Unveiling the Magic: How to Measure success with Product & Feature Metrics

Ever wondered how successful products know what users truly value? As product folks, we don't have crystal balls, but we do have powerful tools: product and feature metrics. These data points provide a window into user behavior, helping us understand what resonates and what needs improvement.

In this article, I'll draw from my experience managing SaaS products to explore key metrics for gauging value. Remember, the right metrics depend on your specific product and goals, but these core principles can be a springboard for your own measurement journey.

The Engagement Factor: A Leading Indicator of Value

Imagine a product with a vibrant user base, but only active for the first 30 days. Think back to your own app graveyard – how many downloaded apps haven't seen the light of day since that initial exploration? Here, engagement becomes crucial. By tracking how often users interact with a feature or product, we gain valuable insight. High engagement suggests the feature is providing genuine value, encouraging users to return.

Effort Score: Going Beyond Just Usage

Engagement paints a good picture, but it's not the whole story. Just because users are coming back doesn't necessarily mean they're having a smooth experience. Effort score bridges this gap. This metric, often measured through post-task surveys, gauges how much effort users exert to complete tasks. The ideal scenario? A low effort score, indicating users can accomplish their goals with minimal friction. This ensures value isn't just perceived, but actively experienced.

The PMF Proxy: A Seat at the Table

Ah, product-market fit (PMF). The holy grail for product managers. While there's no single metric to definitively measure PMF, we can leverage internal metrics to guide us. One approach is to define a set of "minimum viable features" (MVFs) – features essential for users to even consider your product. These MVFs become a proxy for PMF. Think of them as the ticket to the evaluation table. Without them, users might discard your product entirely.

Remember: PMF is a Journey, Not a Destination

Markets are dynamic, and what's delightful today can become a table stake tomorrow. That's why it's crucial to continually update your PMF goals. Regularly assess user needs and market trends to ensure your product features stay relevant and valuable.

This is just the beginning of our exploration into product and feature metrics. Stay tuned for future articles where we'll delve into metrics for different product types and stages!

In the meantime, I'd love to hear from you! What metrics have you found most valuable in measuring user value? Share your thoughts in the comments below!

Disclaimer: The opinions expressed in this article or subsequent comments will be my personal in nature and should not be construed as opinions of my employer (present or past).