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: For instance, if your product uses a freemium model, but you are giving away the most popular features, it could result in users downgrading to the free version. Efficiency
Usability is key to retaining users and the ultimate goal of any product is the ability to use it easily, correctly and as quickly as possible. Efficiency may be the most important measurement of success. To measure efficiency, simply look for one or more key workflows in your product — anything from registration, to onboarding, to new feature activation — and measure how far users get in that workflow before dropping off. Establish meaningful completion goals for each workflow. 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.