Success Metrics for New Products

How do you know when your product launch is successful? Is it sufficient to turn the feature flag on then go celebrate? Probably not. You need to have some predefined success metrics and an idea of how you’re going to measure them. Here are some suggestions on the type of metrics you can use to tell you when it’s time to celebrate your successful launch.

How to measure the success of your last product launch. Time and money are just two elements required to pull off a successful product launch. Get the launch right and it’s worth your investment in both. To avoid wasting time and money, Brian De Haaff suggests that you should establish your goals for the lunch before you start any work. In this article, Brian explains how to identify your goals and how to measure whether you reached those goals.

(via @bdehaaff)

How to set metrics for product launches. Paul Koullick describes a product development technique called ‘drawing a line in the sand’. Before you release any new product or feature, set a measurable target that determines whether or not your release was successful. The concept sounds simple, but few product teams actually do it. Paul explains why your product team should draw a line in the sand and how to go about doing it.

(via @Amplitude_HQ)

8 essential metrics for measuring product-led growth. Successful product-led companies have tight alignment across cross-functional teams. One powerful way to create alignment is by settling on the right set of metrics. Metrics provide a common language and reporting system that cross-functional teams can rally around, ultimately helping all departments navigate toward the same goal. In other words, the right product-led growth metrics don’t just help you measure success, they help you create it. Katryna Balboni takes a look at some of the most important SaaS metrics for measuring and monitoring product-led growth.

(via @katryna_balboni)

15 Key product management metrics and KPIs.  To deliver the most value, encourage your return and loyalty, executives of several companies like to be data informed. They start their weeks by looking at metrics – pieces of quantifiable data that illustrate the changes in revenue and customer behavior. The folks at Altexsoft introduce you to metrics and KPIs you can use to track your product success. While these metrics give you the knowledge, the real power lies in how you learn from them, how you interpret, hypothesize, and spark change.

(via @AltexSoft)

The secret to product launch success: 12 KPIs you should track.  According to Harvard Business School, about 95% of all product launches each year fail. The number one reason so many new products fail is because companies don’t adequately prepare to go to market. This includes not establishing relevant, realistic, and measurable key performance indicators (KPIs). Ellie Mirman explains that one way you can prepare for your next product launch is to establish clear, realistic, and measurable goals. Those goals can focus on things like revenue, price point, the number of total sales needed to meet revenue goals, number of needed prospects, leads and conversions, and the number of sales expected from new vs. repeat customers.

(via @crayon)

Kent McDonald
kentjmcdonald@gmail.com

Kent J McDonald writes about and practices software product management. He has IT and product development experience in a variety of industries including financial services, health insurance, nonprofit, and automotive. Kent currently practices his craft for a leading agriscience company and provides just in time resources for product owners and business analysts at KBP.media and Product Collective. When not writing or product managing, Kent is his family’s #ubersherpa, listens to jazz and podcasts (but not necessarily podcasts about jazz), and collects national parks.