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.
To successfully set and track OKRs, follow this comprehensive guide on implementing the OKR framework for best practices and strategies.
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 |
| Key Result 2: Attain atleast 5 references per month for fresh sales |
| Key result 3: Conduct meetings with team members monthly |
Objective – Activate User Testing Of Product
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| Key Result 1: Launching version ___(improved version) of product by ___ (month) quarter end |
| Key Result 2: Get product reviews published in over 10 publications |
| Key Result 3: Achieve sign up to trial ratio of over 25% |
| Key Result 4: Achieve trial to paid ratio of over 40% |
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) |
| Key Result 2: Specific feedback for every requested/ implemented feature which gets used by the client every quarter |
| Key Result 3: Establish a feedback process for enterprise clients and receive feedback of atleast 75% satisfaction |
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 |
| Key Result 2: Make a checklist of all issues causing a time lag |
| Key Result 3: Identify areas that cause product lags of more than 45% |
Objective – Improve Product Performance
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| Key Result 1: Eliminate 85% bugs |
| Key Result 2: Incorporate atleast 2 new tools to improve performance |
| Key Result 3: Reduce product processing time to 35% |
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% |
| Key Result 2: Review atleast 5 competitor’s products every month instead of once in a quarter |
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 |
| Key Result 2: 100% documentation input from sales, marketing, design and production |
| Key Result 3: Integrate 50% user testing into pre launch testing phase |
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) |
| Key Result 2: 70% increase in enquiries about new product every quarter |
| Key Result 3: 60% demos to be given to prospective customers at the negotiation stage |
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 |
| Key Result 2: Co-ordinate with product management team to interview 25 non users |
| Key Result 3: Follow up with support team to conduct 50 interviews with churned account holders |
| Key Result 4: Ensure sales team conducts 50 phone interviews with key accounts |
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 |
| Key Result 2: Conduct brainstorming sessions every month to assess training needs |
| Key Result 3: Ensure 100% completion of all training programs assigned to all reportees every quarter |
Objective – Ideate For New Product
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| Key Result 1: Seek feedback for new features and product from top 30% customers |
| Key Result 2: Create a poll to shortlist top 5 exemplary features in competitors products |
| Key Result 3: Submit weekly reports regarding feedback obtained and changes incorporated for new product if any |
Objective – Improve The Team Members Engagement And Job Satisfaction
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| Key Result 1: Arrange for 1 motivational speaker every month |
| Key Result 2: Interview 15% of the reporters to understand any underlying issues/request for suggestions every month |
| Key Result 3: Review OKRs of individuals every quarter |
| Key Result 4: Conduct 360 degree survey every 6 months |
What are Customer Success OKRs?
Customer Success OKRs are specific goals and measurable key results that customer success teams set to drive and demonstrate their impact on customer satisfaction, retention, and growth.
Customers are the lifeblood of any business and customer service is the first point of contact with the customer. Meeting goals and scaling the organization is set on retaining customers and upselling them.
Customer success is the business methodology to ensure customers achieve their desired results while using your product/service. Customer success is relationship-focused client management that aligns client and vendor goals for a mutually beneficial outcome.
Customer Success Has A Four Fold Mission
| 1. Implementation: This is the kick-off stage wherein the customer comes on board with the organization. If you gauge the pulse of your customers, you can predict what they need and be proactive in providing services. |
| 2. Adoption and Value: At this point, the customer is beginning to get familiar with your product/service and time for the organization to get the customer to talk to you about how they feel about their decision. It is necessary to deliver recurring value to generate recurring revenue. |
| 3. Growth: Prioritizing the relationship, and upkeep of turn around time are all ways of ensuring that the organization is trustworthy for further expansion in the relationship. At some point, there will be customers who have issues. Your aim is to make sure they do not hold a grudge against your company. Empathizing not just on the surface but from within is a very important quality to make sure your customer remains loyal to you even after facing some issues |
| 4. Closing/Renewing: If the above three steps are followed meticulously it sets the road to increasing value to the organization by way of additional sales since the customer is appreciative of the way he has been taken care of. Everyone recognizes the fact that it is far easier to retain a customer than to get a new one. This step involves the process of renewing the sales pitch |
Some Sample OKRs For Customer Success
Customer Success Associate
Objective – Customer Success – Creating A Great First Impression
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| Key Result 1: Decrease the time taken to answer a call by 20% |
| Key Result 2: Increase efficiency in recording customer details by 40% |
| Key Result 3: Decrease callback time by 3 days |
Improving Customer Experience
Objective – Improving The Efficiency Of The Interaction
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| Key Result 1: Reduce the number of customer interactions by 5% before the resolution of a problem |
| Key Result 2: 20% increase in the completion of fact-taking when a customer calls to lodge a complaint |
| Key Result 3: 25% increase in the follow-up to ensure that the problem was resolved suitably |
OKR For Team Leads
Objective – Improving The Efficiency Of The Support Team
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| Key Result 1: Ensure completion of online training programs of all reporters every month |
| Key Result 2: Draw up a report on the number of new complaints and resolutions every month |
| Key Result 3: Prepare a report on the average time taken for complaint resolution |
OKR For Managers
Objective – Reducing The Cost Of Customer Service Through Automation
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| Key Result 1: Reduce cost per service token from _____(amount) to _______(amount) |
| Key Result 2: Increase resolution of service issues through automation by 30% |
| Key Result 3: Reduce time to resolution to _____(hours). |
FAQs
1. Why are Customer Success OKRs important?
Customer Success OKRs provide a framework for customer success teams to align their efforts with business objectives, measure their performance, and continuously improve the value they deliver to customers.
