To gauge the success of the products, startups, product teams, and manufacturers are constantly on the lookout for indicative signals and standardized performance metrics. But unfortunately, there are no standardized or key performance indicators (KPI) for quantifying success in a market where millions of products compete for attention. Moreover, various marketers emphasize various factors when determining a product’s performance.
That is to say, the product development crew should define the measures by which their efforts will be judged. But, of course, whether or not the performance is satisfactory depends on the specifics of your business and other items.
Here are a few metrics through which LetsVeriFy can help analyze your products’ performance.
- Total Product Scans/ Monthly Increase
The first important thing to analyze is to see and monitor the monthly sales. A monthly business sale is important to understand overall revenue generation. So to understand how your business is performing, LetsVeriFy tracks the scans on each and every product. Similarly, whenever a new product is launched in the market, you can see how it’s performing in the market. LetsVeriFy uses its smart analytical tools to show the product scans and divide it on the basis of location, timeline, sku’s, demography, etc.
- Retention Rate/Repeat Customers
Retention of loyal customers is also important in knowing how your product performs. At LetsVeriFy, we analyze product retention through various metrics. Among these repeat purchases is very important. A repeat purchase shows that your customer is accepting the product and even liking it, so purchases it again. That is why it is a key factor in understanding product performance. Besides repeat purchases, we also analyze new and repeat visits of a client to your website through letsVeriFy digital gateways. Recurring visits to your website shows that your product and business is gaining popularity and people are getting interested. LetsVeriFy can also help you in increasing the overall user retention rate through rewards and campaigns that can be disbursed on the products.
- Customer Feedback
Another thing to analyze the product performance is customer feedback. An honest review or feedback from your customer will help you understand the strengths and scope of improvements. Negative feedback is not always bad; rather, it helps you to understand the weakness and the shortcomings so that you can work on those factors to improve the product quality. Precise feedback from your customer regarding your product will also encourage you to understand what needs to be done to increase overall customer satisfaction. Once you get overall good reviews from your consumer base, be assured that your product has already started to gain the required popularity it deserves. LetsVeriFy collect feedback from customers after every purchase. It can also send direct feedback forms and surveys to customers to gain more about their product experience
- Top Locations
At LetsVeriFy we monitor the locations from where your business is getting the maximum traffic. Location includes your client’s physical location, demographic structure and information. Like among which age group it is getting the maximum popularity or customers from which zones are showing more interest in your product. By knowing these minute details, you can work out the weak links, like how to market your product better in the other zones, so that people from all over the place get the necessary awareness regarding your development. You can improvise the appearance, service and other features to make it more acceptable to the mass.
- Users added to the Website.
Through LetsVeriFy digital gateways we add more new and repeat users to your website. These users can come to websites to verify their products, get and redeem rewards,, participate in campaigns, etc.
Conclusion
If you don’t have a system to track how well your product sells as it makes its way to market, even the most groundbreaking idea you’ve ever had could end in disaster. KPIs, or key performance indicators, allow you to monitor your campaign’s reach and return on investment in real-time and make adjustments as needed. LetsVeriFy can help you accomplish your business goals faster than you could imagine!