Defining success for a product

The product manager is in charge of setting up metrics for the whole customer journey and connecting them to the business process that goes with them. Product managers usually work with data analytics teams to instrument the data needed to deliver the necessary analytics to measure product adoption, usage, and retention.

Whether it’s a SaaS product, a physical product, an IoT product, or an API product, a company’s objective is to monetize the product in a way that benefits the company while also providing value to customers. Customer value can be measured in many ways, such as by increasing sales, increasing net margins, lowering operational costs, and keeping customers from leaving.

There is always a need to decrease customer turnover, regardless of the product or service. Product owners are responsible for producing value for their goods and controlling customer churn, whether they are SaaS products such as Slack, Dropbox, or Coupa, or tangible items such as smartphones or video game consoles.

Customer centricity begins at the very beginning of the customer journey: marketing. When the messaging for a product is clear regarding the value it delivers to the customer, the right customers are drawn to the funnel. A good customer experience will come from an optimized funnel, a smooth onboarding process, and good customer service.

As you have learned in this chapter, there are several ways that different companies design their product offerings to drive value and ease for their customers. Putting customers at the center of your product thinking allows you to design products that are tailored to your customers’ specific needs.