3 Metric That Proves Your Product is a Market Fit.
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Companies behind mobile app would like determine if app has reached the market fit.
Few of them do that by collecting various metrics from their industry. Once they feel app is doing well among their initially targeted customers then they would expand the scope of the app.
While it is good to measure the app against prime metrics picked from relevant industry, sometime generic metric would give different prospective and initiate the thought process of the company founders.
This blog will discuss about 3 such generic metric and will also give few tips to improve them.
Time to wow, Time to refer, viral coefficient are primary metrics to measure any mobile app. To understand and make sense of these metrics, you must know the app usage cycle.
If you haven’t read about app acquaintance cycle before then I have covered it in few lines below – just for you.
App usage cycle
After getting introduced and impressed thru social media your prospective user will download and install your mobile app. They may start using app right away and sometime later (in most cases, user uses it right away). Then once they experience really good things about the app they generally tend to share that with their friends and relatives. As and when they experience various features, feel good about it they recommend to more people and personally stick on to it.
Now let’s come back to our metrics.
As said, there are just 3 important metric that helps you to determine if mobile app is a market fit and is it time to expand the scope. I have put them in little line below and in later paragraph have explained how they are connected to each other.
Time to wow
is the time taken by the user after the installing the app, use it, gain enough value and get a wow effect.
Time to refer
is the time taken by the user after they have started using the app and tell it to others about the app.
is the number determined by calculating the number of new customer acquired by the present customer on an average.
Now if you have understood app usage cycle you observer above 3 metrics are interlinked. Sooner the users gains value from you app, sooner they refer to the other users. More they find the app useful to them more new user they bring in.
On the other side, build an app with fewer features that imparts high values is better than having many features.
Sachin G Kulkarni, Technical Lead
Author of this blog is web developer specialized in creating internet based business solutions. He has been in this field for nearly 5 years and have involved in building unique elegant business solution. He is a blogger, entrepreneur, developer and overall thinker. He holds a master degree in computer science which has helped him understand in-depth technology. He stay in startup hub ‐ Bangalore ‐ this has helped him to meet many wonderful entrepreneur, designers and like minded people.
Linkedin : http://in.linkedin.com/in/sachingk