{"id":12613,"date":"2024-08-29T21:02:44","date_gmt":"2024-08-29T21:02:44","guid":{"rendered":"https:\/\/collegeguide.co.za\/?page_id=12613"},"modified":"2024-08-29T21:02:44","modified_gmt":"2024-08-29T21:02:44","slug":"okrs-for-product-managers","status":"publish","type":"page","link":"https:\/\/forms24.co.za\/data\/okrs-for-product-managers\/","title":{"rendered":"OKRS For Product Managers"},"content":{"rendered":"\n<p>What are some Product Management OKR examples and why do you need to set them? Product is probably the most important function in your company. Together with Sales and Marketing they are the ones that make sure the hard earned money you invest in them is delivering the maximum value to your business. This means that a focused Product Team can be the pilot who adjusts the engines (your engineering team) on the rocket-ship you call a company. But this also means that every effort that is not spent on delivering on the main objectives for the company will be a loss multiple times over, loss of the effort put in, and a loss of the opportunity cost of something better that it could have been spent on. OKRs are a great way to get your Product Team focused, but how is it done?<\/p><div class=\"forms-atf\" style=\"margin-top: 15px;margin-bottom: 20px;\" id=\"forms-3348287502\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-9198760278752355\"\n     crossorigin=\"anonymous\"><\/script>\n<!-- Responsive ads atf -->\n<ins class=\"adsbygoogle\"\n     style=\"display:block\"\n     data-ad-client=\"ca-pub-9198760278752355\"\n     data-ad-slot=\"8381596201\"\n     data-ad-format=\"auto\"\n     data-full-width-responsive=\"true\"><\/ins>\n<script>\n     (adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/div>\n\n\n\n<p>Product is a nebulous, nascent and often misunderstood field. This can lead to the whole OKR thing going sideways for unfortunate Product folk even before the first O is set. So, what is Product Management? Let\u2019s take a step back and see Product within the Scrum framework:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><em>Scrum (n): \u201cA framework within which people can address complex adaptive problems, while productively and creatively <\/em><strong><em>delivering products of the highest possible value<\/em><\/strong><em>.\u201d<\/em><\/p><cite>Scrum Guide November 2017 version<\/cite><\/blockquote>\n\n\n\n<p>I highlighted the part about value because at its simplest form, that is what Product Management is about. Are you a Portfolio Manager, Product Manager, Product Owner, Business Analyst or god forbid a Project Manager doing Product stuff at an organization that doesn\u2019t understand the role? First of all, make them listen to Marty Cagen and explain to them that your daily activities should be tied to maximizing value to users and, consequently, to the business.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Product Team OKR examples<\/h2>\n\n\n\n<p>Cool, why don\u2019t we just set this as our main objective? Not so fast. Product Management is also about finding the balance in delivering this value. Could you deliver outstanding value today by ignoring technical debt? Sure, you could. But what about tomorrow? Could you only focus on your users and shut your internal stakeholders up? Sure, but your relationships would suffer and you couldn\u2019t effectively lead without authority, one of the hallmarks of any good Product Manager.<\/p>\n\n\n\n<p>With this is mind, let\u2019s group some of the activities a Product person does at a company. Since Product can take many different forms and different companies, this list by no means will be exhaustive, but let\u2019s give it a shot. If you have ideas or feedback, do get in touch via the chat bubble on the bottom right.<\/p>\n\n\n\n<p>Let\u2019s group Product Management and Product Owner activities into 4 large areas. Sometimes it\u2019s one person dealing with all of them vertically, sometimes the responsibilities are split between strategic and tactical, so pick accordingly.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Vision and strategy<\/li><li>Ideation, alignment, validation, prioritization<\/li><li>Build, measure, learn<\/li><li>Release and grow<\/li><\/ul>\n\n\n\n<p>Let\u2019s break these 4 big areas down into smaller ones and let\u2019s look at some examples. You should only select 3-4 OKRs per quarter per team, so don\u2019t think that you need to have as many OKRs as we have in our examples here. Identify what area needs improvement the most and formulate your powerful OKRs to support you and your team.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Vision and strategy<\/h2>\n\n\n\n<p>Without a bold and clear vision and a killer strategy, it will be difficult to prioritize and ultimately deliver maximum value to your customers and the company. What OKRs can help focus your efforts when it comes to vision and strategy? Let\u2019s look at some themes and OKR examples.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Domain knowledge<\/h3>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong>Objective: <\/strong>We have so much awareness on our competitors that we can sell their product better than they can\n<strong>Key results:<\/strong>\n\u2013 Talk to 10 customers who have switched to a competitor\n\u2013 8 out of 12 of the Sales Team members can name our top 5 competitive advantages\n\u2013 Increase the number of new users who switched from a competitor from 5% to 15%\n\n<strong>Objective:<\/strong> Become the champion ti the customer\n<strong>Key Results:<\/strong>\n\u2013 Conduct interviews with at least 40 of the top 100 customers\n\u2013 80% of people in the company can name at least 3 out of our 5 user personas\n\u2013 Reduce churn rate from 20% to 12%\n\u2013 Increase NPS (Net Promoter Score) from 47 to 65 \n <\/pre>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Share the mindset<\/strong><\/h3>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong>Objective: <\/strong>Everyone at the company should share our awesome vision\n<strong>Key Results:<\/strong>\n\u2013 50 out of 65 of our employees should accurately recite our vision and mission statement\n\u2013 Reduce vertical feature requests from 5 per month to 1\n\u2013 Increase eNPS (Employee Net Promoter Score) from 35 to 70\n\u2013 Time spent in meetings remains an average 8 hours per week for each employee\n\n<strong>Objective:<\/strong> Make the Jobs-To-Be-Done approach a core skill for everyone\n<strong>Key Results:<\/strong>\n\u2013 9 out of 10 user stories submitted by sales have a well formulated user story\n\u2013 2 out of 10 feature requests can be solved without building new features\n\u2013 Increase day 30 retention from 65% to 85% <\/pre>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Turn vision into strategy into roadmap<\/strong><\/h3>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong>Objective: <\/strong>Create a culture where metrics and data drive our business and product decisions\n<strong>Key Results:<\/strong>\n\u2013 8 out of 10 user stories have success metrics defined and evaluated after release\n\u2013 4 out of 10 user stories have a projected business value attached to them\n\u2013 New feature adoption is at a minimum of 60%\n\u2013 Marketing investment on feature launches remains stable at 4 hours per feature launched\n\n<strong>Objective: <\/strong>Be radically ahead with your backlog\n<strong>Key Results:<\/strong>\n\u2013 There are 4 times as many written user stories in the backlog as stories on a sprint\n\u2013 There are estimated tickets for the next two sprints - average storypoint: 85 <\/pre>\n\n\n\n<h2 class=\"wp-block-heading\">Ideation, alignment, validation, prioritization<\/h2>\n\n\n\n<p>You can be the best PM in the world with the most contacts, stellar industry knowledge, and a time machine. You still will fail if you don\u2019t rally the company around coming up with new ideas, aligning on what to do, why, and in what order of priority.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Empower to ideate<\/h3>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong>Objective: <\/strong>Make stakeholders the center of the ideation process\n<strong>Key Results:<\/strong>\n\u2013 4 out of 10 completed user stories came directly from stakeholders\n\u2013 Increase eNPS (Employee Net Promoter Score) for the sales team from 32 to 55\n\u2013 Increase the demo to sign-up conversion rate from 30% to 60%<\/pre>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Align team and stakeholders<\/strong><\/h3>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong>Objective: <\/strong>Delightfully transparent and radically aligned prioritization\n<strong>Key Results:<\/strong>\n\u2013 0 sprints are affected by mid-sprint critical priority items\n\u2013 Stakeholders rate the transparency of the prioritization process with at least 4 out of 5\n\u2013 Complaints about prioritization come up only at most on 3 retrospectives out of 10\n\u2013 New feature adoption is at least 40% <\/pre>\n\n\n\n<h2 class=\"wp-block-heading\">Build, measure, learn<\/h2>\n\n\n\n<p>This is the mantra of a well tuned Scrum Team. After the team, together, with the stakeholders has identified problems to solve, created user stories, refined and estimated them, they are ready to be taken into a sprint.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Seamless maker time<\/h3>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong>Objective: <\/strong>Create a blissful work environment for the scrum team\n<strong>Key Results:<\/strong>\n\u2013 Sprint goal is delivered 8 times out of 10\n\u2013 Zero new stories are taken into the sprint after it has been started\n\u2013 Story points delivered each sprint can increase from 45 to 55 <\/pre>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Build with quality<\/strong><\/h3>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong>Objective: <\/strong>Deliver a delightfully smooth customer experience while shipping more\n<strong>Key Results:<\/strong>\n\u2013 Maximum 2 critical bugs are reported by customers per sprint\n\u2013 NPS score stays 65 or increases\n\u2013 Story points delivered per sprint stay flat at 45 or increases <\/pre>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Measure what matters<\/strong><\/h3>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong>Objective:<\/strong> Switch from gut feeling product decisions to being radically data driven to reduce complexity\n<strong>Key Results:<\/strong>\n\u2013 Every user story has success metrics attached to it\n\u2013 Increase eNPS score for the Sales and Customer Service teams from 40 to 65\n\u2013 No new feature with less than 40% adaption rate remains live by the end of the quarter <\/pre>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Iterate with confidence<\/strong><\/h3>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong>Objective:<\/strong> Bring maximum value to customers with the least amount of investment\n<strong>Key Results:&nbsp;<\/strong>\n\u2013 Every feature must have an MVP version and at least 1 iteration\n\u2013 No feature shall be delivered over multiple sprints\n\u2013 Increase NPS score from 65 to 75 <\/pre>\n\n\n\n<h2 class=\"wp-block-heading\">Release and grow<\/h2>\n\n\n\n<p>You have identified your customers\u2019 pain points, devised and validated a solution, broken it down to manageable iterations and built it, feels good, right? Don\u2019t want to discourage you, but if you botch the release even the best feature or improvement can fall flat and fail to gain adoption, ultimately not contributing to the most important measure most companies have, growth.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Release smoothly<\/strong><\/h3>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong>Objective: <\/strong>Achieve magical CI\/CD (Continuous Integration \/ Continuous Delivery)\n<strong>Key Results:<\/strong>\n\u2013 Increase number of releases from 4 per quarter to 16\n\u2013 Reduce complaints on retrospectives about deployments from an of average 2 to 0.5\n\u2013 Keep number of critical bugs reported by customers below 2 per release\n\n<strong>Objective: <\/strong>When we release, our customers can\u2019t help but be impressed\n<strong>Key Results:<\/strong>\n\u2013 Increase NPS from 45 to 75\n\u2013 Increase average first month feature adoption by customers from 30% to 65%\n\u2013 Maintain newsletter unsubscribe rate in line with the current 6%\n\u2013 Maintain average product related customer service conversations at 34 a day <\/pre>\n\n\n\n<h3 class=\"wp-block-heading\">Product Management OKR examples to <strong>grow<\/strong><\/h3>\n\n\n\n<p>This is where all the AARRR metrics (Acquisition, Activation, Retention, Referral, Revenue) come into place and where having well implemented analytics is crucial. Don\u2019t worry, a bit further below we\u2019ll give you examples on what to track if you only have limited analytics capabilities. AARRR metrics make for some of the most impactful Product Management OKR examples.<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong>Objective: <\/strong>Convert more visitors, simple as that\n<strong>Key Results:<\/strong>\n\u2013 Increase demo signups by 20%\n\u2013 Increase demo conversion rate to signup by 10%\n\u2013 Increase self serve signup from 5% to 20%\n\u2013 Keep cost of a demo booked below $45\n\n<strong>Objective: <\/strong>Make a radically smooth user onboarding and activation experience\n<strong>Key Results:<\/strong>\n\u2013 Reduce churn through onboarding funnel steps 3 and 4 from 60% to 20%\n\u2013 Reduce time to wow moment (setting up first OKR) from 4 days to 1 day\n\u2013 Increase profile completion rate from 20% to 85%\n\u2013 Increase NPS score from 55 to 75<\/pre>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/usefocus.co\/blog\/wp-content\/uploads\/2020\/06\/Annotation-2020-06-08-210112-1024x656.jpg\" alt=\"23 Product Management OKR examples - Focus OKR example\" class=\"wp-image-372\"\/><figcaption>This OKR as seen in Focus<\/figcaption><\/figure>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong>Objective: <\/strong>Achieve stickiness\n<strong>Key Results:<\/strong>\n\u2013 Increase day 30 retention from 30% to 75%\n\u2013 Increase weekly frequency of usage from once a week to three times a week\n\u2013 Increase free to paid plan upgrade rate from 5% to 15%\n\u2013 Keep Customer Success time invested per free user flat\n\n<strong>Objective:<\/strong> Spin up the referral flywheel\n<strong>Key Results:<\/strong>\n\u2013 Increase customer acquisition through referrals from 0 to 0.2 per existing customer\n\u2013 Maintain 30% churn for referral cohort, in line with sales acquired \n\u2013 Don\u2019t let LTV (Lifetime Value) drop below $50 from $75\n\n\n<strong>Objective:<\/strong> Achieve sustainable profitability\n<strong>Key Results:<\/strong>\n\u2013 Reduce customer acquisition cost from $150 to $75\n\u2013 Increase LTV (Lifetime Value) from $50 to $100\n\u2013 Reduce churn from 75% to 30%\n\n<strong>Objective:<\/strong> Shut_up_and_take_my_money.gif (Increase cash flow)\n<strong>Key Results:<\/strong>\n\u2013 Increase value of yearly payments from $130k to $300k\n\u2013 Increase number of large accounts (50+ seats) from 8 to 25\n\u2013 Increase free to paid plan conversation rate from 15% to 30%\n\u2013 Maintain free plan churn at 45%  <\/pre>\n\n\n\n<h2 class=\"wp-block-heading\">Product Management <strong>OKR examples when you have limited data<\/strong><\/h2>\n\n\n\n<p>A key tenet of OKRs is that KRs need to be measurable. This assumes you have done the necessary groundwork and have readily available, reliable data. But what if that\u2019s not the case in your organization? A lot of small companies don\u2019t invest in data in the beginning. And I\u2019ve seen even bigger, post Series A companies where data just wasn\u2019t there. Sounds familiar? Don\u2019t worry, there is a lot of data you can get even out of a simple Google Analytics implementation to your website and asking devs to help you with some database queries once in a while. And there is data you can gather just by sending out a simple Google Forms.<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong>Objective: <\/strong>Convert more visitors, simple as that\n<strong>Key Results:<\/strong>\n\u2013 Increase time spent on page from 30 seconds to 2 minutes\n\u2013 Increase number of pages viewed per visit from 1.1 to 2.1\n\u2013 Increase number of of visitors who sign up for free trial (visitors vs new free users) from 5% to 15%\n\n<strong>Objective: <\/strong>Make a radically smooth user onboarding and activation experience\n<strong>Key Results:<\/strong>\n\u2013 Reduce steps to wow moment (when customers said in research they definitely will keep using the product) from 12 to 6\n\u2013 Increase activated users (one who created a check-in) from 10% to 40%\n\u2013 Increase proportion of users with a profile picture from 30% to 80%\n\n<strong>Objective:<\/strong> Make our product well known and well liked\n<strong>Key Results:<\/strong>\n\u2013 Increase NPS score from 55 to 75\n\u2013 Add 200 reviews on Capterra\n\u2013 Increase average review score on Capterra from 4.1 to 4.6 <\/pre>\n\n\n\n<h2 class=\"wp-block-heading\">Product Management OKRs are Scrum Team OKRs<\/h2>\n\n\n\n<p>I\u2019m a big proponent of Scrum Teams having one set of OKRs on a team level. If it\u2019s your first time doing OKRs, it\u2019s probably best to only set them at a team level anyway. This way you can avoid one of the biggest mistakes -having conflicting OKRs.<\/p>\n\n\n\n<p>You should still assign one person to be the lead on the OKR itself though. It is logical to choose your Scrum Master or Product Owner as the lead, but if you want to instill a bit more outcome driven thinking, ask a developer to volunteer.<\/p>\n\n\n\n<p>All right, but how does a Scrum Team OKR look like? In a healthy company, each Scrum Team has a single Product they are responsible for or a group of features within a more complex Product. This makes it pretty simple to pick a set of OKRs as usually you have a clear idea of what makes the Product or feature set successful for the given period. And you can use the examples we shared above and tweak them to fit your team.<\/p><div class=\"forms-content\" id=\"forms-2136434836\"><div style=\"width: 300px; padding: 20px; margin: 0 auto; border: 1px solid #ddd; border-radius: 8px; background-color: #f9f9f9; text-align: center; font-family: Arial, sans-serif;\">\r\n    <p style=\"font-size: 16px; margin: 0 0 10px;\">Need Information or Confused about Something ? <\/p>\r\n    <a href=\"https:\/\/onlineapplications.co.za\/ask\/\" style=\"display: inline-block; padding: 10px 20px; background-color: #007BFF; color: #fff; text-decoration: none; border-radius: 4px; transition: background-color 0.3s;\">Ask a Question<\/a>\r\n<\/div>\r\n<\/div><div class=\"forms-btf\" style=\"margin-top: 15px;margin-bottom: 20px;\" id=\"forms-1219558306\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-9198760278752355\"\n     crossorigin=\"anonymous\"><\/script>\n<!-- Responsive ads btf -->\n<ins class=\"adsbygoogle\"\n     style=\"display:block\"\n     data-ad-client=\"ca-pub-9198760278752355\"\n     data-ad-slot=\"5513273173\"\n     data-ad-format=\"auto\"\n     data-full-width-responsive=\"true\"><\/ins>\n<script>\n     (adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/div>\n<div class=\"forms-cpc\" id=\"forms-4175697623\"><hr>\n<h1>Did You Know : Top 15 Free Online Learning Platforms<\/h1>\n\n<ol>\n  <li>\n    <strong>Free Online Education Degrees : Coursera:<\/strong>\n    <p>Coursera partners with universities and organizations worldwide to offer a wide range of courses. 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It offers a free trial period.<\/p>\n  <\/li>\n<\/ol><\/div>","protected":false},"excerpt":{"rendered":"<p>What are some Product Management OKR examples and why do you need to set them? Product is probably the most important function in your company. Together with Sales and Marketing they are the ones that make sure the hard earned money you invest in them is delivering the maximum value to your business. This means &#8230; <a title=\"OKRS For Product Managers\" class=\"read-more\" href=\"https:\/\/forms24.co.za\/data\/okrs-for-product-managers\/\" aria-label=\"Read more about OKRS For Product Managers\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-12613","page","type-page","status-publish"],"_links":{"self":[{"href":"https:\/\/forms24.co.za\/data\/wp-json\/wp\/v2\/pages\/12613","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forms24.co.za\/data\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/forms24.co.za\/data\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/forms24.co.za\/data\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forms24.co.za\/data\/wp-json\/wp\/v2\/comments?post=12613"}],"version-history":[{"count":0,"href":"https:\/\/forms24.co.za\/data\/wp-json\/wp\/v2\/pages\/12613\/revisions"}],"wp:attachment":[{"href":"https:\/\/forms24.co.za\/data\/wp-json\/wp\/v2\/media?parent=12613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}