Producter Glossary is a product management glossary for beginning and seasoned product managers. This blog series delivers thorough and informative material to support your product management journey, whether you're wanting to improve your understanding of product management ideas or searching for useful strategies.
Customer Retention is the repeating of purchase after the subscription period of the people who purchased your product before. The opposite of the Customer Retention Rate is Churn Rate.
A customer journey map is a powerful visual tool that can help you understand your customers’ experience with your company and identify areas for improvement. In this guide, we’ll discuss what a customer journey map is, how to create one, and the benefits of using one.
Idea management is the process of generating, capturing, and developing ideas. It helps organizations to identify and track new ideas, as well as assess and prioritize them. Idea management can also involve managing idea submissions from employees or customers.
Retention rate is a metric that measures the percentage of users who continue using a digital product over a given period of time. User retention rate is an important metric for businesses to track, especially those that rely on digital products to generate revenue.
The phrase "feature factory" is commonly used in product management, but it's usually intended as an insult. It implies that the company cares more about creating features than solving customers' issues.
In software development, velocity is a measure of the amount of work a team can complete in a particular time frame. It's important to manage velocity effectively in order to ensure your projects stay on track.
A/B testing, commonly referred to as split testing, is a marketing experiment in which you divide your audience in half to test various campaign iterations and see which one performs best.
Derived from butter churn, the word "churn" is defined as the percentage of customers who leave a company within a specific period of time. Customer churn can be a major problem for businesses because it can lead to a decline in revenue and profit.
Epics are large, high-level user stories that can be broken down into smaller, more manageable tasks. They are typically used in agile software development to help multiple teams identify and track progress on large features or projects.
CAC is a measure of how much it costs to acquire a new customer. To calculate CAC, divide the total cost of acquiring new customers (marketing expenses, sales expenses, etc.) by the number of new customers acquired.
Conversion rate is a measure of how often visitors to a website take a desired action, such as making a purchase or signing up for a newsletter. The higher the conversion rate, the more effective the website is at converting visitors into customers or subscribers.
Retrospectives are meetings that are typically held at the end of a project or sprint, in order to reflect on what went well and what could be improved. The goal of a retrospective meeting is to learn from past experiences and improve future performance.
Communities are an essential element in supporting product growth. Communities provide some services to customers, albeit in a limited capacity, to reach a wider audience and expand features. (rules set by communities)
A roadmap milestone is a date that specifies an event or deadline that the product manager wants the team to be aware of. They exist to highlight internal and external goals.
An organization’s life cycle should be built around the customer. A customer-centric approach begins with determining what clients need and how they want to interact with your company.
