Products Metrics
Product metrics are crucial for measuring performance, understanding customer behavior, making data-driven decisions, benchmarking, and driving continuous improvement. By leveraging metrics, product managers and teams can gain valuable insights, optimize their product strategies, and ultimately deliver a better product experience to customers.
The five dimensions of product - growth, product value, utilization, experience, and stewardship - provide a comprehensive framework for assessing and evaluating the success and effectiveness of a product.
Growth: Growth refers to the ability of a product to expand its market share, customer base, and revenue over time. It involves measuring factors like sales growth, customer acquisition, and market penetration. Tracking growth metrics helps identify opportunities for expansion, assess the impact of marketing strategies, and make informed decisions for future growth.
Product Value: Product value focuses on the perceived worth and benefits that a product provides to customers. It involves assessing factors such as pricing, quality, features, and customer satisfaction. By measuring customer perception of value, product managers can identify areas for improvement, optimize pricing strategies, and align product features with customer needs.
Utilization: Utilization measures how effectively customers are using a product and deriving value from it. This dimension involves tracking metrics like product adoption, usage frequency, and time spent with the product. Understanding utilization metrics helps identify patterns in customer behavior, improve user experience, and guide efforts to increase customer engagement and retention.
Experience: The experience dimension focuses on the overall user experience and satisfaction with the product. It involves measuring factors such as ease of use, user interface design, and customer feedback. By monitoring experience metrics, product managers can identify pain points, improve usability, and enhance the overall customer experience to drive loyalty and advocacy.
Stewardship: Stewardship refers to the responsible and sustainable management of a product throughout its lifecycle. This dimension involves evaluating factors such as environmental impact, ethical sourcing, and social responsibility. By considering stewardship metrics, product managers can make decisions that align with corporate values, comply with regulations, and address sustainability concerns.
Below are some Metric considerations for the five dimenions of product.
| Category | Metric Name | Description |
| Growth - Market | Market share - Revenue or user base - TAM | Total Market Share based on Customer Segment |
| Growth - Market | Market Penetration Rates | Number of Customers/TAM |
| Growth - Market | Client profile data (Client, member, policy) <- by market | |
| Growth - Adoption | Registers Users by Product | |
| Growth - Adoption | Active Users by Client | Measures Stickiness |
| Growth - Adoption | # of Clients | |
| Growth - Adoption | MoM active users by Client | Measure Monthly Growth |
| Growth - Marketing | Customer acquisition cost | |
| Growth - Marketing | Campaign results | |
| Growth - Implementation | Implementation cycle time | From time of sale to technical deployment and therefore faster adoption |
| Growth - Retention | Churn Rate | # of Users Lost |
| Growth - Sales Pipeline | Opportunity Pipeline | Total number of opportunities in the pipeline |
| Growth - Sales Pipeline | Opportunity Activation | Number of demos performed |
| Growth - Sales Pipeline | Opportunity Conversion | Number of opportunities that led to implementation |
| Growth - Sales Pipeline | Opportunity Lost | Number of opportunities that did not choose to go with OCM. |
| Product Value - Operation Costs | Cost Savings | Cost Savings Realized with Product |
| Product Value - Medical Costs | Med Ex Savings | |
| Utilization - Feature | Feature adoption | Determine which features are the highest value |
| Utilization - Feature | Transaction Count | Core Transactions by Product |
| Utilization - Feature | Time to Complete Core Transactions | Cycle Time to complete core transactions |
| Utilization - Feature | Abandonment Rates | Abandonment rates or Core Transaction |
| Utilization - Users | Daily Active Users | |
| Utilization - Users | Monthly Active Users | |
| Experience - Service Level Metrics | Issue resolution time | How quickly we get a customer from being “down” to back “up” on the product |
| Experience - Service Level Metrics | Number of Defects | Number of defects by Product |
| Experience - Service Level Metrics | % of Defects Deemed "Critical" | % of Defects Deemed "Critical" by Product |
| Experience - Service Level Metrics | Quality - Critical Bugs | Number of defects deemed Critical by Product |
| Experience - Satisfaction | NPS | Net Promoter Score for Product Capability |
| Experience - Satisfaction | CSAT | |
| Stewardship - Financials | Revenue | |
| Stewardship - Financials | Product Costs per user per month | |
| Stewardship - Financials | Product Costs per client per month | |
| Stewardship - Financials | Product Costs per LOB per month | |
| Stewardship - Financials | Internal Operating Income | Future |
| Stewardship - Financials | Project Resource Consumption | In providing services are we hitting budget to provide the services rendered, which would imply that the effort was scoped well prior to being operationalized |
| Stewardship - Product Delivery | Time delivery | |
| Stewardship - Product Delivery | Quick TAT/Velocity | |
| Stewardship - Product Delivery | Automation - Regression | |
| Stewardship - Product Delivery | Product Quality - Critical Bugs | |
| Stewardship - Security | # of Vulnerabilities | # of Vulnerabilities by Product |
