How would you measure the success of Bilt's rent payment feature?

Introduction

Measuring the success of Bilt's rent payment feature requires a comprehensive approach that considers multiple stakeholders and metrics. To effectively evaluate this product success metric problem, I'll follow a structured framework covering core metrics, supporting indicators, and risk factors while considering all key stakeholders.

Step 1

Product Context (5 minutes)

Bilt's rent payment feature allows renters to pay their rent through the Bilt app or website, earning rewards points on these payments. This feature is central to Bilt's value proposition, aiming to make rent payments more rewarding and convenient for users.

Key stakeholders include:

1. Renters: Seeking convenience and rewards for rent payments
2. Landlords/Property managers: Looking for reliable, timely rent collection
3. Bilt: Aiming to increase user engagement and monetization
4. Credit card networks: Interested in transaction volume and fees

User flow:

1. User links their bank account or credit card to Bilt
2. User sets up recurring rent payment or initiates a one-time payment
3. Bilt processes the payment and transfers funds to the landlord
4. User earns rewards points for the transaction

This feature aligns with Bilt's broader strategy of making renting more rewarding and accessible while building a comprehensive financial services platform for renters. Compared to competitors like Plastiq or RentTrack, Bilt differentiates itself by offering a rewards program specifically tailored to renters.

Product Lifecycle Stage: Growth - The rent payment feature is established but still expanding its user base and refining its offerings.