What part of the user journey do we want to improve?
Do we have enough data about our customers?
Are we planning the right capabilities?
Are Sales/Marketing/Support aligned with our plan?
The main job of a Product team is to help users get their job done. They do so by identifying their customers' needs and delivering the right capabilities through their products.
A Product team mostly looks after 2 things. They make sure that new users can get up & running quickly (Activation), and they make sure that customers find value in the product and keep using it (Retention).
Sometimes, their work will extend to some Referral initiatives if there's a strong need to build network effects. But it will almost always be in response to some work on Retention (ex: I need to invite my team on the platform to work with them).
You'll find below an example built around a fictitious company. Your OKRs should move from quarter to quarter and map to your company's reality – that's why we thought it's best to illustrate things as a case study that you can take inspiration from.
Askawoof is a startup building a platform to help companies run customer satisfaction surveys. Their Product team has decided to focus on onboarding as too many new users are failing to complete the process.
A common example for Product Objectives is "Delight our customers" followed by some Key Results around NPS, active users, etc. It's easy to understand and it helps explain the difference between Os and KRs. However, you'll want to avoid being too vague in reality.
Objectives should be concise, with a clear direction. It should help everyone (including non-Product people) understand what kind of initiatives the Product team will take, but also what they're not doing.
There's no way you'll ever say "let's stop delighting our customers". This is just something that your org should strive for. On the other hand, you don't have to work on improving onboarding every month. With enough work, you'll get to a stage where you're happy with it and can focus on other issues.
Solidify our self-serve onboarding
Increase self-serve activation rate from 13% to 30%.
40% of new users are using our templates to get started.
Reduce activation steps from 10 to 3.
Use onboarding as a lever for growth
New users inviting their team in the first week goes from 5% to 25%.
Increase weekly active users from 8.5K to 11.2K
OKRs won't be of much help if you're not keeping an eye on them. Staying focused and aligned starts by adopting a simple routine with the team.
Start your Monday by looking at outcomes first (OKRs) and then outputs (roadmap). This will make sure that roadmaps discussions are centered around the most pressing issues.
A common mistake for tracking OKRs is to use a table where you replace values in cells with the most recent update.
Not seeing trends can give you a false sense of security. You may be above the target line today, but the overall trend might be going the wrong way. So make sure that you have a simple way to understand if you're getting off track.
A simple progress chart can do wonders to help you understand if you're getting off track.
OKRs will most likely cause friction as you expand their use within your organization:
You can greatly simplify things by adopting a platform like Tability that will automate most of the OKRs tracking and make progress easy to see.
If you’re looking for some inspiration, here are some example of metrics that can be relevant for your Key Results.
Net Promoter Score (NPS)
NPS is seen as a general indicator of happiness for your customers. It measures how likely your users are to recommend your product.
Product/Market Fit score
The Product/Market Fit survey asks your user how disappointed they would be if your service no longer existed.
Daily/Weekly/Monthly Active Users (DAUs, WAUs, MAUs)
How many people are using your product every day/week/month.
What's the percentage of users that come back to your product every day/week/month.
The opposite of retention. What's the percentage of users that stop using your product.
How many people are recommending your product to their friends or colleague.
How do people interact with your content (it can be anything, from visits to specific sections to conversations in Intercom…)
How many signups turn into active customers.