Title: Measuring the Value of Your Product | Phase2 Technology
Headings: Measuring the Value of Your Product
Measuring the Value of Your Product
Measuring Value by Profit
Measuring Value by Market Position
Measuring Value by Utility
Measuring Value through Customer Perception
Defining Value Collaboratively
Define Value Based on What Matters to You
Metrics to Start With
Revenue
Cost Savings
Customer Acquisition
Customer Retention
User Engagement
Get Started Today
Tags:
Application Development

Content: One way to measure the monetary value of the product is looking at how much it saved your organization over time. Customer Acquisition
Look at the rate at which you are gaining new customers. If you are delivering value consistently, this number should steadily increase. Customer Retention
The number of customers you are able to keep is also a strong indicator of value delivery. If you are losing a large number of customers, this is a clear indication users do not think highly of your product or find utility in it. In addition to measuring churn, also gather qualitative and/or quantitative feedback to understand how your customers perceive your product. User Engagement
If customers are using your product, and using it frequently, that speaks volumes about the value it delivers. Companies such as Facebook and Evernote look at customer engagement as a metric of success. This data is also invaluable in informing how to enhance your product over time. Get Started Today
Understanding the value your product is delivering to your business and customers is paramount to demonstrating its success.