As a data scientist, measuring the success of a product or feature is critical to determine the value it provides to the customers and the business. Here is a generic framework to measure the success of a product or feature:
1. Possible Purpose and Drawbacks:
Before measuring success metrics, it's crucial to define the purpose of the product or feature and its potential drawbacks. This will help in setting the right success metrics and understanding the impact of the product or feature on the customers and the business.
2. Metrics:
Success Metrics:
Success metrics are the key performance indicators (KPIs) that reflect the success of the product or feature. They should be specific, measurable, achievable, relevant, and time-bound.
Here are a few examples of success metrics for a messaging app like Whatsapp:
# Messages: Total messages between the users
User Adoption: The number of users who have downloaded and registered on the app.
Engagement: The frequency and duration of user sessions on the app.
Retention: The percentage of users who continue to use the app over a period of time.
Active Users: The number of users who are actively using the app at a given time(DAU/WAU/MAU).
Revenue: The revenue generated from the app through subscriptions, in-app purchases, or ads.
Counter/Trade-off/Gaurdrail Metrics:
Counter metrics are the KPIs that measure the negative impact of the product or feature. They should be considered alongside success metrics to ensure that the product or feature is not causing any unintended harm.
For example, counter metrics for a messaging app like Whatsapp could include:
Spam Complaints: The number of users who report spam messages or calls.
Unsubscribes: The number of users who unsubscribe from the app due to privacy or security concerns.
Negative Reviews: The number of users who leave negative reviews about the app on app stores or social media.
Ecosystem Metrics:
Ecosystem metrics are the KPIs that measure the impact of the product or feature on the overall product ecosystem of a company. They help in understanding how the product or feature is contributing to the company's broader strategy.
Here are a few examples of ecosystem metrics for Meta:
User Growth: The number of users using Facebook, Instagram, and Whatsapp.
Engagement: The frequency and duration of user sessions on Facebook, Instagram, and Whatsapp.
Revenue: The revenue generated from Facebook, Instagram, and Whatsapp through ads and other monetization strategies.
In summary, measuring the success of a product or feature requires a comprehensive framework that considers the purpose, potential drawbacks, success metrics, counter metrics, and ecosystem metrics. By tracking these metrics, data scientists can make data-driven decisions and continuously improve the product or feature.