Published on April 17th, 2020 | by Bibhuranjan0
Key Aspects Of Feature Adoption Calculation
The SaaS products are surely on a significant rise if you take a magnified look to the market. However, this does not make the SaaS businesses invincible. The metric usually explains if your customer support or marketing efforts are really befitting your or just wiping away your revenue and time. Well, this is precisely where the value of feature adoption software steps in. Today, it is considered as one of the most efficient ways to retain your business.
So What Exactly is Feature Adoption?
To many who are not yet savvy with digital business, feature adoption might still be an airy concept to them. It can be demonstrated as a method via which consumers can be updated regarding a new launch or service. It helps a customer to turn into recurring users of the product or service. The procedure allows customers to delve deeper into the ins and outs of products and explore them on a next-level.
The Art of Measuring Product Adoption
Even though product adoption is becoming popular with the rolling of time; many lack the accurate knowledge of measuring product adoption. When you run a business of any form, it is imperative that you analyze its current stature before making a move. It is similar to how Google Analytics reports work. So when you explore or work on a new feature and add it to your product, is it the right move you made?
Did your users actually like it? Even if they liked it, will they continue to use it? Will it bring you the ROI that you are expecting? Was it actually worth working on a particular feature? Would something else have worked out better for you? Well, this is where the sheer importance of measuring feature adoption comes into action. This will help you fix a goal before you work on the next feature. So here is how you should go about it. Simple evaluate these three metrics to get your results.
The Rate of Adoption
The adoption rate is actually the percentage of the amount of new consumers to the amount of overall consumers. A math equation can be used by you for making the calculation process simple. It will stand as ‘new user number/ Overall user number * 100.’ For instance, if you have twenty-five new customers and the overall user amount is two hundred, the adoption rate will be 25/200 x 100 = % 12.5. You can evaluate via this simple formula on a regular weekly, monthly as well as annual basis.
Use the Time to First Key Step
The Time to first key Step or action is another way of calculating your feature adoption. It is used quite commonly apart from the aforementioned formula. The Time to the first key is basically the median time taken by a new user to use a feature that already exists. It can also indicate the time taken by an existing user to utilize a new product feature for the first time.
Customer Percentage Performing Core Action
The name already suggests a lot about the particular metric. It can be defined as the customer or user percentage performing the core feature for the very first time between a provided time period. This is the third way of measuring feature adoption.
For success with feature adoption software, measuring and acceleration, get in touch with Apxor. As a leading Feature Adoption tool, it shall seamlessly meet your unique requirement. Add an edge to your technology and approach to business today to stand apart in today’s competitive market.