As a Product Management team, have you ever felt that building a product with the best features needs an ever-learning attitude and evolving discipline to manage the challenges you face? If Yes, has it fueled the transformation or made things more difficult for you? If you have difficulty troubleshooting product-related issues, this OKR example is for you.
As a product manager, you lead and manage products with business acumen and strategic thinking. For this, you need to stick to strategic methodology to drive solutions. While thinking about solutions to various challenges and bottlenecks, you should know what methodology is on your radar to cope with long-term goals and aspirational objectives on your list. OKRs help you to achieve such goals by encouraging you to measure output and outcome-based KPIs to drive scalable business revenue.
Profit.co has listed some of the top Product Management OKR Objectives and explained with real-time OKR examples to ensure that the customers benefit through specified and solution-centric OKR methodology to align the company’s goals with individuals, teams, and departments.
Example 1
Focus on key results that deliver results with an impact. Creating such OKRs drives business growth with the highest NPS score and positive outcomes that every business wants to achieve.
Objective: Create a positive business impact by enabling product-led growth (PLG)
KR 1 : Increase new monthly recurring revenue (MRR) from $400k to $500K.
KR 2 : Increase the revenue from new products from $100k to $200k.
KR 3 : Increase Net promoter score from 65 to 75.
KR 4 : Decrease churn from 15% to 8%.
Objective
Create a positive business impact by enabling product-led growth (PLG)
Target Date: Q1-2023
Visibility: All Employees
Key Results
Increase new monthly recurring revenue (MRR) from $400k to $500K
Monthly Recurring RevenueIncrease the revenue from new products from $100k to $200k
Revenue from New ProductIncrease Net promoter score from 65 to 75
Net Promoter ScoreDecrease churn from 15% to 8%
Churn RateExample 2
The foremost criterion to make a product successful is earning customer loyalty and trust. Profit.co helps you to frame such OKRs that would multiply the product revenue with an increase in the percentage of customer retention.
Objective: Delight Customers
KR 1 : Decrease customer issue tickets from 10% to 5%.
KR 2 : Decrease product ticket resolution time from 60 mins to 30 mins.
KR 3 : Improve NPS score from 60% to 70%.
KR 4 : Increase net revenue retention(NRR) rate from 95% to 100%
KR 5 : Increase rating in marketplaces from 4 to 4.5
Objective
Delight Customers
Target Date: Q1-2023
Visibility: All Employees
Key Results
Decrease Customer Issue Tickets from 10% to 5%
Customer Issue TicketsDecrease product ticket resolution time from 60 mins to 30 mins
Product Ticket ResolutionImprove NPS score from 60% to 70%
NPSIncrease Net Revenue Retention(NRR) rate from 95% to 100%
Net Revenue Retention NRRIncrease Rating in marketplaces from 4 to 4.5
RatingExample 3
As a Product Management team, it is vital to master skills that help you get empowered professionally. Planning such OKRs for the departments helps them enhance their personal confidence and professional knowledge while driving business growth.
Objective: Foster a culture of continuous learning and development
KR 1 : Improve the number of signups for relevant online certification courses from 10 to 20.
KR 2 : Encourage teams to participate in a live PM training program from 60 min to 90 min a week.
KR 3 : Team members to conduct at least 6 workshops on recent market trends
KR 4 : Conduct at least 2 knowledge sharing sessions per week.
Objective
Foster a culture of continuous learning and development
Target Date: Q1-2023
Visibility: All Employees
Key Results
Improve the number of signups for relevant online certification courses from 10 to 20
Sign upsEncourage teams to participate in a live PM training program from 60 min to 90 min a week
MinutesTeam members to conduct at least 6 workshops on recent market trends
WorkshopsConduct at least 2 knowledge sharing sessions per week.
# of sessionsExample 4
In any Product Management department we all know that product is king and as such focus on KPIs that would enhance the 360-degree view of the product. Build KRs that combine real-time analytics and product adoption.
Objective: Grow Product Adoption
KR 1 : Set up instrumentation to track adoption for key product features.
KR 2 : Increase product adoption rate from 85% to 95%.
KR 3 : Track flow completion rates and flow duration for the top 5 key flows within the product.
Objective
Grow Product Adoption
Target Date: Q1-2023
Visibility: All Employees
Key Results
Set up instrumentation to track adoption for key product features
Track adoption for…Increase product adoption rate from 85% to 95%
Adoption RateTrack flow completion rates and flow duration for the top 5 key flows within the product
Task TrackedExample 5
Build OKRs that help you achieve a strategic marketing approach to the product with unique and attractive content that would make the product look viable and entertaining.
Objective: Roll out amazing product-related content
KR 1 : Create a value proposition document for key features during launch.
KR 2 : Increase the number of case studies from 1 to 30.
KR 3 : Increase the number of FAQs on top features.
KR 4 : Create an ROI (Return on Investment) document.
Objective
Roll out amazing product-related content
Target Date: Q1-2023
Visibility: All Employees
Key Results
Create a value proposition document for key features during launch
Task TrackedIncrease the number of case studies from 1 to 30
Case StudiesIncrease the number of FAQs on top features.
FAQs PostCreate a ROI (Return on Investment) document
Task TrackedExample 6
To Successfully launch new versions of the product you have to focus on key results that offer opportunities to focus on delivering the version on time, with specified results.
Objective: Deliver version 3.0 of the product successfully
KR 1 : Increase on-time-delivery (OTD) rate from 65% to 75%
KR 2 : Increase pre-launch sign-ups from 10000 to 20000
KR 3 : Improve the K factor score from 0.10 to 0.20
Objective
Deliver version 3.0 of the product successfully
Target Date: Q1-2023
Visibility: All Employees
Key Results
Increase on-time-delivery (OTD) rate from 65% to 75%
On-time DeliveryIncrease pre-launch sign-ups from 10000 to 20000
Sign upsImprove the K factor score from 0.10 to 0.20
K Factor scoreExample 7
Introducing a new feature can be challenging as it happens once in every week or two, and OKRs can help with the process of achieving results by tracking and monitoring the development process.
Objective: Successfully roll out new features
KR 1 : Build models and tooltips to announce new feature.
KR 2 : Decrease average lead time from new feature definition to delivery from 90 to 60 days.
KR 3 : Increase NPS from 15 to 25.
Objective
Successfully roll out new features
Target Date: Q1-2023
Visibility: All Employees
Key Results
Build Models and Tootlips to announce new feature
Task TrackedDecrease average lead time from new feature definition to delivery from 90 to 60 days
Average Lead TimeIncrease NPS from 15 to 25
Net Promoter ScoreExample 8
Product adoption has an outsized impact on user engagement and boosts customer retention, and revenue by recognizing teams’ efforts to onboard customized changes as per the user’s needs.
Objective: Grow product adoption through customization
KR 1 : Increase the number of customized dashboards users from 300 to 500
KR 2 : Build at least 50 most frequently asked customized features
KR 3 : Deliver at least 30 epic custom feature ideas with personalized gifts
KR 4 : Decrease customized feature user drop-off from 40% to 20%
Objective
Grow product adoption through customization
Target Date: Q1-2023
Visibility: All Employees
Key Results
Increase the number of customized dashboards users from 300 to 500
DashboardBuild at least 50 most frequently asked customized features
# of featuresDeliver at least 30 epic custom feature ideas with personalized gifts
# of IdeasDecrease customized feature user drop-off from 40% to 20%
User Drop offExample 9
With extensive research and efforts to enhance user experience, implementing OKRs can help in achieving specified goals with measurable results.
Objective: Enhance Product User experience
KR 1 : Improve Apdex user satisfaction score from 0.70 to 0.84.
KR 2 : Increase system usability scale from 58 to 68.
KR 3 : Launch sematext as RUM solution for the product application.
Objective
Enhance Product User experience
Target Date: Q1-2023
Visibility: All Employees
Key Results
Improve Apdex user satisfaction score from 0.70 to 0.84
Apdex User satisfactionIncrease system usability scale from 58 to 68
System usability ScaleLaunch sematext as RUM solution for the product application
Launch productExample 10
With OKRs you can not only achieve the team’s target but also you can reach the organizational goals with alignment. Focusing on key results that measure gross profit margin can help you be on track with the company budget and the profit.
Objective: Increase product revenue
KR 1 : Improve gross profit margin from 50% to 70%
KR 2 : Decrease user churn from 8% to 2%
KR 3 : Grow revenue from upsell/cross-sell revenue from 18% to 28%
Objective
Increase product revenue
Target Date: Q1-2023
Visibility: All Employees
Key Results
Improve gross profit margin from 50% to 70%
Gross ProfitDecrease user churn from 8% to 2%
Churn RateGrow revenue from upsell/cross-sell revenue from 18% to 28%
Cross/Upsell revenueThe benefits of using OKRs in your organization are immeasurable. As a Product Management team, you might wonder how to break down bigger dreams into manageable, transparent, measurable, and transferable goals. These examples tell you how to get started immediately. Using Product Management-based KPIs and aligning with teams, departments, and organizations can make you fixate on the timeline by delivering results with tracking functionalities and help you stay focused on outcomes in real-time. The listed OKR examples highlight how you can aspire and achieve individual targets while remaining committed to the company’s goals. Sign up for a free demo today, and let’s get started right away!