You're the PM for Instagram Stories and creation is down 5%. How would you diagnose this issue?

First, I'd clarify the exact metric that has dropped by 5%. Is it the percentage of users creating Stories, the total number of Stories created, or the average number of Stories per user? Understanding this distinction is crucial as it points to different underlying user behaviors. For instance, a drop in the percentage of users creating Stories might indicate a problem with engagement or discoverability, while a drop in average Stories per user could suggest a decline in content quality or user satisfaction with the creation tools. Once the metric is defined, I would segment the data by user demographics, device type, platform version, and user tenure to identify specific groups experiencing the decline. I'd also analyze recent product changes, feature releases, or external events that might correlate with the drop. Finally, I would investigate user feedback channels (app reviews, social media, customer support) for qualitative insights into why users might be creating fewer Stories.