We cannot predict whether the product is growing or not based upon the social media followers or likes since it is not sure whether those who are following the social media pages of this application are real active users.
2) Total number of app downloads in play store and ios store.
Doctors who are downloading this application may not be active users, they may uninstall it in a short time period if they are not interested.
3) Percentage of promoters to the percentage of detractors.
Even though it seems like this can provide enough details about whether a product is growing or not but it is a vanity metric. If we conduct surveys for users we will get a clear picture whether they are promoting or not, but surely we cannot determine whether the product is on track based upon this number.
1) No of monthly/daily active users
From these metrics we can ensure that whether the product is growing or not. If this application has more no of active users with respect to total user base, we can conclude that product is on the right track else we need to make immediate changes.
2) percentage of increase in the new patient records added to this application compared to previous month.
3) Total no users converted from free to paid subscriptions.
These metrics really help us to determine whether it is generating revenue, if there are more users converted from free to paid subscriptions compared to previous years we can say the product is showing signs of growth.
One example for SAAS metric
Customer retention rate
For example we are calculating the retention rate for this medical app for the period of August 2020.
number of customers at the end of the August (E) = 20000 number of new customers added on August(N) = 30000 number of customers at the beginning of August(S) = 18000
Then customer retention rate for month of August is =