A product health check is an excellent, cost-effective way to get a reading on your product. It consists of a complete audit of revenue generation history, profitability, end-user experiences, market fit, and competitive positioning — the vital signs of your product.
If one of these elements aren’t performing well, the entire product's potential is stunted or worse, could fail.
The health check is run over five to ten days, depending on how mature the product is and the last time one was performed. The output of the report will essentially :
Identify Problems and suggest fixes
Document quantitative research studies
Document qualitative interview results
Provide actionable insights so you can focus your efforts
Unfortunately, I can't share any previous client examples as most of the content is commercially sensitive. But here is a template of the report I usually follow (I know it's lame!) <<<DOWNLOAD HERE>>>
The key to a successful product health check-up is data. To effectively plan for a product’s future, you can’t rely on intuition or assumptions to make decisions. You need metrics and feedback from real people. This data can come from both primary and secondary sources.
Gather Customer Feedback
In order to identify consumer preferences and buying trends that could affect your product’s health, we collect data so we can understand their preferences and buying habits. Without that data, you can’t make decisions effectively. Therefore, market research is a critical first step of any product health check. We survey both your existing customer list and conduct a consumer panel survey to understand what your overall target audience thinks about your product.
Collect Team Feedback
In addition to collecting customer feedback, we gather feedback from your employees. Use online survey tools to ask employees questions that will help you improve your product. Their insights are valuable.
Quality Assurance Testing
We take a look at your backlog and see what errors have been reported and validate the data.
We gather competitor research data in two ways. Firstly, we use secondary sources such as websites, marketing materials, and so on to collect information. Secondly, we survey consumers to gather their insights on your competitors’ products. No business and no product exists in isolation, so we evaluate them as part of the market analysis.
We validate your key performance metrics (KPIs) making sure they are well-defined and quantifiable. Tracking financial metrics like profit and cost of goods sold, customer metrics such as customer lifetime value and net promoter score, process metrics like percentage of product defects and customer support tickets, people metrics such as employee turnover rate and employee satisfaction, and other stakeholder metrics as appropriate.
Analysing the data and making it actionable.
Product health checks should be run on a quarterly basis. The longer you go between product health checks, the more opportunities you could miss and the more problems could arise without your knowledge. Your product’s long-term success depends on it.