Ever wondered how to track your impact on users and the business? Kate Pincott, our Mini-MBA teacher and Director of Product Design & Research at Multiverse (formerly Cleo), shares how Cleo, an AI assistant for personal finance with over 7 million users, has doubled its revenue every year since 2020.
Kate breaks down how to increase a company’s data maturity and set up meaningful experience metrics in five practical steps.
Let’s dive in 👇
When developing a product, it's tempting to focus on quick wins and short-term gains. However, research shows that this isn't always the best strategy in the long run. Companies that prioritise user experience alongside financial goals tend to grow more steadily and keep their customers happier.
As McKinsey & Company notes, aggressive cost-cutting or high-pressure sales tactics might boost short-term revenue but can lead to customer frustration and attrition over time. Google's research supports this—prioritising user happiness alongside financial goals sets you up for long-term success.
Experience metrics are tools that measure how well a design performs in real-world use and will help you to track your impact.
Experience metrics combine user and product metrics to show how users interact with and perceive your product, capturing the nuances of user behaviour, satisfaction, and engagement.
User Metrics include:
🟡 Behavioural: Task success rate, error rate, time-on-task, navigation paths, feature usage
🟡 Usability: Both behavioural and attitudinal aspects
🟡 Attitudinal: Net Promoter Score (NPS), System Usability Scale (SUS), Customer Satisfaction Score (CSAT)
🟡 Loyalty: Metrics that track user loyalty over time
Product Metrics include:
🟡 Performance: Page load time, error rates, system downtime, responsiveness
🟡 Engagement: Page views, bounce rate, session duration, frequency of use
🟡 Conversion: Conversion rate, abandonment rate, churn rate
PS: Watch out - balance is key. Managing product, business, and user metrics requires a delicate balance. Each provides unique insights, and when combined, they offer a holistic view of your product’s performance.
Identify how specific design elements contribute to customer outcomes, business outcomes, and ultimately, financial outcomes. For example:
🟡 UX Outcomes (e.g., Improved signup page)
🟡 User Outcomes (e.g., Reduced cognitive load)
🟡 Company Outcomes (e.g., Increased conversion rate)
🟡 Financial Outcomes (e.g., Increased revenue)
For instance, while A/B testing provides insight into immediate changes in user behaviour, it doesn’t offer much about shifts in user sentiment, which could influence long-term retention.
Similarly, NPS (Net Promoter Score) measures overall sentiment towards the entire customer experience, but it's a broad indicator that doesn't drill down into specific issues, like the usability or visual appeal of your app.`
Start by understanding where you currently stand and where you want to go. Begin by mapping out what you know about your users' attitudes and behaviours, both within the app and beyond it. Use these insights to clearly describe your present situation, identifying any gaps in your data that need attention. This will give you a solid foundation to define your desired destination and the steps needed to reach it.
🟡 Breadth of Insight: NPS, CSAT for broad user satisfaction and loyalty
🟡 Depth of Insight: SUPR-Q for a comprehensive view of usability, trust, aesthetics, and loyalty
🟡 User Effort: SUS for detailed usability insights
Ensure your chosen metrics are linked to customer outcomes, business outcomes, and financial outcomes. This alignment helps ensure that your efforts translate into tangible business success. Choose actionable metrics: select metrics that not only measure performance but also guide improvements.
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