Top Mobile App Development Companies in Sydney for 2024
February 16, 2024
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Being an owner of a successful product is a matter of pride. If you are thinking of a mobile app for your business, then you already have the vision that your app can create digital transformation and help to meet the needs of the users. One of the responsibilities of an owner of a product is to decide to measure the actions and strategy that you are going to execute to help you reach your business goal. In this article we will discuss product success metrics, the reason to measure them and how to choose the exact key metrics for the stage and strategy of product development.
Product metrics are the indicators of the performance of a product in the marketplace, or in simple terms, how well is the performance of the product in the market. We should be thankful to the companies and the owners of the products we receive appropriate sets of information and answers they need to increase their competitive level in the market. Lastly, they also provide information to the investors who ask about the numbers of Product Success.
Keeping track of the business metrics is the job role of the person who is responsible for the product. It can be either the Product Owner or the Product Manager.
Metrics are very important in the initial stages of mobile app development and till the end of the lifecycle of the product. Different metrics are useful at different stages of the life of a product.
Some tools help us to determine if the success of our product is decreasing or increasing. Other methods can track product success metrics, like conducting qualitative research and collecting data through in-app surveys.
To increase the products’ value, you must make many decisions required during the development. These decisions are valuable based on the data. Metrics can give you worthwhile insights into your product’s success, helping you to build your products in a faster and smarter way.
Tracking trends in the metrics of the product enables you to recognize the tasks that are valuable to focus on at the specific moment because they can drive maximum business profit.
A well-chosen product success metric helps us investigate whether the strategy adopted is workable or might need further modifications. They help enable faster decisions, helping to save your money.
It results in the effectiveness of your company’s brand strategy, helping you understand what does not work and the approaches preferred by the customers most.
As mentioned above, one of the important benefits of keeping track of the metrics is information. It shows whether the adopted strategy of the product is working well, or it might need a quick and necessary change. Let us take a quick look at the product management metrics and its strategy.
Product strategy is the plan of action that you take to achieve the chosen objectives of the product, based on the still vision. Now, let us look at which of the following strategies will help you achieve competitive gain.
For example, low-cost airlines adopt the strategy to decrease costs, focus on a large target group, and lower costs are the real motivators. Private Airlines that are exclusive to adopt a Focus Differentiation Strategy, can differentiate themselves in the market for a small and selected target group, building loyalty through distinctive, and unique offers, making the cost not much important.
AARRR is simply the acronym of the set of 5 metrics – Acquisition, Activation, Retention, Referral, and Revenue
Acquisition metrics help you to know your users and check how to get to your product. These metrics show how many users are interested in your product at the beginning and which of the above three strategies will work better for you to attract your new users.
Examples:-
Activation metrics can display whether the strategy to attract the users’ attention was working, or not. You must question yourself how you can convert your acquired customers into active users.
Examples:-
Retention metrics help you decide how to convince your users to reuse your app again and become your loyal customers. You need to find benefits and not features.
Examples:-
Referral metrics can help you answer questions like increasing virality and getting your customers to recommend you.
Examples:-
They are the right metrics for showing whether you are making money properly, or not through your product, how many premium customers you have, and your profit in the future.
Examples:-
A well-defined metric is the superpower of the Product Owners. We hope this article has helped you think about what a successful product is for you and the procedure to measure it. As a successful mobile app development company in Australia, Sunrise Technologies will be with you in every step of the development process. After they create your app, they will also perform thorough checking, updates and maintenance that are mandatory during the post-launch stage. They will also help you check how successful your app is in the competitive market.
Sam is a chartered professional engineer with over 15 years of extensive experience in the software technology space. Over the years, Sam has held the position of Chief Technology Consultant for tech companies both in Australia and abroad before establishing his own software consulting firm in Sydney, Australia. In his current role, he manages a large team of developers and engineers across Australia and internationally, dedicated to delivering the best in software technology.
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