The product is the core focus of the early-stage company.
Here are two key metrics for understanding the performance of your product:
The Heart Metric measures the quality of the user experience with the product.
Here are the components of it:
1. Happiness – measures user satisfaction and ease of use through the net-promoter score.
2. Engagement – measures user engagement through the frequency and depth of use of the product.
3. Adoption – measures the number of new users of the product or a feature of the product over a period of time.
4. Retention – measures the rate of returning users over a period of time using the churn metric.
5. Task success – measures the user experience by looking at the efficiency of the product or its effectiveness for the user.
The Product Metabolism Metric measures the rate at which the company iterates on the product with upgrades and new features.
Through customer surveys and feedback forms, you can gather the user’s impression on whether the company is moving too fast or too slow in making product changes.
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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.