Product Metrics: How to measure product success

🌟 Success can be defined differently for individuals, whether it's promotions, important assignments, or creative freedom, but businesses need a clear metric to gauge their progress towards success. 💔 The number of leaving users can be a metric of success for a dating app like Hinge, as it indicates that people are leaving after finding what they needed on the app. 💡 Choosing the right metrics is crucial for product managers as they influence everything from product updates to marketing strategies. 📈 User acquisition metrics, such as traffic, can indicate whether a marketing strategy is effective or not, and high traffic without conversions may suggest a poor user experience or attracting the wrong customers. 💰 Customer lifetime value is the ultimate measure of customer experience and can help determine how much should be invested in customer retention and acquisition. 📈 The ratio of daily to monthly active users is a valuable metric for measuring the stickiness of a product and its overall growth. 📊 Customer satisfaction scores allow companies to ask multiple questions and gain a deeper understanding of why customers may or may not recommend their product. 💰 Financial metrics, such as monthly recurring revenue (MRR), are crucial for understanding the revenue generated by software products operating on a subscription model.