June 25

Success Metrics for New Products

Success metrics can tell you when your product launch is successful, but they don’t stop there. They can also tell you when you should stop messing with a particular aspect of your product and focus on something else. After all, there’s nothing worse than continuing to work on a problem you’ve already solved.

Product success metrics: How to measure the success of a new product. Remember that kid from middle school, who everyone had big hopes for, but didn’t turn into an extraordinary genius, or vice versa; the lazy kid in class becoming an unexpected success? Turns out that it’s not just people that don’t meet expectations. Products often do as well. Fortunately, there are ways to measure product success in the early stages so that you don’t keep wasting your money on something useless. Hilal Yıldırım explains how you can use product success metrics to determine whether your product is living up to expectations.

(via @UserGuiding)

Picking the right product metrics to track and optimize. You’re finally giving your boss a look at your new product or feature, and you’ve prepared a dazzling deck that shows all the cool things your product or feature does. Five minutes in, your boss stops you. What she really wants to know is this: What impact did your product have on customers, and how did it add value to the business? To answer this question, you need product metrics. Not only that, you need the right metrics. The folks at Heap explain the most common product metrics, how to calculate them, and why you need them.

(via @heap)

Defining meaningful metrics for product teams. Defining clear KPIs is one of the most important things for a Product team, and (unfortunately) it’s incredibly easy to do poorly. A good metric not only helps evaluate your product’s performance but also guides your team in building the right things to progress you toward your goal. Brian Weinstein describes a framework he’s used to measuring the success or failure of the products his team builds.

(via @BriMaster3000)

Choosing Metrics for Product Launch. You’re about to launch a new feature or product. You need to be able to measure its impact so that you and your company can learn from it. Lu Wang explains a simple framework you can use to determine which metrics matter:

  • State your default position
  • Identify your business Drivers and Levers
  • Determine Metrics that would change your default position

(via @DataSchool)

Making the New Product Vitality Index (NPVI) work in real life. The highest-performing companies are those that can deliver profitable year-over-year organic growth. An important question is: How can you measure the effectiveness of the innovation efforts for delivering sustainable organic growth? John Patrin introduces the New Product Vitality Index (NPVI) and explains how you can use it, in conjunction with other measures to gauge the success of your innovation efforts.

(via @JohnPatrin)

Kent J McDonald

About the author

Kent J McDonald writes about and practices software product management. He has IT and product development experience in a variety of industries including financial services, health insurance, nonprofit, and automotive. Kent is a product manager at LenderClose and provides just in time resources for product owners and business analysts at KBP.media and Product Collective. When not writing or product managing, Kent is his family’s #ubersherpa, listens to jazz and podcasts (but not necessarily podcasts about jazz), and collects national parks.


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