not.

Everything is the same when working with products. Product managers also "bake a pie" - create a new product or improve an old one. And they also have their own "things" - metrics that help them understand how well the "pie" turns out.

For example, they look at how many people "taste" their pie (download the app, visit the site), how many "pieces" they "eat" (how much time they spend in the app, how many pages they view on the site) and whether they like the "ingredients" (convenience, design, functionality).

Do you understand? 😉

Mom bakes a pie as a product manager

I hope we have decided on the concept of metric and we can go further. But there should be a lot of metrics, and this is really the case. What metrics from your daily life do you encounter regularly? I will assume that these are financial metrics. And here are the examples that can be.

1. Budget for the month: It's like a spending plan for a "pie" that you will "bake" all month. He helps you control how much "flour" (money) you have you have it and what you will spend it on.

2. The cost of products in the store: It's like the price of the ingredients for your "pie". You compare prices in different stores to choose the most profitable ones and "bake" a cheaper pie.

3. Discounts and promotions: It's like a nice bonus that helps you save "flour" (money) when buying "ingredients" (goods).

4. Utility bills: It's like spending on an "oven" and a "kitchen" where you "bake" your "pie" (live in your apartment).

5. Salary: It's like a reward for the fact that you "baked" a great "pie" (did a good job). The better the "pie", the greater the "reward".

6. Interest on the deposit: It's like the extra "flour" (money) that you get for keeping your "flour" (money) in the bank.

7. Credit: It's like borrowing "flour" (money) to "bake" a "pie" (make a purchase) right now, but then you will need to return the "flour" (money) with interest.

8. Currency exchange rate: It's like the ratio of the "price of flour" in different countries. If you want to "bake a pie" abroad, you need to know how much "local flour" your "flour" costs.

Examples based on pie, flour and food are good, of course, but it's probably worth discussing the real metrics in the work of a product manager.

For example, here is one of the classifications of metrics.

As you can see from the table below, the product manager responsible for, for example, a mobile application in a bank will need to build his own system for monitoring and analysis. If we take metrics from the above table and decompose them into a level Bank - Level 1Tribe - level 2 Product - Level 3 And that's what we can do on the way out.

A tree of metrics by type for the bank's mobile application

As you can see, with such visualization it is already easier to apply metrics and test hypotheses.

It is important to remember:

• This is an approximate tree, and specific metrics may vary depending on the goals and objectives of the company
• The metrics should be interconnected and reflect the overall picture of the effectiveness of the mobile application.
• It is necessary to regularly monitor metrics and analyze them in order to make informed decisions on product development.

Tip take your metrics and try to decompose them into at least three levels. This will be the beginning for you to dive into understanding your product and how you can influence development...More details on my Telegram channel @faq_tech