A product’s success is measured by the impact it has on the customers, the business, and the market. Different products may have different success criteria and metrics, depending on their vision, goals, value proposition, and target audience. However, some of the common and important aspects that can indicate a product’s success are:
The impact on customer satisfaction: Customer satisfaction is a measure of how well a product or service meets or exceeds the expectations and needs of the customers. It is an important indicator of the value and quality of a product or service, and it can affect the loyalty, retention, and profitability of the customers. Customer satisfaction can be measured by various methods, such as surveys, ratings, reviews, feedback, referrals, testimonials, or net promoter score (NPS).
The impact on cost: Cost is a measure of how much money and resources are invested in developing, delivering, and maintaining a product or service. It is an important indicator of the efficiency and sustainability of a product or service, and it can affect the profitability and competitiveness of the business. Cost can be measured by various methods, such as budgeting, accounting, tracking, reporting, or return on investment (ROI).
The impact on revenue: Revenue is a measure of how much money and value are generated by selling a product or service. It is an important indicator of the growth and viability of a product or service, and it can affect the market share and positioning of the business. Revenue can be measured by various methods, such as sales, subscriptions, conversions, retention, or lifetime value (LTV).
The other options are not valid or relevant measures of a product’s success. They are either too subjective, narrow, or unrelated to the product’s value proposition and goals. They are:
The impact on my boss’s mood: My boss’s mood is not a reliable or objective measure of a product’s success. It may depend on many factors that are not related to the product’s performance or value delivery. It may also vary from day to day or from person to person. My boss’s mood may influence my work satisfaction or motivation, but it does not reflect the product’s success.
The delivery of upfront defined scope compared to the upfront planned time: This is a traditional project management measure that focuses on delivering a fixed set of requirements within a predetermined schedule. It does not account for the changing needs and expectations of the customers and the market. It also does not reflect the value or quality of the product or service delivered. It may lead to over-engineering, waste, or missed opportunities.
The impact on my performance rating: My performance rating is not a direct or comprehensive measure of a product’s success. It may depend on many factors that are not related to the product’s value delivery or quality. It may also vary from organization to organization or from manager to manager. My performance rating may influence my career development or compensation, but it does not reflect the product’s success.
