It’s important to track the key metrics for your product.
Here’s a list of numbers to capture:
Customer acquisition cost — the cost to acquire a customer.
Customer lifetime value — the total revenue received from each customer on average.
Churn rate — the percentage of customers dropping out each month.
Conversion rate — the percent of customers that convert from a lead each month.
Unit sales per month – the number of total units sold each month and tracked over a six-month period.
Active users — the number of daily and monthly active users per product.
Cost to build — the cost to build and deliver each product.
Gross margin per product — the percentage of revenue after subtracting the cost to build.
Cohort analysis — the performance of the product after making specific changes. This is often used in A/B testing.
Cost to develop — the cost and time it takes to create a new product.
It’s important to track this for each product to understand the contribution of the product to profitability.
It also helps in budgeting and forecasting new product development.
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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.