Imagine you are a PM at Meta, launching a new video conference product. Define success metrics.

This question is a classic product management question that tests your ability to define measurable product success metrics. In this particular context, we're imagining launching a new video conference product at Meta (formerly Facebook). The interviewer wants to see your understanding of the key performance indicators (KPIs) that can define the success or failure of such a product, your analytical skills, strategic thinking, and how user-centric your approach is.

Keep the following things in mind:

• Understand the user segment and their needs.
• Define both quantitative and qualitative metrics.
• Consider customer acquisition, retention, and engagement metrics.
• Don't forget about business metrics, like revenue and growth.

To measure the success of a new video conferencing product at Meta, the following metrics would be useful:

1. User Acquisition: This includes the number of new sign-ups, new active users, and installation rate of our product. It will help in knowing how popular the product is and how well our marketing efforts are working.
2. User Retention: It signifies the stickiness of our product. The Daily Active Users (DAUs), Weekly Active Users (WAUs), Monthly Active Users (MAUs), and the retention rate over these periods can give a fair idea about this.
3. User Engagement: Metrics like the average number of meetings per user, average meeting duration, average participants per meeting, and feature usage rate would be useful.
4. Customer Satisfaction: This can be tracked through surveys, Net Promoter Score (NPS), or app ratings and reviews. It gives us qualitative data about what's working, what's not, and where we need to improve.
5. Business Metrics: Conversion rate from free to paid users, average revenue per user (ARPU), customer lifetime value (CLV), and cost of customer acquisition (CAC) can indicate overall business performance.

My approach for a new video conferencing product at Meta would involve considering these metrics:

1. Adoption metrics: First, we need to measure the successful adoption of the product. Metrics like download rate, account creation rate, and the rate of accounts turning into active users will be beneficial here.
2. Engagement metrics: We also want to understand the level of engagement with our product. Look at the number of video conferences hosted per active user, the average duration of the video conferences, use of specific features (like screen share, chat, etc.), and participation rate in video conferences.
3. Experience Metrics: Feedback in the form of product ratings, reviews, customer support issues, and Net Promoter Score will help us understand improvements needed from a user experience standpoint.
4. Monetization metrics: For the business success of the product, asses the percentage of users moving from a free to a paid plan, monitor the churn rate, track the average revenue per user, and the total monthly recurring revenue.
5. Retention metrics: Lastly, the rate of active users after a month, three months, six months, etc. will provide insights about the product longevity and stickiness.