Why are they needed ? Product metrics are indicators that demonstrate the development of a product. Anything can act as such: a mobile application, a specific service/product on a marketplace.
Which ones to analyze ? There are a lot of product metrics. They are presented as a pyramid and divided into groups - as you like. The company must have one main metric and secondary ones that are interconnected. And it is with the choice of the key metric that problems arise.
The article explains:
What are product metrics?
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Leading and lagging indicators
Product Metrics Categories
Product Metrics Pyramid
Examples of using product metrics
9 Tips for Choosing Your Key Product Metrics
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Frequently asked questions about product metrics
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What are product metrics?
Product metrics are data that reflect the relationship between the user and the product. They can be recorded using different forms of measurement. They can be expressed as a ratio, norm, time, or other indicators.
Product metrics are calculated in quantitative values and allow companies to understand how successful or unsuccessful their product is. Each company collects their analytics, then conducts a thorough analysis, based on the results of which it draws a conclusion about what changes are best to make, what to strive for, how to increase profits and meet customer needs.
What are product metrics?
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Product metrics help company management decide on:
prices for their products;
payment options;
company features;
launch of sales;
what the product will look like;
product audiences;
the message and purpose of the product.
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One option is A/B testing of each product/service model. It can be used to assess the success of the project and the entire product in general. In addition, it is possible to track how features affect performance, find out which ones are more needed by users, and which ones, on the contrary, are less in demand. With this help, an understanding comes about which qualities should be left and which ones should be abandoned altogether.