Goal setting is an integral part of product management. It’s crucial to align these goals with the company’s broader objectives to ensure everyone is working towards the same end. A common method for setting effective goals is the OKR (Objectives and Key Results) approach.
In the realm of product management, OKRs might include increasing user engagement, enhancing product quality, or accelerating time to market. For instance, an objective could be to improve user engagement, with key results being to increase daily active users by 15% or to reduce churn rate by 10%.
Product quality enhancement could involve reducing the number of bugs or enhancing user experience. An objective here could be to improve product quality, with key results being to decrease bugs by 20% or to increase user satisfaction scores by 30%.
Time to market acceleration aims to get products or features to customers faster. An objective could be to speed up product release, with key results being to reduce development time by 15% or to launch two new features per quarter.
It’s essential to remember that OKRs should be challenging but achievable, and regularly reviewed to ensure they remain relevant and effective. They should also be transparent, so all team members understand the objectives and how their work contributes to achieving them.
Go to source article: http://blog.betterworks.com/product-goal-examples/