Product managers utilize frameworks as fundamental tools for developing an effective product strategy. This helps them in various aspects of product management, from identifying profitable opportunities to implementation. So, here are two approaches for systematizing product metrics. 

AAARRR

The AARRR metrics system is modeled after a conversion or marketing funnel. For ease of pronunciation, people called the system "pirate metrics.”  The acronym stands for Awareness, Attraction, Activation, Retention, Referral and Revenue. Each metric corresponds to a stage of the customer's journey. By examining changes (or lack thereof) in user behavior at each stage, product managers can identify areas of decline and measure user engagement or dissatisfaction. Armed with this data, they will be better prepared to target product improvements. We typically build our core product monitor dashboards around this framework because it offers a broad and balanced view of product success. 

Let's see how the AAARRR metrics can be applied to the digital Product: "Mindful Moments" - A Meditation and Wellness App.

Awareness: 

• Social Media Campaigns: Run targeted ads on social media to reach a broad audience interested in meditation and wellness. 

• Influencer Partnerships: Collaborate with popular wellness influencers to promote the app to their followers. 

• SEO and Content Marketing: Create blog posts and videos focusing on meditation tips and wellness practices to attract organic traffic to the app. 

Acquisition: 

• App Downloads: The number of times your app is downloaded from the app store. 

• User Registrations: The number of users who create an account or profile within the app.

Activation:

• Onboarding success rate: Simple and personalized onboarding process that helps users set up their meditation preferences and goals.

• First Session Completion Rate: The percentage of users who complete a key action, such as starting a meditation session, within their first session.

Retention:

• Personalized Recommendations conversion rate: Algorithms to suggest new meditation sessions based on users' preferences and previous usage.

• Progress Tracking conversion rate: Allow users to track their meditation progress and set reminders for daily practice.

• Updates conversion rate: Add new meditation content and features regularly to keep users engaged and coming back for more. 

Referral:

• Referral rate: Referral program where existing users can earn rewards for inviting friends to join the app.

• Social Sharing: Enable users to share their meditation progress and achievements on social media, encouraging their friends to try the app.

Revenue:

• In-App Purchases: Allow users to purchase individual meditation sessions or additional features, such as offline access or ad-free experience.

• Partners’ product purchase rate: Collaboration with wellness brands to offer exclusive product pack. 

HEART

The HEART framework is a user-centric measurement model developed by Google to evaluate the user experience of products and services. It consists of five key metrics: Happiness, Engagement, Adoption, Retention, and Task Success.

Here's how you can work with the HEART framework: 

Happiness: 

These metric measures user satisfaction and overall sentiment. To work with this aspect of the framework, you can use surveys, feedback forms, or Net Promoter Score (NPS) to gather data on user satisfaction. Analyzing qualitative feedback and sentiment analysis of user reviews can also provide insights into user happiness. 

Engagement: 

Engagement measures how users interact with your product or service. To assess engagement, you can track metrics such as active users, session duration, and frequency of use. User behavior analysis, such as feature usage and click-through rates, can also help you understand how engaged users are with your product. 

Adoption: 

Adoption focuses on how effectively users are onboarded and start using your product or service. To measure adoption, you can track metrics such as feature adoption rates. User surveys and feedback can also provide insights into barriers to adoption and areas for improvement. 

Retention:

Retention measures how well you retain users over time. To assess retention, you can track metrics such as user churn rate, repeat usage, and user lifetime value. Understanding the reasons for user churn through surveys and user interviews can help you improve retention strategies. 

Task Success: 

Task success measures how effectively users can complete tasks with your product or service. To evaluate task success, you can track metrics such as task completion rates, error rates, and time to complete tasks. Usability testing and user feedback can also help you identify usability issues and improve task success rates.