saraford
commented
4 years ago great level of detail - for midterm / final, be able to use terms like DAU, page views, user sign-ups, etc.
Closed RyanElliott10 closed 4 years ago
saraford
commented
4 years ago great level of detail - for midterm / final, be able to use terms like DAU, page views, user sign-ups, etc.
One of the toughest challenges of launching a new product is measuring its success. Therefore, it is imperative that a business has a predetermined plan to measure their product's success in a quantifiable way.
Perhaps the most telling metric is user-retention. Any product, with decent enough advertising, is able to grab a user's attention and ensure a first-time experience. However, good products will entice their users; the users will want to come back for more, meaning they will be signing in multiple times, interacting with the website and other users in various ways, and much more. The most common issue with tracking this metric is anonymous users. However, with the use of cookies and users' caches, we will be able to determine which users are returning to our website, even if they never create an account.
Another clear metric that can be useful in determining the success of a product is the growth of the number of accounts. Metcalfe's Law implies a good product will perpetuate the social network effect, in turn, the graph of, in this case, account creation will be exponential in nature. Ensuring this is a consistent trend should prove to be an effective indicator of our product's success.