We identified features based on business investments/goals. We assigned value scores, identified costs, and found the smartest thing to build within the given constraints of the business. We then defined time-bound success metrics to help us to evaluate whether our feature is working well. We also put in effective mechanisms to capture quantitative and qualitative feedback from the consumers.
The metrics and feedback can give us a good hold on how close or far we are from meeting our success goals. However, as we build different features and work under the constraint of time and resources, we tend to make trade-offs. We also build product experience through multiple features, both in the product and also as part of the extended service around the product with support from the business functions.
The success metrics here are time-bound. They are also mostly time-bound to the near future (maybe three to five months), but measured over hours, days...