Gauging Success of Products
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What metrics do you think are required to track implementation and product performance for a new product? Why?
How does one gauge the success of the product once it has entered the market? How do you obtain an accurate read on how the customer views the product?
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Solution Summary
Almost 750 words explain metrics and measures to use when trying to see if a product is performing well.
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When you launch a new product, having a full understanding of the situation is critical. Metrics are used to gauge the situation in order to understand how the product is actually performing.
A main metric for online commerce has to do with where your customers are coming from - are they typing your product in by name into a search engine, do they know your url off hand, are they coming from a banner ad, are they redirected.. all of this info is critical in understanding the implementation. If people are unaware of your url then it might be an indication to advertise it more, or to think of an easier domain name. If people are clicking on your sponsored link ad space, then you know that your "key word" programming has worked. All of these metrics really help guide you in understanding how smoothly the implementation has gone.
If you are selling your product on line, an important metric would be to see how much it costs to acquire new customers vs how much these customers actually purchase. If you are offering your new product at a reduced rate to get introductory ...
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