how would you measure the success of chegg's textbook rental service?

Introduction

Measuring the success of Chegg's textbook rental service requires a comprehensive approach that considers multiple stakeholders and metrics. To effectively evaluate this product, I'll follow a structured framework covering core metrics, supporting indicators, and risk factors while considering all key stakeholders.

Step 1

Product Context

Chegg's textbook rental service is a core offering that allows students to rent physical or digital textbooks for a specified period, typically a semester or academic year. This service aims to provide a more affordable alternative to purchasing expensive textbooks outright.

Key stakeholders include:

1. Students (primary users)
2. Educational institutions
3. Publishers
4. Chegg shareholders

The user flow typically involves:

1. Search and selection: Students search for required textbooks by title, author, or ISBN.
2. Rental period choice: Users select a rental duration (e.g., semester, quarter, summer).
3. Checkout and payment: Students complete the transaction and provide shipping information.
4. Book receipt and use: Students receive and use the textbook for the rental period.
5. Return process: At the end of the rental period, students return the book or extend the rental.

This service aligns with Chegg's broader strategy of providing comprehensive academic support and cost-effective solutions for students. It complements their other offerings like online tutoring and homework help.

Compared to competitors like Amazon's textbook rental or Barnes & Noble's rental program, Chegg often offers more flexible rental periods and a wider selection of titles. However, they face increasing competition from digital textbook platforms and open educational resources.

In terms of product lifecycle, the textbook rental service is in the maturity stage. It's a well-established offering, but faces challenges from the shift towards digital learning materials and changing educational models.