Every business starts from nothing, but only some become great. What drove them to succeed? How did they pursue and measure their success? There are so many different metrics and ways to go about it. The most important question to answer is: 'Are people using your product?' To measure performance and answer this question, the three vital components are:
- Usage: Do they use your product how you expect?
Cycle: Do they use it at the frequency you expect?
- Retention: Are they sticky?
The next question to answer would be: 'Are people really REALLY using your product?'
People may be using your product, but how engaged are they? This question helps you identify core users, and answering it helps you gather insight on collecting more. The vital components of the answer to the question are:
Top of Mind: Do they come directly to your product vs referred by a link/special offer?
- Recurring: Do they come back again and again?
Referring: Do they share it with others?
All of the points are discussed in detail in this slide deck. For more details on each point and how to track them, read the deck.