When it comes to measuring product success, there is no one formula to calculate it. It depends mainly on your business goals. Is it increased sales? Or is it product awareness?
Driving Your Product Success Effectively
As mentioned above, you need to work together with your team to make your product a success. Here are some best practices to follow:
It is essential to set onboarding goals, track activities, and milestones. Also, make it easy for your prospects to sign up for your services. Eliminate all the fields from the sign-up form that is not essential for onboarding. Many companies ask only two to three things while onboarding people. It includes name, phone number, and email address.
You can then slowly collect more information about the user based on their browsing behavior and usage patterns. This will help you offer personalized experiences to each of your customers. At the same time, you should help them on how to use your product.
If a user signs up for your service and then gets confused about how to use it, they are more likely to stop using your product. To make the onboarding process even much easier, create blog posts and tutorials about how to use your product. Ask your new customers if they would like any help and if yes, make sure you aid them till they become comfortable.
Informed Product Management
Take product decisions based on the way people use your product. Use tools like SmartKarrot to analyze heat maps and event flow funnels. It will give you insight into where people are looking at your product, where they are clicking, and more.
This will help you segment your customer list based on the way they use their product. This will, in turn, help you target your customers in a better way.
To improve product success, it is crucial to track user drop-offs along critical paths. Create event funnels that mirror the business KPIs you want to follow. You need to take steps to prevent them from churning and boost your revenue in the long-run.
If you see a drop in the usage pattern, send emails to the customer asking is there any specific reason for them not using your product. Additionally, you can leverage in-app messaging to ask if users need any help in using the product.
Improvise Your Product based on Customers’ feedback
You know your product in and out, but your customers are the ones using your product. You need to consider what they think about it, the problems they are facing while using it, and what else do they want to do with your product. Conduct customer surveys using tools like Survey Monkey to get more insight into this.
Here are a few questions you can ask:
- What do you like the most about our product?
- Are there any specific features you would like to see in the coming days?
- How likely you are to recommend our product to your friends?
- Do you face any problems while using the product?
- Do you think any feature needs an upgrade? If yes, then which feature?
- Do you think our product could have been better? If yes, then how?
When you make changes according to your customers’ feedback, it will increase the customer lifetime value, thereby boosting product success.
The experience people have while using your product defines the product success. Make sure you make it easy for them to get the most out of your product. From onboarding to using each feature of your product, your customers mustn’t feel overwhelmed.
Collect feedback regularly to check if any of your customers face any problems while using your product. If there is an issue, make efforts to solve it and let the customer know that you have fixed it.