Blended Metrics
A blended metric, or composite metric, is an aggregated measure of an overall value or performance. This metric can be derived from the analysis of multiple individual metrics to provide an overall understanding of a product’s health or performance. Product managers may turn to blended metrics to gain a more comprehensive understanding of their product’s success or failure, rather than relying on only one single metric.
The purpose of a blended metric is to offer a more holistic approach to evaluating a product’s performance, rather than relying solely on a single metric. This can be especially valuable when multiple metrics are used to measure different aspects of a product. By combining these individual metrics into a single blended metric, the product manager can gain a better understanding of the big picture.
For example, a product manager may want to evaluate the success of a new feature launch. To do this, they might track multiple metrics such as the number of downloads, the number of active users, the average daily users, and the average session time (AST). By combining these metrics into a blended metric, the product manager can gain a more comprehensive understanding of the feature’s success or failure. A blended metric could be calculated to show the percentage of users who are actively using the feature, or the average session time per user. This blended metric would give the product manager a better understanding of the overall engagement with the feature.
Blended metrics can also be used to measure customer loyalty or satisfaction. For example, a product manager might track customer satisfaction metrics such as the number of reviews and ratings, the Net Promoter Score, customer complaints, and customer support requests. By combining these metrics into a single blended metric, the product manager can gain a better understanding of the overall customer satisfaction with their product.
Finally, blended metrics can be used to evaluate the overall performance of a product. For example, a product manager might track metrics such as the number of downloads, revenue, user activity, customer satisfaction, and engagement. By combining these metrics into a single blended metric, the product manager can gain a better understanding of the overall health of the product.
Overall, blended metrics can offer a comprehensive understanding of product performance and success. By combining multiple individual metrics into a single blended metric, product managers can gain a better understanding of the big picture. This can help them make more informed and data-driven decisions when it comes to product development and management.