3 minute read
Are you going to market with the right product launch goals? You can’t measure the success of your launch without first setting goals. Let’s look at how you can set measurable launch goals.
You’re a product manager and you’ve been working hard on your next product launch. You’ve been putting in the blood, sweat and tears it takes to see things go off without a hitch. Your product plan is glorious. Every deliverable was well defined. The activities are noted. The interdependencies are evident in the Gantt chart. You have the very best people on your cross-functional product launch team.
You’ve thought of everything it takes for a successful product launch. You are set…or are you?
Getting a product to marketing is one thing, but do you and your product team know what a successful product launch looks like? How will success be measured by the executive team?
Let’s look at how you can create product launch goals and always know how to measure the performance of your launches.
Setting Product Launch Goals
What does it mean for your product launch to be successful? Is it enough that it hits the shelves or gets into the collective hands of your customers on time? What numbers would make your executive team happy? If you can’t answer any of these questions, you’re not alone.
Many companies become so fixated on getting “stuff” done in support of a product launch that they lose sight of what’s important, which is achieving business goals. You cannot achieve product launch goals without pausing first to understand the overarching goals the product is trying to achieve. Once you have done this, you can identify metrics that let you see if the product is successful or not.
Product launch goals examples
Imagine that you’re introducing a new product which the executive team expects to add to the top and bottom line of the business. Chances are that they have a specific set of numbers in mind that indicate a strong performance for that product such as:
• $3.2 million in incremental revenue
• 17% increase in margin
• 78% to 85% increase in customer renewal rate
In addition, they want to establish a beachhead in a new market segment by landing three blue chip customers.
Having these clearer expectations is a helpful starting point because you can translate them into metrics that can be used to track product launch progress. What metrics could you use to track progress if the executive team is expecting $3.2 million in incremental revenue and want to establish credibility in the market segment? The revenue might seem obvious, but what if there is a long sales cycle? Or if the market segment is risk-averse and needs customer references?
To support the revenue goal, you could focus on growth in the pipeline. That is, are we driving interest in our new product to a level that gets participants in the market segment to engage and consider it as the answer to their problem? You would also want to focus some energy on finding buyers that are representative of the new market segment that would be good candidates for customer references. These could help drive revenue in risk-averse market segments and provide evidence of the beachhead the executives are looking to establish.
You might consider keeping the initial product launch activities relatively low key until the early adopters convert into references. This will avoid wasting the product launch budget. Later on, you can make a bigger splash and use your initial success with your “launch customers” way to provide an element of safety for the majority of buyers in the new market segment.
A successful product launch isn’t just about hitting the market on time—it’s about aligning your launch objectives with the broader business goals and tracking the right performance metrics. By focusing on clear, measurable outcomes that the executive team values, like revenue growth, margin improvements, or new customer acquisition, you’ll ensure that your product launch is not just an isolated event but a pivotal moment in the company’s growth. In the end, it’s not just about getting the product out there; it’s about positioning it—and your team—for long-term success.
What are your product launch goals?
Learn more about tracking product launch goals in this helpful article.
