Product engagement is the measurement of your target users interacting and engaging with your product. It gives you insights on how often your customers use your product, which features are preferred the most by them, and which are the challenging areas of engagement. It is essential that you increase product engagement in order to take your business forward.
In order to measure product engagement, you have to set up some metrics and KPIs. KPIs are Key Performance Indicators, a measure of performance over a specific period of time. KPIs provide not only metrics, insights, and analysis but also help you set up targets for your business.
Some of the key indicators that you can track are:
The daily active users’ rate will help you identify how many users daily interact and engage with your product.
This measure tells us how many users after signing up have become regular and loyal users of your product.
This measure indicates how many users have successfully completed a milestone after their onboarding on your product.
Stickiness shows whether the user is staying with the product on a regular basis and has become a part of their routine.
The product growth rate indicates how much a variable that was used to define the product has changed and increased after the launch of the product in the market. This is typically measured taking into consideration increased revenues, users, profits.
A lot of software products and SaaS-based products are available in the market that helps you measure your product engagement. One of them is Featurics that helps you track your website visitors, product engagement, understand user engagement, and get business insights.
When it comes to business, especially digital and SaaS-based products, it is crucial to the success that there is product engagement. A business requires product-based growth and in order to retain customers and propel the business, engagement is the key.
Along with that, product engagement actually provides important insights and key areas of improvement for understanding your business decisions.
When you measure your product engagement, you will be able to understand the user persona and their reasons behind the usage or no usage of your product.
The answers you get for these questions will help you in improvising your product and investing right. This way you will be able to attract high-value customers in large numbers.
Product engagement is the ultimate growth driver for your business. A product with a high stickiness brings users back and retains them. Customers will only pay for your product as long as they see a value in it. If they are kept engaged with the product, there will be a higher rate of retention resulting in a fast growing business.
Once the objective of product engagement is established, there are different ways with which you can increase product engagement for your business. Some instances are:
Users nowadays are all tech savvy but at the same time they prefer everything to be easy to use. An interface that has a great UI/UX design is much more preferable. Your customers should have ease while using your product.
Signing up is a one time process but it stays in the mind of the users. If the process is complicated, the users even choose to ignore and not use the product rather go through a tedious process of registering. Make the signup process as effortless and simple as possible for the users to quickly be able to take benefits of your product.
Personalization helps in retaining customers. When they are onboarding to your product, make sure that there is something customized to their preferences. This will make your users feel special and looked after. When users see personalization and feel special, they are bound to stay loyal to your brand or business.
When you are giving a walkthrough of your product, rather than going for the mundane videos and tutorials or brochures with instructions or manuals, provide an interactive tour to the users. Something new and different which they don’t have to go through is always bound to increase their level of likeness towards the product.
Always market new features. Whenever you come up with updates and new features, make sure that the users get personalized notifications. This way you not only make them feel important, you also market your new features in the most innovative way possible.
Users do not prefer going to customer support. Not because they don’t want help but because the image of customer support is having to wait long on the phone. Always provide live chat support or in-app messaging for their convenience.
When you measure all the metrics for the product engagement, learn from the areas that require improvements and keep updating your product based on that. Take into consideration the feedback and suggestions given by your users to understand their needs and requirements.
Product Engagement is an important aspect when it comes to running a business, especially when your business has a digital or a SaaS-based product. It defines your revenues, it defines your brand identity and it definitely helps in creating the product that can be marketed.
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