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Product OKRs

If you would like your business to be successful, you have to define the goals that will lead to your desired level of success. That is where objectives and key results, usually shortened to OKRs, can be helpful. Even though many companies already have OKRs in place for certain growth and operations, it is also important to focus on product OKRs, as product objectives are important for the future vision of your company.

Already, many business leaders have taken a look at company OKR examples. This includes OKR examples for growth and OKR examples for operations. As an example, some businesses may have the goal of doubling their subscriber base in the next year. They may have certain key results that help them accomplish this goal, including developing new content marketing plans, increasing the number of followers, and building a new email subscriber list. All of this can be helpful when it comes to meeting OKRs for growth.

On the other hand, it is also helpful to take a closer look at OKR and product vision key results as well. It is important for all business leaders to know how to develop product OKRs. It is one thing to build a new product that will make it to the market. It is another thing entirely to create a product that is going to lead to hundreds, or even thousands, of happy customers. If businesses are able to not only develop new products that also meet the expectations of customers, they can place themselves in the best position possible moving forward.

Of course, every business wants to build successful products. How is the company going to get there? That is where product objectives are important. Arguably, these could be the most important part of helping businesses reach their overall vision. Therefore, it is important to take objectives and key results for products, line them up with the product vision, and build a successful company moving forward. What are a few of the most important points that business executives and managers should keep in mind if they are trying to build a successful product for the future? Learn more about creating successful product OKRs below. 

Product OKR Examples

There is a lot that people have to keep in mind when they are trying to build objectives and key results. Of course, it is helpful for business leaders to construct PDFs, powerpoint presentations, and explain to employees how they can build successful objectives and key results. At the same time, it may be helpful to take a look at a few OKR examples, including product OKR examples. This category can be broken down in multiple ways. This includes product strategy OKR examples, product operations OKR examples, and product marketing OKRs. 

For example, one company may have an overall objective of launching a new version of the company's software platform. What are some of the key results that are going to help the company accomplish this objective? The business may try to get over 1,000 new users to sign up for the product-led trial, try to get the product shared by 5% of active users for referrals, and to increase the sign-up ratio for a free trial from 25 percent to 33 percent of all website visitors. If the business is able to reach these goals, it may be able to meet the goal of launching the second version of the software successfully. 

Of course, there are other objectives the company may have as well. For example, one objective may be to better understand what both users and non-users really think about the product roadmap of the company. What are some of the key results that may help the company reach this goal of better understanding product-market fit? First, the sales team may want to conduct approximately 25 prospect interviews with various accounts. Then, the customer success team may want to conduct 50 customer interviews with accounts that may have churned. The product management team may also want to get involved, interviewing a few dozen leaders from each category to ensure they are asking the right questions. Finally, the design team may also want to conduct a few test sessions with certain users to see how people are interacting with the program. If a company is able to meet these key results, they may be able to better understand what users and non-users think, improving the product moving forward. But ultimately, the Product team is responsible for owning these end outcomes. 

These are just a few of the top objectives and key results that could be related to the development of various computer software programs. It is important for all business leaders to stay on top of these objectives and key results, as they can play a major role in charting a path moving forward for the business as a whole. Because this sector is incredibly competitive, it is a good idea for all business leaders to explain to their managers how they can develop objectives and key results related to products. With the right plan in place, the company will be in a position to stay one step ahead of its competitors. 

Product OKR Template

Clearly, there are plenty of real OKR examples that businesses can use. Product planning with OKRs can be helpful. Even though there were a couple of examples above, it may be helpful to take a look at one more example. 

This objective may be to implement a completely new product planning process. There are several key results that fall under this objective. First, the company will have to document a clear role division between the design, marketing, and sales teams. Then, the company will have to decide and document the process of various input methods. This includes marketing methods, sales methods, design methods, and the development process. The product management team will be responsible for coordinating this. Finally, after this new plan has been developed, it will have to be tested before it is launched. These key results are going to help the business Implement a new product planning process. 

Because product objectives and key results come in many shapes and forms, it may be helpful to use a product OKR template. The template has several parts. They include:

  • Objectives: Answer the question, “where do you want the business to go?” This objective should be easy to understand, precise, and judicious. Try to make the objective tangible, so it is easy to find success.
  • Key results: These key results should answer the question, “how am I going to get there?” These results should be reachable, significant, trackable, and limited to numbers or objective results. 

When it comes to product planning OKRs, it is also helpful to use an OKR product roadmap. That means taking a look at a few best practices when it comes to developing objectives and key results specifically related to products. These include:

  • Try to limit objectives to three or four per max level, such as per person
  • Try to limit key results to one to three per objective
  • If you are writing these product objectives and key results for other people, make sure the other person clearly understands your goals before you move forward

There's a lot that goes into developing objectives and key results for product teams. If you write objectives and key results properly, you can develop a strong road map for people moving forward. On the other hand, if you do not think carefully about how you are going to construct your objectives and key results, you may simply end up confusing the other person. Do not hesitate to reach out to a trained professional for a helping hand. Of course, there are software programs you can use to make this process easier as well. 

Product Goals

In the end, there are lots of ways you can construct your product goals. OKR products can be difficult to set; however, with the right product team goals, you can set your business up for success moving forward. When it comes to setting product goals, it is important to do this properly. 

In the end, there are plenty of products out there that can help you set your objectives and key results; however, you need to find the one that is going to best help your team reach your final goals. That’s why we built Elate. Elate is a software solution that can help you streamline the process of setting your product goals and measuring performance. Then, you can help your teams reach their individual goals. 

There are several key factors we took into account when building Elate. First, our solution was built with ease of use in mind. Even if you are setting objectives and key results for the first time, you will be able to use this program easily. Next, this Elate is a platform that can be applied across multiple industries. Even though objectives and key results are commonly used in technology organizations, objectives and key results can be applied to just about any industry. Finally, you will be able to track your performance with real-time data. After you set your objectives and key results, you can see how your team is performing, allowing you to adjust if necessary.

In the end, product OKRs are an important part of the success of your company. Even though you may be able to bring products to market relatively easily, it is going to be significantly more difficult to meet the expectations of your customers without measuring outcomes. If you want to meet or exceed the expectations of your clients, you need to set clear objectives and key results. That is where a solution like Elate can be helpful. Elate helps drive accountability across your business, and ensure your team is executing towards your company’s strategic plan.

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