Measure the Outcome

You're reading the final page of the product development handbook.
How do you know if your feature was successful?
When you were deciding what feature to build, you went through a process of identifying the problem, defining the outcome, designing a solution, then building it. During this process, you need to think about what good looks like and answer the question, "How do I know if we achieved our goals?"
It's good to identify the success criteria for a feature before investing in the build building it.
Measure impact
You can measure the impact with:
1.
Metrics,
2.
Key Performance Indicators (KPIs), or
3.
Other success criteria.
When you defined your Feature Spec, you should have included a hypothesis list the success criteria. Success criteria need to be something measurable or testable. The easiest thing to test is something that can be tracked quantitatively. Though you can use interviews to capture qualitative information.
Here are some possible indicators that you can use:
Business metrics
MRR - monthly recurring revenue
Churn - percentage of customers that have canceled or lowered their subscriptions
LTV - lifetime value
CAC - customer acquisition cost
ARPU - annual revenue per user
Product metrics
Active Users
Product usage
Sessions per user per day
Session Duration
Key actions per sessoin
User adoption
Time to value
Feature Adoption
Customer support metrics
First response time
Time to resolution of issue
Metrics are not a "Definition of done."
These metrics are at a feature level and brief level, not at a smaller ticket level. To fully measure success these should be a business outcome that is worth measuring not just ensuring that a user story has been built to spec.
Thank you
Go forth and product! My name is Ashlyn, and I'm available for a short chat. Reach out at hey@ashlyn.app