How do you measure the success of product launch?

You don’t know if a launch was successful without quantifiable metrics. While every business will have different KPIs, these metrics are some of the most common metrics that will give you a sense of whether or not your product launch was a success.

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  1. Revenue: You’ll know your product launch was a winner if it generated revenue, especially if it generated a lot of it. If you’ve created a new online course, released a new clothing collection, or launched a new premium level for your project management software, you’ll be able to track the success of product launch via the revenue it generated.
  2. Market share: Another measurement is how well your product performs against competitors. If your product launch inspires customers to choose your brand over competitors, it’s a win.

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  1. User retention: If you’re launching a new feature or capability, you may measure the success of the launch by whether or not it increases your customer retention rate. Any seasoned business owner will tell you that it’s cheaper to keep existing customers than to attract new ones. So anything you can do to keep customers happy, and therefore keep their business, benefits the bottom line and is well worth your time and effort.
  2. Product trials: If you’re offering trials for a new product, trial sign-ups can indicate the interest in your product and how much traction your launch marketing had.
  3. Product usage: For subscription-based products, customer usage is an even stronger indicator of success than product trials. This is because while trial sign-ups are a good sign, they don’t mean anything if the customers never use the product. Product usage, on the other hand, tells you that not only did your product marketing appeal to the customer, the product is also meeting their needs.
  4. Leads generated: Generating leads is the first step towards generating revenue. You may not close every sale or convert every customer on the first contact, making leads a worthwhile KPI for many new product launches.
  5. Marketing channel metrics: Open rates on emails, click-through rates, and social media engagement can all indicate how well the messaging is working.
  1. Web traffic: You’ll want to measure how your website traffic changes (and hopefully increases) as a result of your product launch efforts. You’ll want to measure traffic to new product pages and any content related to the launch.
  2. Media coverage: If you have a major launch and you’re trying to get PR coverage, you’ll also want to include media mentions in your product launch KPIs. Media coverage can create awareness that’s ongoing (especially if your product is named in web content that itself has high search value and so makes it more likely that customers will continue to encounter it as time passes). If the mention also includes a link to your site, this can provide 2 additional benefits. It can directly convert to sales, and it also can contribute to your domain authority. Essentially, when Google sees other credible websites linking to your website, they consider your site to have more value, making it easier for you to rank in the search engine.
  3. Internal and external feedback: Feedback is the most nebulous of the metrics because it’s not as clearly quantifiable, but it’s nevertheless important. Pay close attention to feedback and where the trends are. Whether positive or negative, feedback from customers and employees can help you determine whether or not you’ve achieved your launch goal.

Published by Godfreykuma

Godfrey Kuma is a personal finance and business authority, who's inspiration has changed thousands of live and bring many from financial chaos to giant.

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