Product Management - Metrics

Role of defining metrics is very important to analyze the performance of your product.

Metrics plays an important role during the feature enhancement of the product. It gives you an overview regarding the acceptance of the feature and helps in streamlining about the requirement of your users.

Ideal Metrics should be — understandable, changeable, should have correlation and should project itself in the form of rate or ratio. Metrics are of different types:

1. Growth & Activation Metrics — To figure out the rate of projection in daily users and customers.
2. Engagement — To track the time on site/platform and user journey based on session interval, monthly active users etc.
3. Retention — To keep a track on the returning users on your platform, can be figured out by an external approach like sending notifications, emails etc.
4. Users Happiness — Based on the recommendation of the users, generally justified by the app store rating or net promotion score (NPS).
5. Revenue — The conversion of a user to a customer.

 

 

There are few different frameworks which helps the product manager to define the strategy of the scalable product metrics.

HEART Framework by Kerry Rodden

• H — Happiness (Defines the satisfaction what your user get with your service.)
• E — Engagement (Defines the connect of the user with your product.)
• A — Adoption (Defines the rate of conversion from a user to a customer.)
• R — Retention (Defines the coming back of your bounced users and customers.)
• T — Task Success (Defines your success of allowing your user to perform the task.)

AARRR Framework by Dave Mcclure

• A — Acquisition (Defines your caliber to acquire new user to your platform.)
• A — Activation (Defines the adoption of your platform by the users.)
• R — Retention (Defines the coming back of your bounced users and customers.)
• R — Referral (Defines the increase of your community by incentivizing the customer.)
• R — Revenue (Defines the generation of profit by premium users & advertisements.)

Checking your metrics timely and redefining them on the basis of user needs is what “Data beats emotions.” — Sean Rad, Adly and Tinder founder

Product Management — Ideas Vs Needs

Two key principles to Enhance the products are Ideas and Needs.

Idea could be in the form of good idea or bad idea where as Need could be in the form of user sticking needs or false user needs.

 

 

There is a terminology which defines the source of ideas and needs i.e. EMUC!

E — Employees ( Takes starts from you, your coworkers, management, etc.)

M — Metrics ( Takes you get from your defined metrics in your analytical tools, navigating user journeys, etc.)

U — Users ( Takes you get from user feedbacks, app reviews, etc.)

C — Clients (Generally in case of B2B businesses where you get takes from your product stakeholders.)

What is most important in this case?

To figure out the solution to a problem rather then fitting a problem into the solution.

Key Mantras to get a clear view on the ideas and needs are to ask 3 Why’s! This will help you to get an overall true prospective about the demand of end user.

Technology undertaking employment?

Well, this is true that an increase in machines in our day to day life has created a reduction in manpower. But this does not state that it is creating unemployment. Instead of that, it is creating urbanization in society. Today we need people who create jobs not who find jobs. Technology intelligence and machine learning will no doubt decrease the role of human efforts in working of present lifestyle, but moreover, it will create new innovations and bring a positive change in society for a bright future. Likewise, nowadays we can see a vast example of auto drivers who are totally ignored and are getting unemployed just because of “online cabs”. As online cabs like ‘Ola’, ‘Uber’ are cheaper, safer, and more reasonable than the normal commercial vehicles. Here let’s take a positive look for those drivers as they can work under different taxi firms as well as they can be a driver for OLA and UBER. This will be a good settlement for both sides.

Watch “Start-up India – Momentous Rise of the Indian Start-up Ecosystem” on YouTube

Career Opportunities

Guys what is the first thought that come’s to your mind when you hear the word “career” ?

Well every one of us wants to build their career according to their dreams and wishes. But there is a category of students who haven’t planned anything yet for their future. These students are just lacking behind because of their disgrace behavior. These students are totally dependent on their parents, family members, society and they keep on peeping out to other’s life. Somewhere they lack to make out a very important decision of their life i.e. their future decision. These students can never become independent throughout their life. Their life just ends up with a profit and loss statement. But Apart from them, there are few scholars who are totally future-oriented. We can even say the students who are talented enough to do something new in their life. Well, in my opinion, no one is born talented but actually, with our interest and craziness, we give birth to the talent. As we know that in our country parents as well as society has unalterable psychology regarding choose the career of their child. As if their child is not enough mature to think about what is right and wrong! This is the biggest misconception of the parents. In reality, today’s generation gets mature enough before the true age of getting mature. The main reason behind it is CURIOSITY in the mind of today’s teens. This coming generation is getting faster. So due to which the people who are of the ’60s, ’70s and even ’80s should think of generation gap before judging today’s generation. We have thousands of example of those students who are pursuing in any of the field rather than their interest but because of their parent’s interest.

So disgusting right! When the question comes why is it so?

The answer is we were unable to judge about the right and wrong at the decision-making time due to which our career and life are at stake.

#students

Money Issues with Engineering Students

Every engineering aspirant comes to an Engineering college with lots of hopes, dreams, ambitions and planning for all those consecutive four years which they are going to face in the future. They give their best at the beginning of the first semester. But later on gradually as they achieve exposure, the problems related to money begins.

Time passes and it teaches most of the things to all the students gradually. Now the time comes when they have to show their extraordinary skills to get highlighted up in the college. With all these emotions and perspective when they reach to their first examination, they are getting an unexpected shock. This is just because they were comparing college examinations to the school exams. But they are mistaken here as if college exams are far different from school exams.

Then the time comes when they start thinking of earning money through the internet just because there pocket-money is not enough to fulfill their needs.

Here the problems knock the doorstep.

Earning money is not so easy. It really needs hard work, determination, etc. Students find out the shortcut of earning money i.e. marketing business. Marketing is not wrong if done in a proper way.
There are companies which trick the college students to work. In reality, these companies are a scam !
For Example:

Ebiz

They claim Ebiz, a Network marketing business. And every Ebizer considers himself as an entrepreneur.

They create hype by telling success stories and showing some pictures like this :

 

They take you to a seminar (Life changing….really) whose entry pass is Rs. 100–200. Some motivational speaker will come and he will motivate you to do something. Something what? Ebiz. You will come to know that the seminar was just a lie but they wanted to present their business plan (You are getting fooled from the start). If you aren’t convinced at the seminar, they will call you frequently.

You have to buy a product to be associated with Ebiz.

All the products are useless.

1. There are some online computer courses like MS-Office, C, web designing courses etc. All the web material is not updated since 2007 (No production cost for them) and you can get far better material for free on the internet.
2. A watch (MMR 3,999) but not worth Rs. 200.
3. FREE Hotel Room booking to some selected tourist places and again on the condition that the hotel should have a vacancy. Booking in peak season is not allowed. To book the hotel room you have to pay 4000 rupees (non-refundable). Sorry, I think I said FREE earlier.
4. A suit. (My friend paid money for this, but he never got one.)

You have to buy

A)1 & 2 & 3 or (from above)

B)1 & 2 & 4

for nearly Rs. 10,830 (Valid for one year and every year you must renew it for another Rs. 5000) and you will become associate of Ebiz. Now they sell their products and can earn through profit distributed to associates on their performance.

As soon as you became associate they will encourage you to sell those products to your close friends and relatives, who will blindly believe you.

Then they will teach you to lie and sell products to strangers.

Earlier they will claim that you can earn while studying. But afterwards, they encourage you to focus on Ebiz and say “There is no scope in studying”.

They will forcefully take you to their business meetings and national conventions.

The ebiz associates who get even moderately successful are forced by the seniors to buy assets like bike(Karizma) or a car to show off their success and to lure more people in. The truth is that most of them didn’t make enough money to buy off a car or bike.

After 2–3 months you came to know that it was all lies and fraud but you won’t tell anybody as you are also a part of it. Those who get successful continue and the others tend to leave.

When I was in my first year of engineering, I had financial problems at home. And I believed everyone. So it was easy for them. I was an Ebiz Associate for 4 months and now I’m feeling guilty for the loss of money of my father and some friends. And feeling angry towards these fellows:

Pawan Malhan (Founder of Ebiz) and his son.

We can’t sue them as we have signed all kinds of legal documents while becoming associates.

Actually, this type of money rotation business plan are illegal in India. Ebiz claims that it is not a money rotation plan but network marketing by taking support of useless products.

Edit 1: This is not just about Rs. 11,000. Many youngsters failed in their studies. Many left their good job to be a part of this scam. Every year nearly 50,000–1,00,000 Indian youth actively takes part in this and waste months and years of their valuable young age of doing something.

One man’s spam is another man’s business opportunity. These companies engage in business practices that, while legal, are socially reprehensible.

There are many “companies” like this:

1. Pancard Clubs Ltd.
2. Hope World
3. QNet
4. Dewsoft
5. Naswiz
6. Aspire world imaginations
7. Scoopmaniac
8. Oasis Tymk
9. SunMark
10. SARSO
11. TECHNOBIZ

Waiting for some more negative names to come up, please do comment.

Edit 2: Some the people are saying that  Ebiz helped them to improve their skills. It built confidence in them. I will say why Ebiz?? We have a toastmaster club, AIESEC etc. They are far better than Ebiz. You don’t see what you are paying in hope of improving skills. You are paying valuable college days in which you would have learnt something.

 

Your friends lose faith in you. You will always have the guilt of doing Ebiz thing.

Working 9 to 5 is a MYTH !

“SAY NO FOR 9 TO 5 ”

This is all in the context of  TVF PITCHERS.

I Hope u all must have watch it’s all five episode. Well According to me this YouTube series seriously sets a good track for all the youngsters who are planning to build up their carrier in “B-PLAN”. I genuinely thank to TVF for making this series which reflects the present situation of the young generation. I myself thing the job of 9–5 is like a hell where the joy from the life is lost completely.

A SHORT BRIEF OF THIS TV SERIES

Four friends, enter the business world by launching their own start-up company. One of the friends becomes angry for not getting a project from the company in which he works, gets drunk and resigns. At the same time, he receives news of his “B-Plan” reaching the final round of the NASSCOM start-up conclave. This sets off a chain of events in which the four friends rediscover what they really want in life, and the challenges they face in getting their start-up idea off the ground.

According to me,

Guys, we all are very much possessive regarding ambition, carrier, future etc… But we missed out something or I must say a very important thing here i.e ‘OUR LIFE’. We all are passionate about different things like few are passionate for their sports, few are for their coding skills, few are for speaking or writing skills or anything else. See you all are familiar with the fact that in today’s world it is very difficult to follow your passion. Since somewhere we are aware of the fact that life without money is like tea without sugar or in the single word ‘incomplete’.

We all need money to fulfill our wishes, ambitions and to come up with a better standing in society. But what do you think doing engineering than pursuing 9 to 5 job in any so-called MNC under a team head and developing software for there benefit is the only thing we deserve. NO…

Well, it’s not over here  !!

You are just left with the bloody weekend to live your life as how you want to live it. But that too is going to get wasted if you are working on an important project or your boss is like a moron.

So the best part is yours is life is like hell after you complete your engineering. This concludes “A total WASTE  that is life without the flavor of fun”.

Coming to the point :

If you are as much capable to own your worth then why are you wasting your time working under those bloody MNCs. Go find your own work and then work like your own way as a king .