What are product performance benchmarks?
Product performance benchmarks are a way of measuring how well a product is performing compared to similar products on the market. They can be used to help make decisions about whether to continue using a particular product, or whether to switch to a different one.
Product performance benchmarks are essential for understanding how well your product is performing. By comparing your product to others, you can get a clear idea of where your product stands in terms of key performance indicators (KPIs). Percentiles are often used to describe how well (or how poorly) your product is performing relative to products of similar size and in the same industry.
Why are product performance benchmarks important?
Product performance benchmarks are important for a few reasons. Firstly, they help you to set targets for your product development team. Secondly, they help you to track progress and ensure that your product is on track. Finally, they help you to identify areas where your product needs improvement.
Industry standards provide a useful measuring stick for product performance. By understanding how your product measures up relative to others in the industry, companies can better understand their competitive advantages as well as any areas that could be improved.
How should I use product performance benchmarks?
Using product performance benchmarks is a great way to see how your product is performing relative to others in the market. By looking at benchmarks, you can see where your product needs improvement and make changes accordingly. Additionally, benchmarks can help you set goals for your product and track your progress over time.
Product performance benchmarks help companies understand how they can make their products better. By measuring various aspects of their product, they can compare it to the competition and identify areas in which they can improve. This process, known as benchmarking, is a continuous cycle that helps a company slowly but surely make its product the best it can be. However, before a company can start reaping the benefits of product benchmarks, the product organization needs to make sure it’s effectively capturing product data and measuring the right things.
What metrics should you pay attention to in order to benchmark your product’s performance?
There are a few different ways to measure the performance of a product, but four of the most common are:
Stickiness: an engagement metric that measures how often users return to the product
Feature adoption: a measurement of usage for a product’s particular features
App retention: the number of users who continue using a product during a given period of time
Account-level NPS: a measurement of how likely customers are to recommend a product or service at the account level (rather than the individual user level)