Important product metrics to consider to understand your market & product better
Tapos Ovi
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Nowadays building a successful product has become quite challenging & competitive at the same time with the rise of SaaS. It's more than essential now to know about the impact a product creates on it's target market, understanding customer journeys & behavior, improving the overall user experience, and develop a solid strategy around the product.
To have a clear view or find answers to all of these mentioned above, we must have a closer look at some relevant key product metrics to track. These metrics may provide effective insights on product performance and engagement and help us take data-driven accurate decisions.
Some important metrics to consider -
1. Conversion Rate
2. New Customer Growth Rate
3. Churn rate
4. Cost Per Acquisition
5. Customer Lifetime Value
6. Net Promoter Score
7. Active Trials
8. Session Length
10. Number of Sessions
11. Feature Usage
12. Monthly Active Users and Daily Active Users
13. MRR / ARR
14. Retention Rate
Did I miss any important one (if so, please share), or which metrics you are tracking right now to understand your market & product better? What's your strategy here? 🙌
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