Published on December 11th, 2019 | by Bibhuranjan0
How to measure Product Success?
There are no definite rules available to define the success of a product. But, along with this, it is also true that this is one of the most important questions business owners ask themselves quite often. When you are launching a new product in the market, then you should ask yourself whether the product is well received by the customer or whether the customer is happy with the product. Whether they would recommend the products to others?
Sometimes, you may think that only profit or turnover can indicate a good or bad product. But, to be very honest, the numbers are important to show the primary condition of the company, but along with this, the development of the product is also important to find out the interest of the customers.
There are many important information that will give you an idea about the success of a product. If the product can solve the problem or the needs of the users, then the customer will be satisfied. Customer satisfaction will help to increase the popularity or the profit.
Developing and measuring indicators can help you to say something regarding the quality and the popularity of the products. There are a few things that you need to consider during the time of measuring the product success.
Number of the product user
The most basic measure to define product success is simply a measurement of how many people are using this product. This is not a difficult job because you can easily get these numbers by tracking visitors and account activity.
Now, you also need to know about the total users, active users of your product. You can also separate the number of very active users. You need to clear one thing that based on this, and you need to set attainable goals for your team.
End of the month, if you are not getting a good number, then you need to improvise your plan to get attention from your customers.
Measure the rate of growth
If you can measure the growth rate, then you can also find the number of total users. The growth rate is an indicator that is also involved with the investors. You need to find out how healthy the growth rate is for your product.
End of the month, you also need to make the status report for that month.
Frequency of the usage
The frequency and duration of the user can also be an important interest in order to know the product’s success. The frequency of the use can be shown by simply the number of logins. You will get to know how many times the user logged in their profile to order.
Here, in this case, also you can divide the user groups into different segments. For instance, a small login will not always mean something bad for engagement. It is important for you to find out this for your benefit.
You can understand the frequency level of your customer by tracking the login frequency and session length.
Depth of usage
If you can understand that how many of your products are being used can be the key to measuring success. One of the easiest ways to analyze product success is by measuring the percentage of your product features that are used regularly.
You need to look at the five features used by your customers. These features need to be the core feature of the app, and the user should return to the application regularly.
Understanding the key features of the products can also help you to keep your product successful.
When you are launching a new product, then you definitely have some goals that your user needs to be achieved. For almost every product, there will be one goal registration. But, users will face hurdles during the time of using this, and these hurdles can be identified and eliminated. Make some proper steps that will help you to find out about the number of customers who are willing to use this app.
If you are considering the usability of the product, then also you need to understand that customer satisfaction is one of the most important things. If your customers are not willing to recommend the product to others, then you need to understand that, unfortunately, the product is not able to satisfy the customers, and it will difficult to maintain the market. Then you need to change the plan to make sure that your product can achieve the basic goal of the users.
Measuring customer satisfaction can help you to check the quality, and it can be helpful for small companies.
It is difficult to measure the product’s success properly and correctly within a short time, but the mentioned points can help you to create your metrics. The above-mentioned points will help you to give a good start.