What metrics would you use to evaluate Progressive Leasing's 90-day payment option?

Introduction

Evaluating Progressive Leasing's 90-day payment option requires a comprehensive approach to product success metrics. This financing solution plays a crucial role in the company's broader strategy to make leasing more accessible and flexible for consumers. To assess its performance effectively, we'll follow a structured framework that covers core metrics, supporting indicators, and risk factors while considering all key stakeholders.

Step 1

Product Context

Progressive Leasing's 90-day payment option is a short-term financing solution that allows customers to acquire products through a lease-to-own model. This option is particularly appealing to consumers who may not qualify for traditional credit or prefer a more flexible payment structure.

Key stakeholders include:

1. Customers: Seeking affordable ways to obtain needed items
2. Retailers: Looking to increase sales and customer base
3. Progressive Leasing: Aiming to grow revenue and market share
4. Investors: Expecting sustainable growth and profitability

User flow:

1. Customer selects item at partnering retailer
2. Applies for Progressive Leasing financing
3. If approved, chooses 90-day payment option
4. Makes payments over 90 days, with option to purchase outright

This product fits into Progressive Leasing's strategy of offering diverse, flexible leasing options to capture a wider market segment. Compared to competitors like Affirm or Klarna, the 90-day option provides a shorter-term commitment, potentially appealing to a different customer base.

Product Lifecycle Stage: Growth - The 90-day option is likely in its growth phase, with increasing adoption rates and potential for market expansion.