Measuring platform outcome
Measuring the outcome is crucial for the growth and success of anything built, which is valid for platforms too. Success would be different for each product or platform, and it would also change based on the phase in which your platform finds itself. Hence, measuring the right things that would define the success of your platform is vital.
Measuring the performance starts with defining the success criteria or the goals of your business, identifying the metrics that can track those goals, defining targets for the identified metrics, collecting the data, and finally analyzing and comparing the results against the success criteria. The following diagram demonstrates these steps:
Figure 8.1 – Outcome measurement steps
The preceding diagram illustrates various steps of the performance tracking process. It is an iterative process, as the goals would be different in the different phases of the business. For example, the goals during...
