Product Success

 Product success is often misunderstood as:

• launching the product or a new version
  
• Releasing a cool set of features
• Getting x downloads (X being any thousands or millions) in a period
• Increasing engagement by y% over the previous period 

and so on.

My suggestion is that true product success happens when you get sustainable, long term, profitable, revenue from the product (and/or associated services). Incidentally, this is how long term businesses are built.

If you cannot see a path to sustainable, long term revenue, then your product success is probably transient.

Of course, all this depends on the product category, apps, e-commerce websites, SaaS solutions, deep tech. solutions or others.

SaaS Product KPIs

For any SaaS business, you can track several metrics and ratios to see how your business is doing.  Similarly, over the entire sales funnel, and for client retention, you can track several product KPIs (Key Performance Indicators), which indicate how your product is accepted in the market. 

The image below depicts how product KPI are identified and tracked at various stages of the funnel.

 

This slide is useful if you are leading a product team, or are making the business case for a new product. For any business case, you have to identify the metrics as well as the quarterly and yearly targets. There are other metrics that may be useful for your market, however, the funnel should remain the same.

If you need the pptx version of the image, mail me, or drop a comment, I will reply back.