Quick Answer (TL;DR)
Product metrics are the quantitative measures that tell you whether your product is succeeding or failing. This cheat sheet organizes 100+ essential metrics into six categories following the pirate metrics (AARRR) framework: Acquisition, Activation, Engagement, Retention, Revenue, and Referral. For each metric you will find the definition, formula, industry benchmarks, and guidance on when to use it. Bookmark this page and return to it whenever you need to choose the right metrics for your product goals.
Why Product Metrics Matter
Every product decision should be informed by data. Without metrics, you are navigating blind --- relying on intuition, stakeholder opinions, or anecdotal evidence. The best product teams build a metrics hierarchy that connects daily operational metrics to strategic business outcomes.
A strong metrics practice helps you:
"If you cannot measure it, you cannot improve it." --- Peter Drucker
The challenge is not a lack of metrics --- it is knowing which ones matter for your product at your stage. A pre-product-market-fit startup should obsess over activation and retention. A mature SaaS company may focus on expansion revenue and net dollar retention. This cheat sheet gives you the full toolkit so you can select the right instruments.
How to Use This Cheat Sheet
Acquisition Metrics
Acquisition metrics measure how effectively you attract new users or customers to your product.
| # | Metric | Definition | Formula | Benchmark Range | When to Use |
|---|---|---|---|---|---|
| 1 | Website Traffic | Total visits to your website | Sum of all sessions | Varies by industry | Always; foundational awareness metric |
| 2 | Unique Visitors | Distinct individuals visiting your site | Count of unique cookie/user IDs | Varies by industry | When measuring reach vs. frequency |
| 3 | Traffic by Source | Breakdown of visits by channel (organic, paid, referral, direct, social) | Sessions per channel / Total sessions | Organic 40-60%, Paid 10-30% | When optimizing channel mix |
| 4 | Cost Per Acquisition (CPA) | Average cost to acquire one customer | Total marketing spend / New customers acquired | SaaS: $50-$500; Consumer: $1-$50 | When evaluating marketing efficiency |
| 5 | Customer Acquisition Cost (CAC) | Fully loaded cost to acquire a customer including sales and marketing | (Sales + Marketing costs) / New customers | SaaS: $200-$2,000+ | When calculating unit economics |
| 6 | CAC Payback Period | Months to recover acquisition cost | CAC / (Monthly revenue per customer x Gross margin) | SaaS: 12-18 months | When assessing capital efficiency |
| 7 | Click-Through Rate (CTR) | Percentage of impressions that result in a click | Clicks / Impressions x 100 | Search ads: 2-5%; Display: 0.5-1% | When optimizing ad or email campaigns |
| 8 | Cost Per Click (CPC) | Average cost for each click on an ad | Total ad spend / Total clicks | Google Ads: $1-$5; B2B: $3-$10 | When managing paid acquisition budgets |
| 9 | Cost Per Lead (CPL) | Cost to generate one qualified lead | Marketing spend / Leads generated | B2B SaaS: $30-$200 | When evaluating top-of-funnel efficiency |
| 10 | Lead-to-Customer Rate | Percentage of leads that become paying customers | New customers / Total leads x 100 | B2B: 2-5%; B2C: 1-3% | When assessing sales funnel effectiveness |
| 11 | Organic Traffic Growth | Month-over-month growth in organic search visits | (Current month organic - Previous month) / Previous month x 100 | 5-15% MoM for growing companies | When measuring SEO effectiveness |
| 12 | Signup Rate | Percentage of visitors who create an account | Signups / Unique visitors x 100 | SaaS: 2-5%; Free tools: 10-20% | When optimizing landing pages |
| 13 | Install Rate | Percentage of app store visitors who install | Installs / Store page views x 100 | iOS: 30-40%; Android: 20-30% | For mobile apps; ASO optimization |
| 14 | Viral Coefficient (K-factor) | Number of new users each existing user brings | Invites sent per user x Conversion rate of invites | >1.0 means viral growth | When evaluating organic growth loops |
| 15 | Impression Share | Percentage of available impressions your ads capture | Your impressions / Total eligible impressions x 100 | 60-80% for branded terms | When assessing paid search competitiveness |
| 16 | Marketing Qualified Leads (MQLs) | Leads that meet marketing qualification criteria | Count of leads passing scoring threshold | Varies by business | When aligning marketing and sales |
| 17 | Sales Qualified Leads (SQLs) | Leads that sales has accepted as worth pursuing | Count of leads accepted by sales | MQL-to-SQL: 20-40% | When measuring pipeline quality |
Key Takeaways for Acquisition
Activation Metrics
Activation metrics measure how effectively new users experience the core value of your product --- the "aha moment."
| # | Metric | Definition | Formula | Benchmark Range | When to Use |
|---|---|---|---|---|---|
| 18 | Activation Rate | Percentage of signups who complete a key action | Users completing key action / Total signups x 100 | SaaS: 20-40% | Always; primary onboarding metric |
| 19 | Time to Value (TTV) | Time from signup to first value realization | Median time from signup to key action | Minutes to hours ideally | When optimizing onboarding speed |
| 20 | Time to First Key Action | Time until a user performs the core product action | Median time from signup to first key action | Under 5 minutes ideal | When reducing onboarding friction |
| 21 | Onboarding Completion Rate | Percentage of users who finish the onboarding flow | Users completing onboarding / Users starting onboarding x 100 | 40-60% | When evaluating onboarding design |
| 22 | Setup Completion Rate | Percentage of users who complete account setup | Users with complete setup / Total new users x 100 | 50-70% | For products requiring configuration |
| 23 | Free Trial Conversion Rate | Percentage of trial users who become paid | Paid conversions / Trial starts x 100 | SaaS: 15-25% (opt-in); 50-60% (opt-out) | For freemium/trial models |
| 24 | Aha Moment Completion | Percentage reaching the moment of value realization | Users reaching aha moment / Total new users x 100 | 30-50% | When defining and optimizing the critical first experience |
| 25 | First Session Duration | Length of a user's first session | Median first session length | Mobile: 3-5 min; SaaS: 10-20 min | When assessing initial engagement quality |
| 26 | Feature Discovery Rate | Percentage of users who encounter a specific feature | Users who view feature / Total active users x 100 | 20-50% for core features | When evaluating feature visibility |
| 27 | Signup-to-Paid Conversion | Percentage of free signups that eventually pay | Paying users / Total signups x 100 | Freemium: 2-5%; Trial: 15-25% | When measuring monetization of acquisition |
| 28 | Onboarding Drop-off Rate | Percentage of users who abandon onboarding at each step | Users dropping at step N / Users starting step N x 100 | <20% per step is good | When identifying onboarding bottlenecks |
| 29 | Welcome Email Open Rate | Percentage of welcome emails opened | Opens / Emails sent x 100 | 50-60% | When optimizing email onboarding sequences |
| 30 | Product Qualified Lead (PQL) Rate | Percentage of users whose behavior signals purchase intent | PQLs / Total free users x 100 | 5-15% | For product-led growth companies |
Key Takeaways for Activation
Engagement Metrics
Engagement metrics measure how deeply and frequently users interact with your product after activation.
| # | Metric | Definition | Formula | Benchmark Range | When to Use |
|---|---|---|---|---|---|
| 31 | Daily Active Users (DAU) | Unique users active in a single day | Count of unique users per day | Varies by product | For daily-use products (social, messaging) |
| 32 | Weekly Active Users (WAU) | Unique users active in a 7-day window | Count of unique users per week | Varies by product | For weekly-use products (project management) |
| 33 | Monthly Active Users (MAU) | Unique users active in a 30-day window | Count of unique users per month | Varies by product | Universal engagement baseline |
| 34 | DAU/MAU Ratio (Stickiness) | Proportion of monthly users who use the product daily | DAU / MAU x 100 | SaaS: 10-20%; Social: 30-50%+ | When measuring habitual use |
| 35 | DAU/WAU Ratio | Proportion of weekly users who use the product daily | DAU / WAU x 100 | 40-60% is strong | When measuring weekly engagement intensity |
| 36 | Session Duration | Average time spent per session | Total time in sessions / Number of sessions | SaaS: 5-15 min; Gaming: 20-40 min | When measuring depth of engagement |
| 37 | Sessions Per User | Average number of sessions per user per period | Total sessions / Active users | 3-5 per week for B2B SaaS | When measuring frequency of use |
| 38 | Pages/Screens Per Session | Average number of pages viewed per session | Total page views / Total sessions | 3-5 pages | When measuring exploration depth |
| 39 | Feature Adoption Rate | Percentage of users who use a specific feature | Users of feature / Total active users x 100 | Core: 50%+; Secondary: 20-40% | When evaluating feature success |
| 40 | Feature Usage Frequency | How often a feature is used per user per period | Feature uses / Users of feature | Varies by feature | When measuring feature stickiness |
| 41 | Power User Percentage | Percentage of users who exceed a high-usage threshold | Power users / Total active users x 100 | 10-20% | When identifying your most valuable user segment |
| 42 | Core Action Frequency | How often users perform the product's primary action | Core actions / Active users per period | Daily for daily products | When tracking habitual engagement |
| 43 | Bounce Rate | Percentage of single-page visits | Single-page sessions / Total sessions x 100 | 25-40% for SaaS; 40-60% for blogs | When evaluating landing page effectiveness |
| 44 | Scroll Depth | How far down a page users scroll | Median scroll percentage | 50-70% of page | When optimizing content layout |
| 45 | User Activity Score | Composite score of user engagement behaviors | Weighted sum of actions normalized to 0-100 | Define per product | When creating engagement segments |
| 46 | Content Consumption Rate | Percentage of available content consumed | Content items consumed / Total available x 100 | 10-30% | For content-heavy products |
| 47 | Collaboration Rate | Percentage of users who interact with other users | Users who collaborate / Total active users x 100 | 30-50% for collaboration tools | For multi-user products |
| 48 | Notification Interaction Rate | Percentage of notifications acted upon | Notification actions / Notifications sent x 100 | Push: 5-15%; In-app: 15-30% | When optimizing notification strategy |
| 49 | Search Usage Rate | Percentage of sessions that include a search | Sessions with search / Total sessions x 100 | 10-30% | When evaluating information architecture |
| 50 | API Call Volume | Number of API calls made by users/integrations | Sum of API calls per period | Varies by product | For platform/API products |
Key Takeaways for Engagement
Retention Metrics
Retention metrics measure whether users continue to find value over time. Retention is the single most important category for long-term product success.
| # | Metric | Definition | Formula | Benchmark Range | When to Use |
|---|---|---|---|---|---|
| 51 | Day 1 Retention | Percentage of users who return the day after signup | Users active on Day 1 / Users who signed up x 100 | Mobile: 25-40%; SaaS: 40-60% | When evaluating first-day experience |
| 52 | Day 7 Retention | Percentage of users active 7 days after signup | Users active on Day 7 / Cohort size x 100 | Mobile: 10-20%; SaaS: 30-50% | When measuring early retention |
| 53 | Day 30 Retention | Percentage of users active 30 days after signup | Users active on Day 30 / Cohort size x 100 | Mobile: 5-10%; SaaS: 20-35% | When measuring medium-term retention |
| 54 | Week-over-Week Retention | Percentage of users retained from one week to the next | Users active this week who were active last week / Last week active users x 100 | 60-80% | When tracking weekly retention trends |
| 55 | Monthly Retention Rate | Percentage of users retained month over month | Active users this month who were active last month / Last month active users x 100 | SaaS: 80-95% | Primary SaaS retention metric |
| 56 | Cohort Retention Curve | Retention plotted over time for each signup cohort | Retention at period N for each cohort | Flattens above 20-30% for healthy products | When analyzing retention over the full lifecycle |
| 57 | Customer Churn Rate | Percentage of customers lost in a period | Customers lost / Customers at start of period x 100 | SaaS: 3-7% annually; 0.5-1% monthly | Always; primary health metric |
| 58 | Revenue Churn Rate | Percentage of revenue lost from existing customers | Revenue lost / Starting MRR x 100 | SaaS: <1% monthly is excellent | When measuring revenue impact of churn |
| 59 | Net Revenue Retention (NRR) | Revenue retained plus expansion from existing customers | (Starting MRR - Churn - Contraction + Expansion) / Starting MRR x 100 | Best-in-class: 120-140% | The single most important SaaS metric |
| 60 | Gross Revenue Retention (GRR) | Revenue retained excluding expansion | (Starting MRR - Churn - Contraction) / Starting MRR x 100 | >85% is good; >90% is excellent | When isolating retention from expansion |
| 61 | Logo Retention Rate | Percentage of customer accounts retained | (Customers at start - Churned) / Customers at start x 100 | >90% annually for B2B SaaS | When tracking customer count health |
| 62 | Resurrection Rate | Percentage of churned users who return | Resurrected users / Churned users x 100 | 5-15% | When evaluating win-back campaigns |
| 63 | Contraction Rate | Percentage of revenue lost to downgrades | Downgrade revenue / Starting MRR x 100 | <2% monthly | When monitoring plan downgrades |
| 64 | Expansion Rate | Percentage of revenue gained from upsells/cross-sells | Expansion revenue / Starting MRR x 100 | >5% monthly for top SaaS | When measuring growth from existing customers |
| 65 | Time to Churn | Average duration before a customer churns | Median days from signup to churn | Varies widely | When identifying churn windows for intervention |
| 66 | Retention by Cohort | Retention segmented by signup date | Retention rate per cohort over time | Improving cohorts = product-market fit progress | When evaluating product improvements over time |
| 67 | Reactivation Rate | Percentage of dormant users who become active again | Reactivated users / Dormant users x 100 | 5-10% | When measuring re-engagement campaign success |
Key Takeaways for Retention
Revenue Metrics
Revenue metrics measure the financial performance and sustainability of your product.
| # | Metric | Definition | Formula | Benchmark Range | When to Use |
|---|---|---|---|---|---|
| 68 | Monthly Recurring Revenue (MRR) | Predictable revenue earned each month | Sum of all active subscription revenue per month | Depends on stage | Always; foundational SaaS revenue metric |
| 69 | Annual Recurring Revenue (ARR) | Annualized recurring revenue | MRR x 12 | Depends on stage | For annual planning and investor communication |
| 70 | Average Revenue Per User (ARPU) | Average revenue generated per active user | Total revenue / Active users | SaaS: $50-$500/mo for B2B | When comparing monetization across segments |
| 71 | Average Revenue Per Account (ARPA) | Average revenue per customer account | Total revenue / Number of accounts | Varies by market | When accounts have multiple users |
| 72 | Lifetime Value (LTV) | Total revenue expected from a customer over their lifetime | ARPU x Gross margin x (1 / Churn rate) | 3-5x CAC minimum | When evaluating acquisition spend limits |
| 73 | LTV:CAC Ratio | Relationship between customer value and acquisition cost | LTV / CAC | 3:1 to 5:1 ideal | When assessing unit economics sustainability |
| 74 | MRR Growth Rate | Month-over-month growth in MRR | (Current MRR - Previous MRR) / Previous MRR x 100 | 10-20% MoM early stage; 5-10% growth stage | When tracking revenue momentum |
| 75 | New MRR | Revenue from newly acquired customers | Sum of first-month revenue from new customers | Varies | When measuring acquisition revenue contribution |
| 76 | Expansion MRR | Additional revenue from existing customers (upsells, cross-sells) | Sum of revenue increases from existing customers | >30% of new MRR for best-in-class | When measuring growth from existing base |
| 77 | Churned MRR | Revenue lost from cancellations | Sum of revenue from churned customers | <2% of total MRR monthly | When quantifying revenue impact of churn |
| 78 | Quick Ratio (SaaS) | Ratio of revenue growth to revenue loss | (New MRR + Expansion MRR) / (Churned MRR + Contraction MRR) | >4 is excellent; >2 is healthy | When assessing overall revenue health |
| 79 | Gross Margin | Revenue remaining after cost of goods sold | (Revenue - COGS) / Revenue x 100 | SaaS: 70-85% | When evaluating profitability potential |
| 80 | Revenue Per Employee | Revenue efficiency metric | Total revenue / Number of employees | SaaS: $150K-$300K per employee | When benchmarking operational efficiency |
| 81 | Average Contract Value (ACV) | Average annualized value of a customer contract | Total contract value / Number of contracts | SMB: $5K-$25K; Enterprise: $50K-$500K+ | When evaluating deal sizes |
| 82 | Average Selling Price (ASP) | Average price at which your product is sold | Total revenue from new deals / Number of new deals | Varies by segment | When tracking pricing trends |
| 83 | Monthly Burn Rate | Net cash spent per month | Monthly expenses - Monthly revenue | Depends on funding stage | For startups managing runway |
| 84 | Runway | Months of operation remaining at current burn | Cash on hand / Monthly burn rate | 12-18 months minimum | When planning fundraising timing |
| 85 | Rule of 40 | Combined growth rate and profit margin | Revenue growth rate + Profit margin | >40% is excellent | When benchmarking overall company health |
Key Takeaways for Revenue
Referral Metrics
Referral metrics measure how effectively your existing users drive new user acquisition through word of mouth and formal referral programs.
| # | Metric | Definition | Formula | Benchmark Range | When to Use |
|---|---|---|---|---|---|
| 86 | Net Promoter Score (NPS) | Likelihood that customers recommend your product | % Promoters - % Detractors | SaaS: 30-50 is good; 50+ is excellent | When measuring overall customer satisfaction |
| 87 | Viral Coefficient (K-factor) | Number of new users each user generates | Invites per user x Invite conversion rate | >1.0 = viral; 0.3-0.7 typical | When evaluating organic growth potential |
| 88 | Referral Rate | Percentage of users who make a referral | Users who refer / Total active users x 100 | 2-5% for most products | When measuring referral program participation |
| 89 | Referral Conversion Rate | Percentage of referred users who sign up | Referred signups / Total referral clicks x 100 | 10-25% | When optimizing referral program effectiveness |
| 90 | Invites Sent Per User | Average referral invitations per active user | Total invites sent / Active users | 1-3 for healthy programs | When measuring referral program reach |
| 91 | Customer Satisfaction (CSAT) | Satisfaction rating for a specific interaction | Sum of satisfied responses / Total responses x 100 | 75-85% | When measuring specific touchpoint quality |
| 92 | Customer Effort Score (CES) | Ease of completing a task or resolving an issue | Average score on 1-7 scale | >5.5 is good | When measuring support or UX friction |
| 93 | Review Rating | Average rating on third-party review sites | Average star/point rating | >4.0 out of 5 | For B2B products (G2, Capterra) |
| 94 | Social Shares | Number of times your product/content is shared | Count of shares across platforms | Varies widely | When measuring organic brand amplification |
| 95 | Word of Mouth Coefficient | Percentage of new users acquired through WOM | WOM-attributed signups / Total signups x 100 | 20-40% for PLG companies | When measuring organic growth channels |
| 96 | Referral Revenue | Revenue generated from referred customers | Sum of revenue from referred customers | 10-30% of total revenue | When calculating referral program ROI |
| 97 | Time to First Referral | Average time before a user makes their first referral | Median days from signup to first referral | 30-90 days | When optimizing referral program timing |
Key Takeaways for Referral
Bonus: Operational and Product Health Metrics
| # | Metric | Definition | Formula | Benchmark Range | When to Use |
|---|---|---|---|---|---|
| 98 | System Uptime | Percentage of time the product is available | Uptime minutes / Total minutes x 100 | 99.9% (three nines) minimum | Always; reliability baseline |
| 99 | Page Load Time | Time to fully render a page | Median load time in seconds | <2 seconds | When optimizing performance |
| 100 | Error Rate | Percentage of requests that result in errors | Error responses / Total requests x 100 | <0.1% | When monitoring product reliability |
| 101 | Support Ticket Volume | Number of support tickets per period | Count of tickets per week/month | Varies | When measuring product usability |
| 102 | First Response Time | Time to first support response | Median time from ticket creation to first response | <1 hour for high-priority | When evaluating support quality |
| 103 | Time to Resolution | Average time to resolve support tickets | Median time from ticket creation to resolution | <24 hours for most issues | When measuring support effectiveness |
| 104 | Sprint Velocity | Amount of work completed per sprint | Story points completed per sprint | Stable velocity is the goal | When planning development capacity |
| 105 | Deployment Frequency | How often code is deployed to production | Deployments per day/week | Elite: multiple per day; High: weekly | When measuring engineering efficiency |
| 106 | Lead Time for Changes | Time from code commit to production deployment | Median time from commit to deploy | Elite: <1 hour; High: <1 week | When optimizing delivery pipeline |
| 107 | Mean Time to Recovery (MTTR) | Average time to recover from a failure | Total downtime / Number of incidents | <1 hour | When measuring operational resilience |
| 108 | Change Failure Rate | Percentage of deployments causing a failure | Failed deployments / Total deployments x 100 | <15% | When measuring deployment reliability |
Building Your Metrics Dashboard
Step 1: Choose Your North Star Metric
Select one metric that best captures the core value your product delivers. This becomes the top of your metrics hierarchy. See our complete guide to finding your North Star Metric for a step-by-step process with examples from Spotify, Airbnb, and Slack.
Step 2: Select Input Metrics
Identify 3-5 metrics that are leading indicators of your North Star. These are the metrics your teams can directly influence.
Step 3: Add Guardrail Metrics
Choose 2-3 metrics that ensure you are not creating negative side effects. For example, if your North Star is engagement, a guardrail might be customer satisfaction to ensure you are not increasing engagement through dark patterns.
Step 4: Define Counter Metrics
For each optimization effort, identify what could go wrong. If you are optimizing for speed, your counter metric might be error rate.
Step 5: Set Review Cadence
Common Mistakes When Working with Metrics
Tools and Resources
Analytics Platforms
Business Intelligence
Subscription and Revenue Analytics
Customer Feedback
Final Thoughts
Metrics are only as valuable as the decisions they inform. The goal is not to track everything --- it is to track the right things, understand what they are telling you, and act on those insights. Start with the metrics most relevant to your current stage and priorities, define them precisely, and build a culture where data informs every product decision.
Return to this cheat sheet whenever you need to evaluate a new metric, set up a dashboard, or ensure you are measuring what matters. The best product teams are not the ones with the most data --- they are the ones who ask the best questions and measure the answers.