{"id":10148,"date":"2021-12-22T12:43:57","date_gmt":"2021-12-22T07:13:57","guid":{"rendered":"https:\/\/payu.in\/blog\/?p=10148"},"modified":"2021-12-22T13:03:39","modified_gmt":"2021-12-22T07:33:39","slug":"the-most-vital-metrics-in-a-product-journey-that-make-a-significant-difference","status":"publish","type":"post","link":"https:\/\/payu.in\/blog\/the-most-vital-metrics-in-a-product-journey-that-make-a-significant-difference\/","title":{"rendered":"The Most Vital Metrics in a Product Journey that Make a Significant Difference"},"content":{"rendered":"\n

Understanding metrics that matter in the product journey is important for a startup like yours. These metrics power growth<\/a> and help you become data-informed. Let\u2019s find out more about it from Ramneek Khurana, Co-Founder & Head of Product & Technology, Lenskart.<\/p>\n\n\n\n

Lenskart<\/a> is a leading e-commerce portal in India that revolutionized the eyewear industry with its omnichannel approach. Take a look at this blog to find more about the vital metrics in detail.<\/p>\n\n\n\n

1.<\/td>How Data Can Be a Powerful Tool for a Startup\u2019s Growth Journey?<\/a><\/td><\/tr>
2.<\/td>What are Important Metrics for Scaling Startups Rapidly?<\/a><\/td><\/tr>
3.<\/td>What is a Good Measure of Customer Conversion?<\/a><\/td><\/tr>
4.<\/td>How Can Payment Solutions Impact a Product?<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

How Data Can Be a Powerful Tool for a Startup\u2019s Growth Journey?<\/strong><\/h2>\n\n\n\n

Leveraging data depends on the stage of the startup. One needs to balance qualitative and quantitative inputs. When a startup begins, quantitative data may not be enough. Thus, relying on qualitative data is helpful.<\/p>\n\n\n\n

As startup scales, multiple metrics like new user acquisition, average revenue per user, gross to net, and Net Promoter Score (NPS) come into the picture. It is always possible that an increase in any other metrics can impact the other ones. Hence, defining data metrics beforehand can help startups build the right growth strategy.<\/p>\n\n\n\n

Creating monthly and daily dashboards to get a quick view using a plethora of tools and building data democracy also plays an important role.<\/p>\n\n\n\n

What are Important Metrics for Scaling Startups Rapidly?<\/strong><\/h2>\n\n\n\n

As Ramneek suggests, \u201cImportant metric we look at is the net promoter score (NPS)\u201d. A business with very high NPS is a strong indicator that it\u2019ll always grow. Having clarity on the number of consumers and NPS is helpful because it is one metric that needs to be driven. It makes sure that a company grows.<\/p>\n\n\n\n

If you can solve the problems of customers who haven\u2019t taken any action, it is 60% possible that they\u2019ll make a purchase. These are the metrics that may not be easily available, but they need to be available to everyone to analyze them.<\/p>\n\n\n\n

What is a Good Measure of Customer Conversion?<\/strong><\/h2>\n\n\n\n

Customer conversion can be divided into two buckets for startups that are:<\/p>\n\n\n\n