A product launch is a business's planned and coordinated effort to introduce the product or service to the market. The goal of these product launches is, building anticipation and getting the target market excited about using the product.
Plus, these launches help in gathering user feedback about the product, find early adopters, and create momentum and recognition for the company in the market. Ideally, these product launches are done for a brand-new product you're launching or a new product feature you want to get eyeballs on.
Setting Launch Goals
Make sure to set goals that are clear, measurable, and defined by a timeframe. Here are a few goals that you can start with:
- Determine the total revenue.
- Calculate the number of customers required.
- Understand your sales-win rate ratio.
Setting Campaigns Before The Official Launch Day
Starting the campaigns weeks before the product launch day is also called pre-launch. The goal of setting a pre-launch campaign is to create hype among the relevant audiences. This way, by the time the product is launched, they’ll be excited to try out the product — bringing you initial users.
Few tactics to set the stage for your pre-launch strategy:
- Create a lead generation landing page where people can pre-register themselves to get the launch updates.
- Release teasers sharing about the product launch, or a specific feature of the product to get people excited.
- Build hype through influencer content (can share about the product on social media, or email list).
- Connect with niche communities where you can introduce your product to the community audience and receive feedback.
Tracking Product Launch Metrics
With the help of product launch metrics, you can determine how your product launch performs. This will help you understand your launch’s progress. Here are the metrics you must track for a successful launch:
- Number of signups to product waiting list: By tracking this metric, you’ll know the number of people who are interested in using your product when the product launches officially.
- K-factor: Also called as viral coefficient, this is a referral marketing metric that indicates the effectiveness of your referral marketing efforts. By tracking this metric, you’ll get to know how effective your referral marketing program is, and whether you should tweak your marketing strategy or not.
- Revenue: By tracking this metric, you’ll know the total revenue you have made with the launch. This will help you measure your overall product launch success.
- Social media engagement rate: By tracking this metric, you’ll know the effectiveness of your social media campaigns. Some of the engagement metrics you should focus on include views, comments, shares, and saves. However, you may want to consider getting help of experts with the right analytic tool if your goal is to grow this channel for better brand awareness.
- Number of paying customers: By tracking this metric, you’ll know whether you’re able to meet your revenue goal, or not. If not, this metric will help you determine how many more paying customers you need to achieve your revenue goal.
- Customer retention rate: By tracking this metric, you’ll be able to determine customer loyalty, and how many users in your customer base continue using your product, and why.
- NPS: While a product launch can be a whirlwind, capturing user sentiment early is crucial. An NPS survey shortly after users start interacting with your product can reveal initial impressions and areas for improvement. We recommend using Usersnap to set up an NPS survey.
