Title: The 5 Key Measurements of Product Success | Hacker Noon
Headings: The 5 Key Measurements of Product Success
The 5 Key Measurements of Product Success
@ FirstMark FirstMark
Breadth of Use
Frequency of Use
Depth of Use
Efficiency
Satisfaction
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Content: Pendo set a goal of >60% completion for a workflow used by clients in the ad tech industry. User frustration that results from getting stuck or being unable to figure out the product is a failure. If your product’s completion rate is low, ask: what’s the fastest way to deliver a key value and how can we make it better? Satisfaction
What your customers are saying about your product is just as important as their user behavior. At the end of the day, if a customer isn’t willing to recommend you, that isn’t success in the product world. You can turn a qualitative reaction like satisfaction into an actionable quantitative measure by leveraging customer surveys. Net Promoter Score (NPS) is widely used as an effective tool for measuring customer satisfaction. Todd recommends comparing your NPS against industry benchmarks offered by firms like Temkin. Which of the above metrics are most salient will depend on your product.