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Cheatsheet — Feature Metrics based on Product Lifecycle
What is Product Lifecycle (PLC)?
Product Lifecycle (PLC) helps Product Managers understand graphically, the different stages of product as it goes through the journey of launch to sunset. Knowing the typical path a product may take can help product leaders make important decisions around — marketing strategy (pricing, ads, customer segments to focus on, markets / platforms for selling), need for innovation, and measuring success to name a few.
The concept was initially developed by economist Raymond Vernon in 1960s to explain the workings of international trade, I find PLC as a powerful tool when making product decisions. As a Product Manager, I work on launching product features that are completely novel or are incremental improvements to an existing feature. In both the cases, while defining success metrics, I refer back to the PLC.
(Feature) Metrics for each stage of PLC:
To measure the success of a feature, I look at:
- business goal for the feature (adoption, retention, engagement, monetization)
I have found that fitting business goals with the product lifecycle helps me while planning success metrics and this is what I will share in this article.
