In recent years, OKRs have been in pole position among performance tools. No company wants to stay on the sidelines of this advance. A real boost for performance approaches, OKRs are a means of improving business productivity through well-defined and ambitious objectives.
Many people confuse this performance tool with a business evaluation or control tool and find them challenging to define. It is estimated that the Marketing or Sales teams have an easy time setting them.
Conversely, the OKRs of the Product Management team is deemed to be complex to develop. Today, we provide you with a solution that makes it easier for you to define OKRs for your Product team. You can see practical examples of setting OKRs for other departments in a company.
OKRs, a proven performance tool
OKRs mean Objectives and Key Results. It is a collaborative goal-setting tool used by teams and individuals to set ambitious goals with measurable results. They promote more focus, more autonomy, more follow-up, and people are more aligned behind the vision of the company. They are essential for extraordinary success.
According to John Doerr, author of Measures what matters, in an interview with Harvard Business Review, “The objective is what I want to have accomplished. The key results are how I’m going to get it done. The objectives are typically long-lived. They’re bold and aspirational. The key results are aggressive, but always measurable, time-bound, and limited in number.”
Product Management, what does that mean?
Product management involves strategically driving the development, market launch, continuous support, and improvement of a company’s products. It encompasses a panoply of strategic responsibilities that are implemented daily.
Product management is the center for transforming strategic objectives into financial results. It is a vital link to guarantee the economic and diplomatic success of the product.
Interestingly, the role is to define a vision and objectives for the product and translates abstract ideas into tactics necessary to achieve a product that meets the needs of the market.
Due to the sensitivity of this role, the product team needs bright and ambitious objectives that can lead to concrete and measurable results in the short, medium, and long term. OKRs are, therefore, very timely and are an essential tool for the success of the product. What are the excellent practical OKRs for product managers? What is the impact of OKRs on the product team roadmap?
The product team and OKRs
OKRs for the product team is rapid planning methods, adaptable to change, and which allow the product team to solve problems of autonomy, concentration, alignment, and those mainly related to the product.
The main objective of the product team is to launch a product that would solve the problem of its customers. These OKRs should be defined to inspire teams to work with passion and focus.
It is recognized that the product managers are straddling the Marketing, Engineering, and Sales departments. Defining OKRs remains a big challenge. Consequently, the life cycle of a product being the set of all the phases it goes through, from its conception to its extraction from the market, it is, therefore, necessary to assign precise objectives with expected results at each stage of the product life cycle.
10 practical examples of OKR for the product team
Objective: Launch the new product successfully.
- Finish all the new product website updates
- Give free and exclusive pre-launch update to customers and partners
- Finalize product datasheets, feature briefs, and sales enablement info
Objective: Research, analyze, and understand what our users and non-users think.
- Ensure the design team conducts 30 user test sessions on the web
- Coordinate with the product management team to interview 25 non-users
- Ensure that the sales team performs 50 telephone interviews with key accounts
Objective: Implement a new 360-degree product planning process
- Document a transparent distribution of roles between research, design and development, sales and marketing
- 100% of the documentation provided by sales, marketing, design, and production
- integrate 50% of user tests in the pre-launch test phase
Objective: Increase the performance of the product
- Remove 95% bugs
- Identify tools to enhance the performance of a product
- Processing time reduced by 35%
Objective: Make sure the lack of functionality is no longer a cause of demo failures
- Losing only 1/10 of the demos due to lack of functionality
Objective: Ensuring that customers who arrive directly on the application stay and use it effectively
- Convert 10% of direct customers to paid customers
Objective: Launch version 2 of our main product successfully
- Get 10.000 new signups
- Get product reviews in over 20 publications
- Achieve sign-up to a trial ratio of over 23%
- Achieve trial to a paid ratio of over 50%
Objective: Increase user engagement
- Increase 1-month retention from 30% to 50%
- Increase average time in the app from 10 mins to 30 mins
- Raise the number of sessions from 5 to 10 sessions per user per day
Objective: Help customers better categorize their data for rapid retrieval
- Ship tag management
- Ship advanced search
- 80% decrease in support tickets related to tags
Objective: Increase customer retention by 10%
- Achieve a positive Net Promoter Score (NPS)
- 25% pre-registrations come from existing customers
- Get 1 referral for 3 clients
OKRs are a double-edged knife. Improper application of OKRs can be harmful to employees. It can also generate substantial unnecessary costs. It is, therefore, necessary to master the contours of OKRs and the whole process to guarantee a successful implementation.
Happierco will help you do this better: You can create, manage, and track OKRs for the company team and individual. Align them with that of your company. Measure progress towards your goals, and product teams can give and receive feedback from one another.