What is the product engagement score?
The product engagement score (PES) is a key metric that provides insights into how users are interacting with your product. It is a composite score, made up of three elements:
Adoption: The average number of Core Events adopted across all active Visitors or Accounts
Stickiness: The average of the percentage of weekly active users who return daily (DAU/WAU), or the percentage of monthly active users who return daily (DAU/MAU) or weekly (WAU/MAU).
Growth: The sum of new and recovered Accounts or Visitors divided by dropped Accounts or Visitors (also known as the Quick Ratio)
By understanding how these three elements work together, you can get a clear picture of user engagement with your product and identify areas for improvement.
The product engagement score was created to help give product managers an easy way to quickly diagnose how a product is performing by measuring different product metrics in a straightforward way, as opposed to other methods like calculating sentiment with NPS. Different product metrics can be difficult to measure and compare, but the product engagement score provides a simple solution for PMs.
How do you calculate product engagement score(PES)?
When it comes to product engagement, there are a few key metrics that you can keep track of in order to calculate a score. These metrics could include things like time spent on a product, number of features used, number of sessions, and more. By tracking these engagement metrics, you can get a better idea of how users are interacting with your product and whether or not they are finding it valuable.
(Adoption + Stickiness + Growth) / 3 = Company Average
Why is it important to track product engagement?
Tracking product engagement is important for a variety of reasons. By understanding how customers interact with your product, you can make informed decisions about how to improve the product experience. Additionally, engagement data can help you identify opportunities for new features or products. Finally, engagement data can also be used to assess the health of your product and business.
The product engagement score (PES) is one way to measure product engagement, and one of its main advantages is that it allows you to understand the reasons behind changes in engagement. For example, if your PES suddenly drops, you can look at the three metrics that make up the score to see which one has decreased. By combining this analysis with customer feedback and in-app messages, you can create a cycle of measuring usage, making improvements, and iterating based on user feedback – all of which lead to a better overall experience.
How can I Improve PES?
There are a few things you can do to improve your product engagement score. Make sure you’re tracking the right metric for your business goals, and be sure to keep an eye on your competition. You can also try different messaging or position strategies to see what works best for your product.
Here are three ways to improve your overall PES:
- Improve your adoption rate
- Make your product more sticky
- Focus on growth metrics