Product glossary
A list of helpful product terms and definitions
Coming soon
The total number of customers who decide to stop using your product within a given time period. This is also referred to as attrition rate. Churn rate = (Lost customers / Total number of customers at the beginning of the period) x 100
The flow of cash that moves in and out of a business. Among many reasons, it is tracked to ensure that expenses can be managed as a business grows.
A corporate title for the individual who leads the entire product strategy, execution, and product team for a corporation. This is one of the highest titles that a product manager can reach in their career.
An understanding of what gives your product or business an edge over the competitors in your market.
An analysis of the strengths and weakness of your product (and company( against those of the competitors in your market.
The entire experience that a customer has throughout their journey with a product and business. This starts from a customer realizing that they need a solution to a problem they are facing and factors in the tools, processes, and resources that the entire business uses to support them as they use the product.
Sharing and assessing various concepts with the goal of determining which one(s) your team will invest further time and energy into.
A software development term that refers to when changes to the code base (new features, enhancements, bug fixes) are automatically deployed to an environment (like a staging environment).
A software development term that refers to when code that passes automated tests are immediately pushed to production for customers and users to experience the benefits.
A software development term for when developers merge changes to the code base to the main branch as soon and often as possible.
A metric that combines urgency and value and is used by product managers to prioritize initiatives. It is the financial impact of delaying a project (releasing a feature for example). Cost of delay = Expected weekly profit per week / # of weeks it will take to complete the project
A team that is comprised of employees from different areas/departments in a company.
The total cost that a company incurs to acquire a new customer. Customer acquisition cost = Total costs spent on acquiring more customers in a period / total number of customers acquired in the period the costs were incurred
A group of strategic customers that meet at regular intervals to share their advice and insights with a company.
A process by which one works with their customers to develop a product. Customer development is beneficial for helping product managers validate their assumptions and steer them in the right direction throughout the product development process.
Knowing your customers to the point where you have a solid understanding of their underlying needs, pains, and key motivations. Constantly putting yourself into the shoes of your customers to ensure that you are providing solutions that provide them with value.
Suggestions, improvements, thoughts, experience and general sentiment on a product.
Relied upon mainly by customer success teams, this metrics measures the relationship between a product (or company) and their customers. It communicates whether there is a healthy relationship between a company and customers (happy customers) or the relationship is at risk (which may lead to churn).
A visual depiction of each step that a customer/user takes as they interact with your product (or company) to accomplish a specific goal. This is also known as a User Journey Map.
Also referred to as Lifetime Value, this is the total amount of money that you expect a customer will spend on your products, services, or in your business, during their lifetime as a customer.
Ensuring that your customers reach their desired goals as they interact with your product, service, or company.
