Tue, 29 November 2022
Product Usage Metrics
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
Metrics are a key tool in product management.
In managing a product track these metrics:
Customer acquisition -- track the performance of the product in acquiring new customers.
This is often done broadly across all products but should be done by each product as well.
Customer adoption -- track the performance of the product during the customer onboarding process.
This is the conversion rate and demonstrates how well the product was designed for customer usage.
Customer engagement -- track the performance of the product in how often the customer uses it.
This could be daily, weekly, or monthly.
Customer satisfaction -- track the performance of the product in generating happy customers.
This tracks retention and churn rates and highlights areas for improvement.
Revenue and profitability -- track the financial performance of the product.
This includes both how much revenue it generates for the company as well as the profitability.
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