Minimum Viable Feature (MVF) is the smallest possible version of a feature that delivers value to users and allows for meaningful feedback collection. Crucial for rapid iteration in product development, enabling teams to validate ideas quickly and efficiently while minimizing resource investment.
The rate at which employees leave a company and are replaced by new hires, often used as a measure of organizational health and stability. Essential for understanding workforce dynamics and designing strategies to improve employee retention.
The loss of customers over a specific period, also known as customer churn. Important for understanding and addressing customer retention issues.
The percentage of users who continue to use a product or service over a specified period, indicating user loyalty and engagement. Essential for assessing the effectiveness of user retention strategies and improving user experience.
Key Performance Indicators (KPIs) are quantifiable measures used to evaluate the success of an organization, employee, or project in meeting objectives for performance. Essential for tracking progress, making informed decisions, and aligning efforts with strategic goals across various business functions, including product design and development.
A strategic research process that involves evaluating competitors' products, services, and market positions to identify opportunities and threats. Essential for informing product strategy, differentiating offerings, and gaining a competitive advantage in the market.
The speed at which leads move through the sales funnel. Crucial for understanding and optimizing the sales process.
The reduction in sales of a company's existing products due to the introduction of a new product by the same company. Crucial for understanding product strategy and market impacts of new product introductions.
Bottom of Funnel (BoFu) refers to the stage in the sales funnel where prospects are close to making a purchase decision. Important for tailoring marketing and sales efforts to convert leads into customers.
Business Intelligence (BI) encompasses technologies, applications, and practices for the collection, integration, analysis, and presentation of business information. Crucial for making data-driven decisions and improving business performance.
Organizational Change Management (OCM) is the process of managing the people side of change to achieve desired business outcomes. Essential for ensuring successful implementation of changes within an organization.
Minimum Viable Product (MVP) is a version of a product with just enough features to be usable by early customers who can then provide feedback for future product development. Essential for validating product ideas quickly and cost-effectively, allowing teams to learn about customer needs without fully developing the product.
Minimum Viable Experience (MVE) is the simplest version of a product that delivers a complete and satisfying user experience while meeting core user needs. Essential for rapidly validating product concepts and user experience designs while ensuring that even early versions of a product provide value and a positive impression to users.
A method of comparing two versions of a webpage or app to see which performs better in terms of user engagement or conversions. Crucial for designers and product managers to test variations and optimize user experience and performance.
The process of designing intuitive navigation systems within a digital product that help users easily understand their current location, navigate to desired destinations, and efficiently complete tasks. Crucial for enhancing user experience, reducing cognitive load, and ensuring users can achieve their goals seamlessly.
The path taken by a user to complete a task on a website or application, including all the steps and interactions along the way. Essential for designing intuitive and efficient user experiences.
Minimum Marketable Feature (MMF) is the smallest set of functionality that delivers significant value to users and can be marketed effectively. Crucial for prioritizing development efforts and releasing valuable product increments quickly, balancing user needs with business objectives.
Specific and less common keyword phrases that visitors are more likely to use when they are closer to making a purchase or when using voice search. Important for targeting niche markets and improving SEO with highly specific search terms.
The spread and pattern of data values in a dataset, often visualized through graphs or statistical measures. Critical for understanding the characteristics of data and informing appropriate analysis techniques in digital product development.
Large Language Model (LLM) is an advanced artificial intelligence system trained on vast amounts of text data to understand and generate human-like text. Essential for natural language processing tasks, content generation, and enhancing human-computer interactions across various applications in product design and development.
The SEO value or authority passed from one website to another through hyperlinks, influencing the search engine ranking of the linked site. Important for understanding and leveraging the impact of links on SEO performance.
Customer Relationship Management (CRM) is a strategy for managing an organization's relationships and interactions with current and potential customers. Essential for improving business relationships and driving sales growth.
Cost Per Click (CPC) is an online advertising model where the advertiser pays each time a user clicks on their ad. This model is crucial for measuring and optimizing the effectiveness of online advertising campaigns.
Product Development is the process of bringing a new product to market or improving an existing one. Crucial for innovation, meeting customer needs, and maintaining a competitive edge.