Market Requirements Document (MRD) is a comprehensive document that outlines the market's needs, target audience, and business objectives for a product. It serves as a crucial tool for aligning product development efforts with market demands and business goals, ensuring that the final product meets customer needs and achieves market success.
The loss of customers over a specific period, also known as customer churn. Important for understanding and addressing customer retention issues.
Lifetime Value (LTV) is a metric that estimates the total revenue a business can expect from a single customer account throughout their relationship. Crucial for informing customer acquisition strategies, retention efforts, and overall business planning by providing insights into long-term customer profitability.
The use of statistical techniques and algorithms to analyze historical data and make predictions about future outcomes. Important for optimizing marketing strategies and anticipating customer needs.
A marketing strategy where affiliates earn a commission for driving sales or traffic to a company's website. Crucial for product managers and marketers to expand reach and drive sales through partnerships.
A metric used to evaluate the trustworthiness of a website based on the quality of links pointing to it, often used in SEO. Crucial for improving website credibility and search engine rankings.
The ability of consumers to remember a brand when prompted by a product category. Crucial for understanding brand strength and effectiveness in marketing.
A symbol, word, or words legally registered or established by use as representing a company or product. Crucial for protecting brand identity and ensuring legal rights to brand elements.
A process by which users are automatically enrolled into a service or program, often used to increase participation rates. Useful for increasing user engagement and participation in services and programs.
The degree to which a product satisfies strong market demand, often considered a key indicator of a product's potential for success. Essential for validating the viability of a product in the market and guiding strategic decisions.
The process of combining multiple products or product lines into a single offering to streamline operations and reduce complexity. Useful for optimizing product portfolios and improving operational efficiency.
A market in which vendors offer goods and services specific to an industry, trade, profession, or other group of customers with specialized needs. Important for developing targeted digital products that cater to the unique requirements of specific industries or sectors.
The level of sophistication and integration of design practices within an organization's processes and culture. Essential for assessing and improving the effectiveness of design in driving business value and innovation.
The initial interaction a customer has with a brand. Important for understanding the beginning of the customer journey.
The financial performance of a product, measured by its ability to generate revenue and profit relative to its costs and expenses. Important for assessing the financial success of a product and making informed business decisions.
A comprehensive analysis of a website to assess its performance in search engine rankings and identify areas for improvement. Essential for diagnosing and enhancing a website's SEO performance.
A thorough examination of a brand's current position in the market and its effectiveness in reaching its goals. Important for assessing brand health and identifying areas for improvement.
A cognitive bias where people underestimate the influence of emotional states on their own and others' behavior. Crucial for designers to account for varying user emotional states in experience design.
The study of psychology as it relates to the economic decision-making processes of individuals and institutions. Essential for understanding and influencing user decision-making and behavior in economic contexts.
A research method that focuses on collecting and analyzing numerical data to identify patterns, relationships, and trends, often using surveys or experiments. Essential for making data-driven decisions and validating hypotheses with statistical evidence.
Customer Experience Management (CEM) is the process of managing and improving the interactions and experiences customers have with a brand across all touchpoints. This process is essential for building strong customer relationships and enhancing brand loyalty.
The practice of linking one page of a website to another page on the same website, improving navigation, user experience, and SEO. Essential for enhancing website structure, user engagement, and search engine optimization.
The percentage of users who continue to use a product or service over a specified period, indicating user loyalty and engagement. Essential for assessing the effectiveness of user retention strategies and improving user experience.
The study of how new ideas, products, and processes are developed and brought to market. Essential for fostering creativity and ensuring the continuous improvement and relevance of products.
The percentage of users who take a specific action that signifies they are engaging with a product or service. Important for measuring user engagement and the effectiveness of onboarding processes.
Customer Advisory Board (CAB) is a group of key customers who provide feedback and insights to a company to help guide its strategic decisions. This group is crucial for aligning products and services with customer needs and expectations.
Content designed to attract clicks by using sensational or misleading headlines. Important for recognizing and avoiding practices that can harm user trust and content quality.
The extent to which individuals or organizations plan for and consider the long-term consequences of their actions. Crucial for designing strategies and products that are sustainable and adaptable over time.
The likelihood that a customer will continue to buy from a particular company or brand over time. Crucial for maintaining a stable customer base and ensuring long-term business success.
A principle often used in behavioral economics that suggests people evaluate options based on relative comparisons rather than absolute values. Important for understanding decision-making and designing choices that highlight beneficial comparisons.
A cognitive bias that leads individuals to prefer things to remain the same rather than change, often resisting new options or changes. Crucial for understanding resistance to change and designing strategies to overcome it among users.
The speed at which leads move through the sales funnel. Crucial for understanding and optimizing the sales process.
A set of fundamental principles and guidelines that inform and shape marketing practices. Crucial for maintaining consistency and ensuring high-quality marketing outcomes.
A strategic framework that designs user experiences to guide behavior and decisions towards desired outcomes. Crucial for creating effective and ethical influence in digital interfaces.
An approach to design where content is prioritized and designed before other elements like layout and visual design. Crucial for ensuring that the design supports and enhances the content.
The process of turning potential customers into paying customers, often measured by the conversion rate. Essential for understanding and optimizing the customer journey.
A phenomenon where users perceive greater value in a service or product if they believe more effort was involved in its creation or delivery. Important for enhancing perceived value and user satisfaction.
The tendency for people's perception to be affected by their recurring thoughts at the time. Important for understanding how current thoughts influence user perception and decision-making.
The practice of guiding and inspiring teams to create effective, user-centered design solutions that align with business goals. Crucial for fostering a culture of innovation, collaboration, and excellence in design practices within organizations.
The value a brand adds to a product or service beyond the functional benefits, encompassing factors like brand awareness, perceived quality, and customer loyalty. Crucial for understanding the long-term value of a brand and its impact on business success.
A statement that explains the unique value a product or service provides to its customers, differentiating it from competitors. Essential for communicating the benefits and advantages of a product to attract and retain customers.
Click-Through Rate (CTR) measures the percentage of users who click on a specific link out of the total users who view a page, email, or advertisement. This metric is important for assessing the effectiveness of digital marketing campaigns and user engagement.
A marketing strategy that uses user behavior data to deliver personalized advertisements and content. Important for improving user engagement and conversion rates by providing relevant and timely information to users.
A cognitive bias where people ascribe more value to things merely because they own them. Useful for understanding user attachment and designing persuasive experiences.
A psychological effect where exposure to one stimulus influences the response to a subsequent stimulus, without conscious guidance or intention. Crucial for designing experiences that subtly guide user behavior and decision-making.
The extent to which consumers are familiar with a brand and can recognize it. Crucial for establishing a strong market presence and driving customer acquisition.
A self-regulation strategy in the form of "if-then" plans that can lead to better goal attainment and behavior change. Useful for designing interventions that promote positive user behaviors.
The study of how information is transmitted and received, including the processes and methods that facilitate communication. Important for designing effective communication strategies and user interfaces.
The study of how psychological influences affect financial behaviors and decision-making. Essential for understanding and influencing financial decision-making and behavior.
A metric that predicts how well a specific page will rank on search engine result pages (SERPs). Important for understanding and improving a webpage's search engine performance.
The rate at which employees leave a company and are replaced by new hires, often used as a measure of organizational health and stability. Essential for understanding workforce dynamics and designing strategies to improve employee retention.
A cognitive bias where people judge the likelihood of an event based on the size of its category rather than its actual probability. Crucial for designers to understand how category size influences user perception and decision-making processes.
Easy, Attractive, Social, and Timely (EAST) is a behavioral insights framework used to influence behavior. Important for designing interventions and user experiences that effectively change behavior.
A cognitive bias where consumers change their preference between two options when presented with a third, less attractive option. Useful for designers to create choice architectures that effectively influence user decisions.
A cognitive bias where individuals strengthen their beliefs when presented with evidence that contradicts them. Important for understanding user resistance to change and designing strategies to address and mitigate this bias.
The discrepancy between what people intend to do and what they actually do. Crucial for designing interventions that bridge the gap between user intentions and actions.
A strategic approach where multiple potential solutions are tested to identify the most promising one. Crucial for innovation and reducing risk in decision-making.
A cognitive bias where people disproportionately prefer smaller, immediate rewards over larger, later rewards. Important for understanding and designing around user decision-making and reward structures.
The set of human characteristics associated with a brand, which shape how consumers perceive it. Important for creating a relatable and engaging brand identity.
A cognitive bias where people underestimate the complexity and challenges involved in scaling systems, processes, or businesses. Important for understanding the difficulties of scaling and designing systems that address these challenges.