Product management plays a key role in turning strategic goals to business outcomes. The product manager is responsible for defining the when, why and what of the product that the engineering team builds. This means leading cross-functional teams from product conception to launch. The product manager is therefore responsible for setting the vision and strategy of a product.
The OKRs for a product manager should be defined in such a way that they inspire teams to work with more focus and passion. Defining OKRs for product managers is challenging considering that they can be drawn to the engineering side, sales side or marketing side. Hence they should be defined based on the stage of the life cycle the product manager fits in.
This step by step guide will set the basis for integrating the OKRs with that of product management which is essentially the responsibility of the product manager
Sample OKRs For Product Managers
Objective – Rapport Building |
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Key Result 1: Speak to at least 5% customers to determine how our products are of service to them |
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Key Result 2: Attain atleast 5 references per month for fresh sales |
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Objective – Activate User Testing Of Product |
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Key Result 1: Launching version ___(improved version) of product by ___ (month) quarter end |
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Key Result 2: Get product reviews published in over 10 publications |
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Key Result 3: Achieve sign up to trial ratio of over 25% |
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Objective – Satisfying Existing Enterprise Clients To Lay The Foundation For Contract Renewals |
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Key Result 1: 0 major incidents per client (incidents such as loss of data, bugs, irreparable defects) |
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Key Result 2: Specific feedback for every requested/ implemented feature which gets used by the client every quarter |
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Key Result 3: Establish a feedback process for enterprise clients and receive feedback of atleast 75% satisfaction |
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OKRs Related To Product Quality
Objective – Identify Existing Problems In The Current Version Of The Product |
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Key Result 1: Run quality assurance of all features in real time |
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Key Result 2: Make a checklist of all issues causing a time lag |
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Objective – Improve Product Performance |
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Key Result 1: Eliminate 85% bugs |
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Key Result 2: Incorporate atleast 2 new tools to improve performance |
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Key Result 3: Reduce product processing time to 35% |
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OKRs Related To Product Planning
Objective – Deliver Innovation That Gives A Competitive Edge |
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Key Result 1: Increase development resources assigned to innovation from 15 to 30% |
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Objective – Implement New 360 Degree Product Planning Process |
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Key Result 1: Document clear role division between research, design and development, sales and marketing |
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Key Result 2: 100% documentation input from sales, marketing, design and production |
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Objective – Launch The Product By The End __________ (Time Frame) |
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Key Result 1: 40% increase in pre booking for new product by _______(Time frame with respect to launch date) |
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Key Result 2: 70% increase in enquiries about new product every quarter |
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Key Result 3: 60% demos to be given to prospective customers at the negotiation stage |
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OKRs Related To Product Performance
Objective – Research, Analyze And Understand What Users And Non Users Think |
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Key Result 1: Ensure design team conducts 30 web based user testing sessions |
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Key Result 2: Co-ordinate with product management team to interview 25 non users |
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Key Result 3: Follow up with support team to conduct 50 interviews with churned account holders |
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Key Result 4: Ensure sales team conducts 50 phone interviews with key accounts |
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OKRs With Reference To Reportees/Teams Working Towards Product Delivery
Objective – Evaluate Training Needs Of Reportees |
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Key Result 1: Review training schedules of all reportees every month |
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Key Result 2: Conduct brainstorming sessions every month to assess training needs |
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Objective – Ideate For New Product |
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Key Result 1: Seek feedback for new features and product from top 30% customers |
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Key Result 2: Create a poll to shortlist top 5 exemplary features in competitors products |
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Key Result 3: Submit weekly reports regarding feedback obtained and changes incorporated for new product if any |
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Objective – Improve The Team Members Engagement And Job Satisfaction |
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Key Result 1: Arrange for 1 motivational speaker every month |
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Key Result 2: Interview 15% of the reporters to understand any underlying issues/request for suggestions every month |
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Key Result 3: Review OKRs of individuals every quarter |
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Key Result 4: Conduct 360 degree survey every 6 months |
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