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As a product manager, there may have been instances where you’re swamped because your business team is pushing you to launch a new innovative product fast so they can take the company to the next growth trajectory.
But you know a new product is at least a couple of months away. Because launching a product needs coordination with the engineering, design, and marketing team. And even after that, you have to create a shared vision and drive consensus over the direction of the product.
In this article, you’ll know what are some KPIs (Key Performance Indicators) you should keep an eye on when building a product and preparing for its launch. We’d also be talking about how some no-code tools help keep track of your KPIs.
The 5 must-measure KPIs for your product are as follows:
The net promoter score compares the number of committed consumers who are likely to suggest your product (promoters) against the number of customers who don’t like it (detractors).
To calculate NPS, have customers rate your product on a scale of 0 to 10. Detractors would award it 0 to 6 points, neutrals 7-8 points, and promoters 9-10 points. The NPS formula is:
To calculate NPS, subtract the percentage of detractors from the percentage of promoters. This gives you a number between -100 and +100. A score above 0 indicates a positive customer experience.
And you can check out ZoomInfo’s article that has listed down average NPS scores across industries.
For example, An NPS survey shows 75% of your customers are promoters and 15% are detractors. Your NPS score will be 60 (75% – 15% = 60).
3 quick tips to improve it:
Take Google Forms for example. Using a no-code tool like Google Forms is a great way to boost your NPS. It’s a tool used to create NPS surveys, forms, questionnaires, etc. Does it need any coding knowledge? None at all! You just copy-paste your questions, make a form and share it with the relevant folks.
Feature adoption is a user activation metric. An activation metric measures the number of new users who performed a preset action within a fixed time period. Feature adoption is a numerical expression of how many users interact with a specific feature or part of your product.
3 quick tips to increase it:
For example, you can use Figma to design a screen for new. It’s a no-code tool used for designing product screens, mockups, and wireframes. To improve feature adoption, whenever they release a new feature, they post it on their blog, socials, send product update emails, etc. Feature adoption tracking helps to improve their product at specific touchpoints. For example, if they released a new feature for their no-code editor, they’ll track how many times it was visited in the launch week or launch month.
Retention rate is the percentage of users who continues to use your product over a given time period. It’s important since it shows how well your company is performing. A high retention rate indicates that people are active and engaged, which could mean greater revenue potential.
3 quick tips to improve it:
Take Amplitude for instance. It’s a no-code data analytics tool used to track user behavior and build great experiences to improve customer retention. All you have to do is set up a dashboard for a feature whose usage you want to track. It also lets you measure the impact or A/B test a feature. And it doesn’t require any coding at all.
A customer satisfaction score (CSAT) is used to understand how customers feel or how satisfied they are with a specific interaction or experience with your product.
Companies use CSAT mostly after support interactions, completing the sales process, sales interactions, setting up or using a product, etc.
A survey by Zendesk shows that 81% of consumers say a positive customer service experience increases the chances of them making another purchase.
3 quick tips to improve it:
For example, Mailmodo is an email marketing tool with a drag and drop editor to create interactive emails with personalized and dynamic content on the fly. You don’t need any coding knowledge. It also has widgets like the Star Rating widget which you can use to ask for feedback on a specific feature.
Monthly Recurring Revenue (MRR) is a measure that shows how much money customers pay each month for a product or service subscription.
MRR can provide important information about sales and cash flow patterns. It's also used to calculate CLV (customer lifetime value), forecast future revenue, evaluate ASP (average selling price) trends, and more.
For example, Stripe is a no-code payment platform that deals with recurring payments and subscription business models to reduce churn. They use APIs to quickly set up recurring billing and automatic payments for your business. You can design your own payment form on your site using its vast, prebuilt no-code UI components.
By comparing these KPIs over a period of time, the product manager can know the rate of success or failure of the app and identify the scope for improvement. The challenge is how quickly you can move once the scope for improvement is identified.
That’s where the no-code tools step in. They are flexible and error-friendly and let you switch up your app’s UI or UX of your own volition.
If you are looking for a no-code solution Hubler is a DIY no-code app builder which lets you build any apps you want.
Some of the pre build solutions built on Hubler are expense management, asset management, lease management, and procure-to-pay.
Interested in learning more? book a demo with us or email us at connect@hubler.mobi
Related read: How No-code Can Help Product Managers in Building Great Products
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