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1. Breadth of Use
The most intuitive measure of product success, this is simply a measurement of how many people are using your product. You can easily get these numbers by tracking visitors and account activity.
You should choose the most meaningful indicator of breadth for your business — whether total users, total active users, or total active accounts. Be thoughtful about your metric targets and set attainable goals for your team.
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2. Frequency of Use
If a user isn’t logging into your product, it will be hard to retain them.
To understand frequency, measure things like login frequency or session length.
How frequently you want users returning depends on the purpose of your product, but usually more frequent is better. You need to examine the different types of users and the dynamics of who should be using your product, how often and for what reasons.
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3. Depth of Use
Understanding how many of your product features are being used is key to measuring success. One of the simplest ways to determine Depth of Use is by measuring the percentage of your product features that are used regularly.
Start by identifying the top five features used by your core audience. These are the “value drivers” that keep people coming back to your product. By understanding your product's key features, you can also help keep your product successful.
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4. 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.
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.
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5. Satisfaction
At the end of the day, if a customer isn't willing to recommend you, that isn't success in the product world.
By using Net Promoter Score (NPS) you'll be able to gather data on how satisfied your customers are with your product.
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problem with revenue as an indicator of product success is that by the time you're losing it, it's probably too
TODD OLSON
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