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How do you measure the impact of product innovation on customer satisfaction?

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Product innovation is the process of creating new or improved products that offer value to customers and differentiate your business from competitors. But how do you know if your product innovation efforts are paying off in terms of customer satisfaction? How do you measure the impact of your product innovations on your customers' needs, expectations, and preferences? In this article, we will explore some of the key product innovation metrics that can help you answer these questions and optimize your product innovation strategy.

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Cory Mogk

Award-winning Product Management & User Experience leader building great products!

1 Customer feedback

One of the most direct and effective ways to measure the impact of product innovation on customer satisfaction is to collect and analyze customer feedback . Customer feedback can provide you with insights into how your customers perceive, use, and benefit from your product innovations. You can gather customer feedback through various methods, such as surveys, interviews, reviews, ratings, testimonials, social media, and online forums. You can use customer feedback to evaluate aspects such as customer satisfaction, loyalty, retention, advocacy, and referrals.

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2 Net promoter score

Net promoter score (NPS) is a popular and simple metric that measures how likely your customers are to recommend your product to others. NPS is based on asking your customers one question: How likely are you to recommend our product to a friend or colleague? Customers can answer on a scale of 0 to 10, where 0 means not at all likely and 10 means extremely likely. Customers who give a score of 9 or 10 are called promoters, customers who give a score of 7 or 8 are called passives, and customers who give a score of 0 to 6 are called detractors. NPS is calculated by subtracting the percentage of detractors from the percentage of promoters. NPS can help you measure the impact of product innovation on customer satisfaction by showing you how your product innovations influence your customers' willingness to advocate for your brand.

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Cory Mogk

Award-winning Product Management & User Experience leader building great products!
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NPS has had a lot of criticism so approach it with caution. One of the big problems is that it asks people to predict future behavior and people are notoriously bad at predicting. A better measure would be to ask how well your product or service solved the customer needs. You can then use that as social proof for marketing if you have high scores and work to fix things if they are too low. Follow up questions help if you need to fix things.

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3 Customer effort score

Customer effort score (CES) is another metric that measures how easy or difficult your customers find it to use your product or service. CES is based on asking your customers one question: How much effort did you have to put forth to use our product or service? Customers can answer on a scale of 1 to 5, where 1 means very low effort and 5 means very high effort. CES can help you measure the impact of product innovation on customer satisfaction by showing you how your product innovations affect your customers' experience and convenience. A low CES indicates that your product innovations make it easy for your customers to achieve their goals and solve their problems, while a high CES indicates that your product innovations create friction and frustration for your customers.

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4 Customer lifetime value

Customer lifetime value (CLV) is a metric that estimates the total revenue that a customer will generate for your business over their entire relationship with you. CLV is calculated by multiplying the average revenue per customer by the average retention rate and subtracting the average acquisition cost. CLV can help you measure the impact of product innovation on customer satisfaction by showing you how your product innovations influence your customers' loyalty and profitability. A high CLV indicates that your product innovations increase your customers' retention, spending, and referrals, while a low CLV indicates that your product innovations decrease your customers' loyalty, revenue, and advocacy.

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Cory Mogk

Award-winning Product Management & User Experience leader building great products!
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Tying a single feature or innovation to CLV can be difficult. How do you separate the value of the new capability from all the other capabilities in your solution? One way you can probe this is to ask why a customer upgraded to your latest solution or why they renewed their subscription. Those answers will tell you what they found most valuable.

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5 Innovation adoption rate

Innovation adoption rate is a metric that measures how quickly and widely your customers adopt your product innovations. Innovation adoption rate is calculated by dividing the number of customers who use your product innovations by the total number of customers who are aware of your product innovations. Innovation adoption rate can help you measure the impact of product innovation on customer satisfaction by showing you how your product innovations appeal to your customers' needs, preferences, and behaviors. A high innovation adoption rate indicates that your product innovations meet or exceed your customers' expectations and deliver value to them, while a low innovation adoption rate indicates that your product innovations fail to attract or satisfy your customers.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you measure the impact of product innovation on customer satisfaction?

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2

3

4

5

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1 Customer feedback

2 Net promoter score

3 Customer effort score

4 Customer lifetime value

5 Innovation adoption rate

6 Here’s what else to consider

Product Innovation

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How do you measure the impact of product innovation on customer satisfaction?

1

2

3

4

5

6

1 Customer feedback

2 Net promoter score

3 Customer effort score

4 Customer lifetime value

5 Innovation adoption rate

6 Here’s what else to consider

Product Innovation

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