5 Essential Product KPIs to Track With No-code

March 24, 2022
Vinay Agrrawal

As a product manager, there may have been instances where you’re swamped because your business team is pushing you to launch a new innovative product fast so they can take the company to the next growth trajectory.

But you know a new product is at least a couple of months away. Because launching a product needs coordination with the engineering, design, and marketing team. And even after that, you have to create a shared vision and drive consensus over the direction of the product.

In this article, you’ll know what are some KPIs (Key Performance Indicators) you should keep an eye on when building a product and preparing for its launch. We’d also be talking about how some no-code tools help keep track of your KPIs.

5 KPIs to measure 

The 5 must-measure KPIs for your product are as follows:

  • Net promoter score
  • Feature adoption
  • Retention rate
  • Customer satisfaction score (CSAT)
  • Monthly recurring revenue (MRR)

Net promoter score 

The net promoter score compares the number of committed consumers who are likely to suggest your product (promoters) against the number of customers who don’t like it (detractors).

To calculate NPS, have customers rate your product on a scale of 0 to 10. Detractors would award it 0 to 6 points, neutrals 7-8 points, and promoters 9-10 points. The NPS formula is:

To calculate NPS, subtract the percentage of detractors from the percentage of promoters. This gives you a number between -100 and +100. A score above 0 indicates a positive customer experience. 

And you can check out ZoomInfo’s article that has listed down average NPS scores across industries.

For example, An NPS survey shows 75% of your customers are promoters and 15% are detractors. Your NPS score will be 60 (75% – 15% = 60).

3 quick tips to improve it:

  • Use promoters to improve your brand awareness - Ask them to share content if they’re active on social media. Ask them to write a review on G2, Capterra, etc.
  • Follow up with detractors - Send a personalized follow-up email to each detractor to address their negative customer experience. Think of including a discount or an offer as an apology for their experience.
  • Take note of every complaint - Note any particular mentions of a feature or a product in each response. After collecting all the responses, measure the number of complaints and calculate the NPS score for each product or feature. Then, you prioritize your efforts accordingly.

How no-code helps

Take Google Forms for example. Using a no-code tool like Google Forms is a great way to boost your NPS. It’s a tool used to create NPS surveys, forms, questionnaires, etc. Does it need any coding knowledge? None at all! You just copy-paste your questions, make a form and share it with the relevant folks. 

Feature adoption rate

Feature adoption is a user activation metric. An activation metric measures the number of new users who performed a preset action within a fixed time period. Feature adoption is a numerical expression of how many users interact with a specific feature or part of your product.

3 quick tips to increase it:

  • Have a good UX - Good visuals help them quickly learn about the feature and make an informed decision about whether or not to use it. Also, consider adding a “How to use <feature name>” section.
  • Provide more value with a feature -  Get feedback to learn about what your customers want and their goals. Ask for feedback not only before but also after launching a new feature and try to adjust your features’ current value according to their feedback.
  • Introduce features correctly - Avoid using full-screen pop-ups and use in-app messages.

How no-code helps

For example, you can use Figma to design a screen for new. It’s a no-code tool used for designing product screens, mockups, and wireframes. To improve feature adoption, whenever they release a new feature, they post it on their blog, socials, send product update emails, etc. Feature adoption tracking helps to improve their product at specific touchpoints. For example, if they released a new feature for their no-code editor, they’ll track how many times it was visited in the launch week or launch month.

Retention rate  

Retention rate is the percentage of users who continues to use your product over a given time period. It’s important since it shows how well your company is performing. A high retention rate indicates that people are active and engaged, which could mean greater revenue potential.

3 quick tips to improve it:

  • Improve your onboarding process - Help users navigate through the app by showing them which icons need to be tapped or swiped and what’ll happen if they do.
  • Reward them - Send gift cards, exclusive offers, etc., to appreciate them sticking with you.
  • Have a detailed help center - A help center helps your customer solve their problems without even needing your help. That saves them time that goes into the back-and-forth.

How no-code helps

Take Amplitude for instance. It’s a no-code data analytics tool used to track user behavior and build great experiences to improve customer retention. All you have to do is set up a dashboard for a feature whose usage you want to track. It also lets you measure the impact or A/B test a feature. And it doesn’t require any coding at all.

Customer satisfaction score

A customer satisfaction score (CSAT) is used to understand how customers feel or how satisfied they are with a specific interaction or experience with your product.

Companies use CSAT mostly after support interactions, completing the sales process, sales interactions, setting up or using a product, etc.

A survey by Zendesk shows that 81% of consumers say a positive customer service experience increases the chances of them making another purchase.

3 quick tips to improve it:

  • Lower wait times - Customer satisfaction suffers as a result of long wait times. You can't give excuses like excessive phone traffic, understaffing, or the holiday season. You must anticipate such events and take precautions accordingly.
  • Training your teams - Well-trained teams are better at dealing with and resolving customer issues. Teams that have been trained have a superior track record and boost customer satisfaction and loyalty greatly.
  • Help them across mediums - Share videos, documents, support material, audio clips, etc., to resolve small issues on their own. Because you don’t know what they prefer. So it’s better to have everything in your arsenal.

How no-code helps

For example, Mailmodo is an email marketing tool with a drag and drop editor to create interactive emails with personalized and dynamic content on the fly. You don’t need any coding knowledge. It also has widgets like the Star Rating widget which you can use to ask for feedback on a specific feature.

Monthly recurring revenue (MRR)

Monthly Recurring Revenue (MRR) is a measure that shows how much money customers pay each month for a product or service subscription.

MRR can provide important information about sales and cash flow patterns. It's also used to calculate CLV (customer lifetime value), forecast future revenue, evaluate ASP (average selling price) trends, and more. 

How no-code helps

For example, Stripe is a no-code payment platform that deals with recurring payments and subscription business models to reduce churn. They use APIs to quickly set up recurring billing and automatic payments for your business. You can design your own payment form on your site using its vast, prebuilt no-code UI components.

Wrap up

By comparing these KPIs over a period of time, the product manager can know the rate of success or failure of the app and identify the scope for improvement. The challenge is how quickly you can move once the scope for improvement is identified. 

That’s where the no-code tools step in. They are flexible and error-friendly and let you switch up your app’s UI or UX of your own volition.

If you are looking for a no-code solution Hubler is a DIY no-code app builder which lets you build any apps you want. 

Some of the pre build solutions built on Hubler are expense management, asset management, lease management, and procure-to-pay.

Interested in learning more? book a demo with us or email us at connect@hubler.mobi

Related read: How No-code Can Help Product Managers in Building Great Products

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