Product Usage Metrics

Metrics are a key tool in product management.

In managing a product track these metrics:

Customer acquisition — track the performance of the product in acquiring new customers.

This is often done broadly across all products but should be done by each product as well.

Customer adoption — track the performance of the product during the customer onboarding process.

This is the conversion rate and demonstrates how well the product was designed for customer usage.

Customer engagement — track the performance of the product in how often the customer uses it.

This could be daily, weekly, or monthly.

Customer satisfaction — track the performance of the product in generating happy customers.

This tracks retention and churn rates and highlights areas for improvement.

Revenue and profitability — track the financial performance of the product.

This includes both how much revenue it generates for the company as well as the profitability.

 

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