Regardless of how you feel about customer feedback, you cannot deny that it plays a crucial role in your organization’s growth. In the current competitive world, you should know the efforts that are paying off and those that you should negate from your marketing. You cannot do this without some feedback from clients. In most cases, organizations will opt for some of the modern, sophisticated software to collect different metrics on their brand’s performance and the impact of their marketing and brands.
Customer experience management tools are no doubt essential and among the best for your organization. Even so, it would help if you still had an expert that will decode what the numbers you have collected mean and how to apply them to your business. One metric you will center on is the brand and product health. This generates feedback on how people perceive your brand and can help in the monitoring of changes to brand performance and sales. The following are the key metrics used to determine brand and product health.
User Adoption
When you introduce a new product or service into the market, it is crucial to know how many people will opt for it. User adoption takes into account the time it takes for you to get the targeted number of clients for your product. If user adoption has been too slow, then maybe you have not invested in the best marketing strategies to reach the right market. You should also consider the market share of your competitor and how much it changes over time after you introduce your brand.
Market Metrics
These include MAU {monthly active users}, weekly active users {WAU}, and daily active users {DAU}. The metrics help you understand the use of your product and its market penetration over specific timeframes. You should also pay attention to the total addressable market (TAM) metrics to ensure you do not oversaturate the market and hinder your growth.
Growth Considerations
Exploiting all the avenues you have for the growth of your brand is essential. You can segment the most important metrics to your business growth. The vital parameters in this instance include buyer personas, geographical locations, and connectivity. You should also keep track of where most of your traffic comes from so that you concentrate your marketing in the right circles.
Retention
This is the primary indicator of whether or not your product is relevant to your target market. If the product is a good fit, the retention rates will be high, and you can also enjoy growth from referrals. If, however, your retention metrics are stagnant or declining, it is time to ask clients what they would like to see in your product. You can then use this feedback to bolster your brand’s performance and its relevance to your market.
Without insight into how well your product is doing in the market, you will not know how to boost your sales and profits. The above metrics are thus, an essential part of all organizations intent on growth. They should form the basis of your future product manufacture and current marketing strategies.