What are Success Metrics? Why is it important?
What is Success Metrics?
These metrics are quantifiable data points that a one can track and analyze to gauge the success of the product.
Why is it important?
We need to understand how our users adopt, engage with, and derive value from our product. It is important to define the most crucial product metrics that need monitoring.
Important Metrics & KPIs to help understand success metrics:
✨ North Star Metrics
A north star metric is the key measure of success for the product team in a company. It defines the relationship between the customer problems that the product team is trying to solve.
Templates: North Star Metrics
✨ Product Usage
With any product, some features will inevitably emerge as your most popular and most used, while other features will inevitably sink to the bottom
Templates: Product Usage
✨ Net Promoter Score (NPS)
Using NPS helps us understand how likely our customers are to recommend their product to others, a reliable proxy for loyalty.
Templates: Net Promoter Score (NPS)
✨ Leading Indicators
Leading Indicator helps us know which usage patterns correlate to account growth and renewal/reuse.
Further Reading: Leading Indicators
✨ Product Delivery Predictability
The product team measures predictability by taking the ratio of the number of story points completed to the number of story points originally committed to. The resulting percentages reveal, roadmap item by roadmap item, whether the team is behind, on schedule, or ahead of schedule.
Templates:Planned-to-Done Ratio
Further Reading: Predictability and Delivered Value Metric
✨ Top Feature Request
Collecting and tracking feature requests are crucial in making product decisions .
Templates: Feature Request
✨ Product Performance
People have come to expect products to work and work fast. You need to set a goal for how quickly your product can return requests.
Templates: Software Performance Testing Metrics
Additional Resource: Key Metrics & KPIs
