If you missed our previous post, check it out on “M in the A-Z of Productivity”
N is for North Star Metrics for your #teams
A North-Star-Metric is the one measurement that’s most predictive of a company’s long-term success.
Different teams will have different sub-metrics to focus their efforts towards, but by striving to achieve a common North-Star-Metric, there will not be confusion as to what everyone is working towards or how they’re going about their work.
The ‘North-Start-Metric’ serves four critical purposes in any company:
1. It helps teams align and communicate.
2. It helps prioritize and accelerate informed but decentralized decision-making.
3. It will align teams’ specific KPIs to work towards the overall growth objectives, pointing everyone in the same direction.
4. It enables teams to focus on #impact and sustainable, product-led growth.
When everyone is on board with the metric it also gets easier to identify a failure, which results in a faster reaction to act on it.
And when everyone in your company orients their work to this metric, your growth strategy will skyrocket.
Below are some examples of North-Star-Metrics these companies defined at early stages (to inspire you for your organization):
Airbnb – Number of nights booked
Uber – Rides per week
Whatsapp – Messages sent
Amazon Prime – Number of active Prime members
Spotify – Time spent listening
Have you had time with your team to discuss your North-Star-Metrics???
Keep reading and sharing our series of A-Z OF BUILDING PRODUCTIVE TEAMS with your teams – our letter for the next week is – ‘O’.
Don’t miss the next post – “O in the A-Z of Productivity”