How do you know your product is creating value? How do you know if a particular feature or enhancement is creating value? Is it possible to create negative value?

Introduction

Creating value through product development is at the heart of successful product management. To approach this product success metrics problem effectively, I will follow a simple product success metric framework. I'll cover core metrics, supporting indicators, and risk factors while considering all key stakeholders.

Step 1

Product Context

Let's consider a hypothetical mobile banking app as our product. This app allows users to manage their finances, make transactions, and access various banking services on their smartphones.

Key stakeholders include:

• Users: Seeking convenient and secure banking
• Bank: Aiming to reduce operational costs and increase customer engagement
• Regulators: Ensuring compliance and data security
• Merchants: Benefiting from integrated payment systems

User flow:

1. Login: Users authenticate using biometrics or a secure password
2. Dashboard: View account balances, recent transactions, and quick action buttons
3. Transactions: Transfer money, pay bills, or make purchases
4. Services: Access additional features like loan applications or investment options

This app aligns with the bank's digital transformation strategy, aiming to improve customer experience and reduce branch dependency. Compared to competitors, our app focuses on user-friendly design and advanced security features.

Product Lifecycle Stage: Growth phase - the app has been launched and is gaining traction, but there's still significant room for user acquisition and feature expansion.

Software-specific context:

• Platform: Native iOS and Android apps with a shared backend
• Integration points: Core banking systems, payment gateways, credit bureaus
• Deployment model: Regular updates through app stores, with backend changes deployed continuously