You’ve done it. You have successfully planned and launched your new product or service. But after you complete the hardest part, there is a final step. That’s when we come to the critical moment of evaluating a product launch.
After everything you have worked toward, it may seem easier to just let the results flow naturally. But there is so much to understand from your metrics. Did you sell as many of the new products as you planned and predicted? Did you get as many new clients for the new service as you needed? Is your new business attracting attention?
Whatever you are launching, you know that you have to develop a plan from the start. But then, there’s the season after the launch. Now you review your expectations with the final result is going to teach you everything you need to understand before the next launch. So get ready. There’s even more growth ahead.
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When you launch your new product, you have certain goalposts in mind. The reason we at Planify tend to point business owners toward their marketing funnel is that this helps with those goalposts. Throughout the funnel, you are gaining feedback from your audience through metrics.
For instance, did you include a big email marketing campaign in your launch? Was it a success? Did you achieve your objective? What percentage of subscribers opened the email? And what percentage of subscribers clicked the link in the email? What percentage of those who opened the email clicked?
These three percentages alone can tell you something. First, what percentage opened the email? If it was lower than expected, maybe your subject line wasn’t engaging enough. Or maybe they haven’t heard from your company in a while and forgot who you are.
What about the percentage of subscribers who clicked the link in the email? If your email opens were low, your clicks will also be low. But when you compare the click-through rate, you have more insight. Of those who actually opened the email, did many of them click on the link? If only 5% of subscribers clicked the link but 98% of those subscribers clicked the link, you know the email was engaging. Your problem was probably with the subject line. If, however, you have a 98% open rate, but only 5% clicked through, the email was not entertaining. You had a great subject line and very excited followers, but they found the email content disappointing.
While these are specific to email campaigns, the same idea can be applied throughout your launch. When evaluating a product launch, always keep an eye on metrics.
Consider All Areas
Did the majority of your Facebook followers click to go to the new product’s landing page? How does that contrast with those who actually made a purchase? Did customers buy your product? With this, you can discern if your offer just isn’t what the people want or if there’s something else wrong with it.
To determine exactly which metrics you need to track, it’s best to consider what forms of digital advertising you used. Tracking these through a funnel mindset will let you know where you succeeded and where you still have work to do. Beyond that, look back to the planning process and see what your initial goals were.
Profit and Revenue
When it comes to the bottom line, did you make money? Did you sell as much as you thought you would? While you certainly need to look through your metrics to find your launch campaign’s strengths and weaknesses, this goal has to be a focus. Looking at your anticipated revenue versus the actual result is an easy benchmark to define.
At times, businesses will launch a new product or service because they are in desperate need of a cash influx. Maybe the long-term isn’t a concern, but the short-term is worrisome. In these instances, a failed product launch is devastating.
Thankfully, comparing our metrics to where we are at in the funnel can help us get back on track–and quickly. With a good strategy, you don’t have to stay down.
It’s always great to have a backup plan. Just think of abandoned cart email reminders. As we shared in our series on email marketing, abandoned cart emails are extremely powerful. By sending three abandoned cart emails as opposed to just one, an average of 69% more orders are completed.
So if your initial efforts don’t reach the goals you intend, have a backup plan for immediate play. On launch day and the days that follow, keep your eyes acutely aware of what’s happening where. And if a launch email bottoms out, like the example above, you can plug that hole by having a modified version at the ready.
However, maybe you are a company that launches a new product every couple of weeks. If so, you likely have more time to make up for a failed launch. But that’s when you can go back and find what to do differently next time.
If a launch doesn’t bring what you had hoped for, maybe it isn’t going to destroy your company. But there is always more to learn and keeping an eye on all aspects of your launch is worth it.
If you don’t have time to do that, we have you covered.
A Rousing Success
If you are one of the fortunate few who have a grand, ideal launch from the start, congratulations! Take what you have learned and keep up that momentum. There’s so much more growing to do for your business and all you need is the determination to keep going.
Your launch is in your hands, but that should never be a cause for concern. Every business matters. Every launch matters. And the next one might be your best yet.
What’s next, you ask? That’s for you to decide. Are you in an industry where you find yourself launching something new every few weeks? Or do you have time to sit back and relax, keeping a steady eye on the calendar for the next launch?
Whatever it may be, you have seen what you missed on this last launch. Maybe your problem areas will be easy to fix this time around, or maybe you discovered a sinkhole in the system. Either way, engagement with the past is the best way to find new growth.
For many business owners, metrics and media don’t hold a candle to the excitement and intrigue of running the business itself. If you’re one of those business leaders who just can’t get bogged down in the nitty-gritty, there is outside help. Agencies like Planify are here to handle those matters, so you don’t have to.
But if you enjoy digging in and evaluating a product launch or seeing where to go next, we are here, cheering you on. Check out some of our free resources and checklists, our blog, and our Facebook group to never stop growing.