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What metrics should you track when road mapping different product types for innovation?

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Road mapping is a crucial process for product innovation, as it helps you plan, prioritize, and communicate your vision and goals. However, not all products are the same, and neither are the metrics that you should use to measure their success. Depending on the type of product you are developing, you may need to focus on different aspects of value, growth, and feedback. In this article, we will explore what metrics you should track when road mapping different product types for innovation.

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Prateek Nigam

Top 10 CPOs in India 2024 | Linkedin Top Voice for Product Vision??| Building SaaS Technology | 5X SaaS B2B Start Up…
MANUEL SCH?LLIG

???????? 8??9?? K+ COMMUNITY? STRATEGIC PRODUCT MANAGEMENT ?? MARKETING ENTHUSIAST ?? 2??5?? Million Yearly…

1 Core product metrics

Core product metrics are the basic indicators of how well your product is performing in terms of user satisfaction, retention, and revenue. These metrics are relevant for any product type, but they may vary in how you define and calculate them. For example, you may use different methods to measure active users, engagement, churn, or lifetime value depending on your product's features, pricing, and target market. You should track these metrics regularly and use them to evaluate your product's fit, viability, and scalability.

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MANUEL SCH?LLIG

???????? 8??9?? K+ COMMUNITY? STRATEGIC PRODUCT MANAGEMENT ?? MARKETING ENTHUSIAST ?? 2??5?? Million Yearly Content Views ?? FOLLOW AND CONNECT ?? Do or do not - there is no try ??SMT & SEMICONDUCTOR SOLUTIONS??
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Defining and using KPI as product success indicators can help to get a clearer picture on acceptance and performance of products and services. Important ones are these that monitor repair costs, quality issue costs, failures as just sales numbers and turnover do not indicate on how product lifetime

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Prateek Nigam

Top 10 CPOs in India 2024 | Linkedin Top Voice for Product Vision??| Building SaaS Technology | 5X SaaS B2B Start Up Team
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The core metrics you track when roadmapping different product types for innovation will depend on several factors, including your specific industry, the product type itself, and your overall business goals. My go to metrics are: 1. Engagement and adoption - Active users - User retention - Session time spent - Feature adoption 2. User feedback and sentiment - Net Promoter Score (NPS - Feedback surveys and interviews - Social media and community engagement 3. Business performance - Conversion rates - Revenue and profitability - Market share and competitive analysis 4. Innovation-specific metrics - Number of ideas generated - Idea conversion rate - Impact of new features

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2 Innovation product metrics

Innovation product metrics are the specific indicators of how well your product is delivering on your innovation goals, such as solving a new problem, creating a new market, or disrupting an existing one. These metrics are more relevant for products that are in the early stages of development, testing, or launch, or that are aiming to achieve radical or breakthrough innovation. For example, you may use metrics such as problem validation, solution validation, product-market fit, adoption rate, or viral coefficient to measure your product's novelty, desirability, and potential.

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Prateek Nigam

Top 10 CPOs in India 2024 | Linkedin Top Voice for Product Vision??| Building SaaS Technology | 5X SaaS B2B Start Up Team
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In short, innovation product metrics track engagement, user feedback, business performance, and how effectively new ideas turn into successful features. They help you measure your innovation efforts and make informed decisions to drive product growth.

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3 Competitive product metrics

Competitive product metrics are the comparative indicators of how well your product is performing against your competitors or alternatives in the market. These metrics are more relevant for products that are in the mature stages of development, growth, or optimization, or that are aiming to achieve incremental or sustaining innovation. For example, you may use metrics such as market share, customer satisfaction, net promoter score, or differentiation score to measure your product's superiority, loyalty, and reputation.

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Prateek Nigam

Top 10 CPOs in India 2024 | Linkedin Top Voice for Product Vision??| Building SaaS Technology | 5X SaaS B2B Start Up Team
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ompetitive product metrics are like a scoreboard for your market performance: 1. Market share: How big is your slice of the pie compared to rivals? 2. User acquisition: How many new users are they nabbing vs. you? 3. Retention: Can they keep users engaged better than you? 4. Feature comparison: What bells and whistles do they have that you don't? 5. Customer sentiment: How buzzed are their users compared to yours?

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4 Learning product metrics

Learning product metrics are the qualitative or quantitative indicators of how well you are learning from your product experiments, feedback, and data. These metrics are essential for any product type, as they help you validate your assumptions, test your hypotheses, and improve your decisions. For example, you may use metrics such as experiment velocity, learning rate, insight quality, or confidence level to measure your product's progress, impact, and direction.

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Prateek Nigam

Top 10 CPOs in India 2024 | Linkedin Top Voice for Product Vision??| Building SaaS Technology | 5X SaaS B2B Start Up Team
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Learning product metrics are like measuring sticks for how well your users (and your product) are getting smarter: 1. Knowledge gain: Are users mastering new skills or understanding concepts better? 2. Completion rates: How many users finish learning modules or reach targeted progress? 3. Engagement: How actively are users learning? Are they staying engaged with content and activities? 4. Retention: Do users keep coming back to learn more or practice skills? 5. Skill application: Are users putting their acquired knowledge into action successfully?

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5 Aligning product metrics

Aligning product metrics are the strategic indicators of how well your product is aligned with your vision, mission, and values. These metrics are important for any product type, as they help you communicate your purpose, inspire your team, and engage your stakeholders. For example, you may use metrics such as vision fit, mission impact, value alignment, or stakeholder satisfaction to measure your product's relevance, contribution, and influence.

Road mapping different product types for innovation requires you to track different metrics that reflect your product's stage, type, and goals. By choosing the right metrics for your product, you can better plan, prioritize, and communicate your innovation efforts and outcomes.

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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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What metrics should you track when road mapping different product types for innovation?

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3

4

5

6

1 Core product metrics

2 Innovation product metrics

3 Competitive product metrics

4 Learning product metrics

5 Aligning product metrics

6 Here’s what else to consider

Product Innovation

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What metrics should you track when road mapping different product types for innovation?

1

2

3

4

5

6

1 Core product metrics

2 Innovation product metrics

3 Competitive product metrics

4 Learning product metrics

5 Aligning product metrics

6 Here’s what else to consider

Product Innovation

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