What Is a Product Management Dashboard?

What Is a Product Management Dashboard?

For teams struggling to manage products using disparate systems, a product management dashboard can be a life-saver.

Along with helping you make faster decisions, the team will also spend less time searching for relevant information. They will have a bird's-eye view of project progress, and any slip-ups are likely to be caught well before they blow up.

Product manager dashboard definition

This quote by Peter Drucker explains it best: "If you can't measure it, you cannot improve it." 

Tracking metrics is critical for product managers. Since product managers work with diverse stakeholders, they need data-driven insights to showcase product performance and progress.

Dashboards are a great solution. A product management dashboard is a visual method of tracking a set of chosen product metrics. It gives a real-time overview of what's happening in the product life cycle.

What goes in a product management dashboard?

Here is a list of essential product management metrics and KPIs that every product manager’s dashboard should contain:

Customer KPIs

Using customer KPIs helps teams find out if customers are satisfied with the product and showcase the business value delivered to the company.

• Customer satisfaction score: How many customers are happy with the product
• Customer retention rate: The average number of customers retained at the end of a specific period
• Conversion rate: The percentage of customers who are purchasing the paid version of the product versus the ones using the free version
• Average lifetime revenue that the company receives from one single customer
• Customer acquisition cost: The average cost of acquiring customers

Product quality KPIs

Product quality KPIs establish product management goals. They give insights on how to improve the product and reduce the defects count.

• Number of support tickets a month: Number of customers requesting product support
• Defect rate: Number of defective products manufactured in a specific period

User engagement KPIs

User engagement KPIs allow teams to track customer engagement to check if users find the product suitable for their needs.

• Monthly active users: Number of product users over a specific period
• Average session duration: Time spent on product usage per customer
• Number of user actions per session: The steps users take when using the product

Business performance KPIs

Measure business profitability by including KPIs that track the business performance of the product.

• Monthly recurring revenue: The amount of revenue generated each month from one product
• Average revenue per user: The total revenue generated by an average customer over a specific period

How to create a product management dashboard

Now that you know what goes into a product management dashboard, it's time to create one. Get started with this simple five-step process:

1. Understand the data points: Identify the available data and ensure it's reliable, regular, and valid.
2. Set up the KPIs to track: Curate the most mission-critical KPIs in the dashboard and establish that important product metrics are covered.
3. Get a tool: Save time by using pre-built templates in a real-time tool with built-in integrations.
4. Publish and share: Make the final dashboard accessible to all relevant stakeholders. Promote the dashboard with training sessions that explain its purpose, content, and how to use it.

Make it easy for your team to capture, track, and report on product progress. Start a free Wrike trial to create a product management dashboard that gives the team real-time visibility and keeps all stakeholders informed.