Although “Do they like it” might seem like an abstract – and immeasurable – concept at first, there are plenty of quantitative measurements you can apply to new product developments in order to determine what’s a success.
The key to analysis is to work on your metrics from the very start of the idea management and delivery process. These shouldn’t be simply stuck on at the end as an afterthought. Instead, finding the right success criteria can help you identify better decisions throughout development and even whether an idea has a leg to stand on in the first place.
In the spirit of lean product management, taking just one idea and developing new success criteria is in itself a great testing ground for your analytics processes. Challenging yourself on your chosen analytics is the best way to be sure they’re meaningful. So we’ve provided a little test for any new metrics you consider implementing.
Firstly ask yourself, does your measurement of success:
- Lend itself to calculation? Is it a number?
- Compare easily across different experiments and over time?
- Give you results that help you to make a decision?
- Have enough detail for you to execute?
- Reflect your real strategic goals (acquisition, retention, engagement, growth)?
And secondly, make sure that your measurement of success is not:
- Driven by the data you already happen to have
- Geared up for another organization’s strategy rather than your own
- A vague action, milestone or goal rather than a true measurement
- Shrouded in business language. Is there anything ambiguous about the phrasing of your success criteria?
Once you’re fairly confident that your measurement meets these criteria, start applying it to just one or two ideas straight away to see if it yields the results you were expecting. Ideally you will pick something with a relatively short development cycle to get feedback as soon as possible. And as for any of your products, if it’s not right just try, try and try again.
Want to read more about Measuring Success? Check out our Help Center!
This exercise was taken from the ProdPad Handy Guide for Product People. Sign up for a free trial and request your own copy for plenty more tips and tricks for great product management.
The post The “Did It Work?” Test: Setting Success Criteria for your Products appeared first on ProdPad :: Product Management Software.