Planning Q3 OKRs? Here's a retention metric I bet you will love
+ why you should not fall in the 1% trap + Karachi SC happening this Friday
Kya haal hen jee? Hope the pressure of devising Q3 OKRs is not driving you crazy.
Also, we heard the last Sochnama was a little long? Fikar not. This one’s on point! We care about retention as much as you do ;)
Here’s a quick index of what this edition entails:
A retention metric you will love
SochCafe Karachi happening this Friday (26th) at Katalyst Labs
The notorious 1% Trap we have all been victim of
Latest jobs in Product
SochCast Season 2 coming soon
Slack Shenanigans
Haina bara crisp? Let’s spice up your Tuesday morning then!
📐 A retention metric you will love
We all know retention like the back of our hand. At least we think we do?
While tracking the number of users who signed-up and have never looked back helps in apps which are subscription-based, there is a deeper analysis you will have to make otherwise in order to translate retained users into meaningful retention. Moe Ali recently shared an actionable retention metric you will love.
Here’s how you can stay on top of your game using the XAYB metric.
A lot of teams never bother to collect this data - but you can get started 30 days after launching your new product. Here’s how the metric works
You define this by XAYB - which means a number (X) of a type of action (A) in a number (Y) of periods (B). For example,
InDrive PMs can define retention as 3 rides in 1 month
Foodpanda PMs can define retention as 2 orders in 1 week.
Daraz PMs can define retention as 4 orders in 1 month
This means that a user cannot be considered retained until they have taken 3 rides in a month (or a period of your choosing), or a foodpanda user who does not order twice in a week is no good to be classified as a retained user.
You need to define these XAYB events in order to have a clear signal of retention. And then this shall be you celebrating your feat:
🤝 SochCafe Karachi will make you say “TGIF”
Araha he Karachi SochCafe on the 26th of May at the very happening Katalyst Labs.
We are back with our Product Managers' Meetup in Karachi for a discussion on the hottest topic in P-town -- how to leverage AI to power your product management career.
Let's gather together to share our prompt engineering hacks to help automate the mundane and prevent the drain.
Kis Din: 26th May
Kis Time: 7:00pm to 8:30pm
Kis Jagah: Katalyst Labs, Karachi
Kis Lye: Role of AI in Product Management
Register here!
🚫 How to avoid the 1% Trap
Here is to leaders like Moe Ali, who share their practical winning tips on Product Management with the community at large. And here is our attempt to summarising his golden advice.
So what’s the 1% trap, you ask?
Product Managers need to stop prioritising for the 1% of their user base.
Most consumer and B2B SaaS adoption numbers are shockingly bad. Because most Product Managers continue to prioritize for power users.
Who are power users? These are users who use your product more than the organic frequency of usage that is required for your product. These power users will jump on every opportunity to give you feedback on what you can do well. They will read your release notes and want to try out every single feature that’s in your release notes. When you ask for beta testers, they’ll be the first to put their hand up. And they are providing overwhelming feedback to your customer success teams.
What happens when you prioritise for the 1% - these power users - is that you keep on solving for these incredibly complex workflows. And as Product Managers and Product Leaders, we love to solve challenging problems. Thus, solving for these workflows is fun and we keep on wanting to do it.
But it turns out that most of your users didn’t even get there.
So the trap you want to avoid here is that don’t overprioritise because of this 1%. Because most of your users left without even saying hi, and they will never use these complex workflows. And by investing in the 99% and getting them to be power users, that’s what’s gonna get you most of your returns.
Now, here’s the tricky part. Is Moe advising us to completely ignore these power users? No. There is an intricate balance that has to be struck in order for your core product to become more intuitive and adaptable to the needs of all your customers.
How to achieve that balance? Feedback Classification. It is important for you, as the voice of the customer, to classify feedback as pertaining to the core feature set or pertaining to edge cases. Optimising the product for an edge case should never compromise the core user experience.
💼 Latest Jobs
Are you in the market for jobs? Well, our Slack group’s #job-portal channel has been blowing up with interesting vacancies.
For example, these employers are looking for product peeps with solid Soch:
Dost is looking for Product Interns. Apply here.
Oraan is looking for a Product Manager. Apply here.
Udhaar Book is hiring a Junior Product Manager. Apply here.
SadaPay is looking for Product Manager. DM Zoha here.
Rayn is hiring a Senior Product Manager - Apply here.
SpurSol is currently looking for 1) Product Manager 2) Associate Product Manager - Growth. Email at erum.naz@spursol.com.
Buscaro is looking for a Performance Specialist. Email resumes here. Mention Product Soch when you apply!
A global fintech player is looking for senior PMs (5+ years) in Karachi. Email here.
Product specialist role for EMI Product (OneZapp). Read more here, and apply here.
Product Manager role at Pattern Technologies. Read more about the job here. Apply here.
If you or someone you know is looking for options, you might want to jump into our Slack.
🎙️ SochCast Season 2 Coming Soon
We are thrilled to announce that the long-awaited Season 2 of our podcast, Sochcast, is ready to hit your airwaves next week!
The new season is set to be bigger and better than ever. We'll be welcoming some of the most influential names in Venture, Entrepreneurship, and Product from both Pakistan and around the globe. 🌍💡.Our commitment to sparking meaningful conversations and sharing knowledge remains stronger than ever.
We're starting the season with an unmissable episode featuring the exceptional Aakash Gupta!
Aakash Gupta is a renowned Product Leader having worked with giants like Google, Epic Games, and Affirm. He's also one of the leading content creators on Prodcut Leadership and Product Strategy, helping shape the next generation of product managers.
Make sure to follow us and turn on post notifications so you don't miss anything
💬 Slack Shenanigans
Interesting Threads
Rabia sharing interesting resources on why Prioritisation Frameworks aren’t your best friends, and Faisal shedding light on how to build products users love.
There are lot of other interesting discussions on in-app feedback tools, prioritisation frameworks, etc!
Do you want to dive into the conversation? Zyada sochiye mat - join us on slack.productsoch.com.
May the Soch be with you.
Salaam,
Sarrah Moiz