"The Key Metrics That Fintech Product Managers Can’t Live Without: Insights from Ron Conway at Startup School 2012"

"The Key Metrics That Fintech Product Managers Can’t Live Without: Insights from Ron Conway at Startup School 2012"

In the world of fintech, product managers play a crucial role in driving the success of their products. They are responsible for making data-driven decisions and ensuring that their apps meet the needs of their customers. To do this effectively, there are certain key metrics that fintech product managers simply can't live without. Let's dive into these metrics and explore how they can help product managers make informed decisions.

1. Session-based Data: One of the most important metrics that fintech product managers need to track is session-based data. This includes metrics like session duration, session frequency, and session depth. By keeping track of these metrics, product managers can gain valuable insights into how well their app is retaining customers. For example, if customers are spending a longer time in each session and returning frequently, it indicates a high level of customer engagement and satisfaction.

2. Customer Feedback: Customer satisfaction is paramount in the fintech industry. To measure customer satisfaction, product managers need to analyze various metrics, including median customer rating, survey response rates, and average Net Promoter Score (NPS). These metrics can help product managers understand how happy their customers are with their product and identify areas for improvement. By actively seeking and analyzing customer feedback, product managers can make data-driven decisions to enhance their app's user experience.

3. Technical Metrics: In addition to customer-centric metrics, product managers also need to track technical metrics to ensure the smooth functioning of their app. Metrics like crashes per session, fatal over non-fatal crashes, and crash incidence per app version and platform are crucial in identifying and resolving technical issues. By monitoring these metrics, product managers can proactively address any bugs or glitches that may impact the app's performance and user experience.

Now, let's connect these metrics with the insights shared by Ron Conway at Startup School 2012. Despite the rapid evolution of technology, there are certain aspects of building successful products that remain constant. Conway emphasized the importance of determination, conviction, leadership, and being driven and fearless. These qualities are essential for fintech product managers as they navigate the complexities of their roles.

Conway also highlighted the significance of focusing on growth, shipping, and continuous improvement. This aligns with the session-based data metrics mentioned earlier. By constantly monitoring and analyzing session-related metrics, product managers can identify areas for growth and improvement. They can also ensure that their app is consistently shipping updates and new features to meet the evolving needs of their customers.

Another insight shared by Conway was the importance of a product-focused approach. He emphasized that a good product leads to happy users, which, in turn, leads to a great company. This aligns with the customer feedback metrics discussed earlier. By prioritizing customer satisfaction and actively seeking customer feedback, product managers can create a product that resonates with their target audience and drives positive word-of-mouth.

Conway also mentioned how SV Angel, his investment firm, prioritizes investing in entrepreneurs first. This highlights the importance of understanding and catering to the needs of the end-users. By focusing on the metrics related to customer satisfaction and technical performance, product managers can ensure that their app meets the needs of their target audience and delivers a seamless user experience.

In conclusion, the key metrics that fintech product managers can't live without are session-based data, customer feedback, technical metrics, action stats, and revenue. By analyzing these metrics, product managers can make data-driven decisions to improve their app's user experience, address technical issues, and drive revenue growth. Here are three actionable pieces of advice for fintech product managers based on these metrics:

1. Regularly analyze session-based data to understand customer engagement and retention patterns. Use this data to identify areas for growth and improvement.

2. Actively seek and analyze customer feedback to gauge satisfaction levels and identify opportunities for enhancing the user experience. Use metrics like median customer rating, survey response rates, and NPS to measure customer satisfaction.

3. Monitor technical metrics closely to identify and resolve any bugs or glitches that may impact the app's performance. Metrics like crashes per session and crash incidence per app version and platform can help you proactively address technical issues.

By incorporating these metrics and following these actionable advice, fintech product managers can drive the success of their products and create a positive impact in the industry.