Key metrics for consumer IoT platforms

#1

There are a lot of key metrics defined for consumer mobile and web products.

Consumer IoT products would be a combination of digital and physical products.

Any insights on what metrics to look at in combination?

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#2

This is a really nice topic. I think for consumer IOT products, the following combination might give a certain level of insight:

  1. Behavior - This is a qualitative metric, but analyzing the percentage of the number of times a person visits a page talking about a particular IOT product could be an indicator of the customer base
  2. Another metric could be the conversion rate. Lets say someone is searching for an IOT product available on Amazon or E-bay or Flipkart,
    a. How long does the person spend reading about the product
    b. After hitting the product page, what other searches are performed
    c. Finally, how long it takes this person to place the product in the cart and checkout
    Data for this method is easily available when a person makes an online purchase
  3. For in-store purchases, these are the metrics I would consider:
    a. How many pieces of the IOT product was sold
    b. How many of the pieces sold, were indeed bought for someone else (demographics and price sensitivity is what I would look to collect here)
    c. How many of the people who bought the product, came into the store to buy something else(that would give an idea of complementary products that could be paired with the IOT product)
  4. For the intangible aspect of the product, I guess the metrics that would work are:
    a. Software downloads
    b. No. of times software is used
    c. What kind of device the software is being accessed from
    d. Number of visits per screen
    e. Session analysis

I know this reply is all over the place. But you know what all of us on this community should do? Post their thoughts on this topic, and then one of us(I would be more than happy to help) should consolidate all this and publish it as an article on LinkedIn or some other trending websites or magazines. I am looking forward to seeing what other metrics could be measured.

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#3

Frankly speaking it’s very easy to get lost into Vanity metrics without really understanding the use case of the product. Key metrics should be based on business goals & the state of the company (trying to find product/market fit, growth phase, saturation etc.) @primukh26 has done a good job describing metrics for a few scenarios.

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#4

@rohitshukla if you are satisfied with an answer, you can always mark it so by clicking on the checkbox below the answer. See the image - second icon from right.

01 AM

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#5

IMO, metrics are meaningful basis the goals they are supposed to refer. Think of them as the milestones when you are on your journey towards a destination. The destination being the goal.

I typically look at goals, define the signals which will indicate that we are meeting our goals and then define the metrics to quantify the signals. An easy way to remember this will be GSM > Goals, Signals and Metrics.

With this as context, giving a broad answer will not help since the metrics will depend on the industry and application of IoT. Is it a home automation application or supply chain or something else for instance. @rohanaranha do you have a specific application in mind?

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