How To Measure The Success of a Product Launch

Product Launch: Goals

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Doing a product launch without first identifying measurable goals is bound to lead to disappointment. Just setting a vague outcome like “I’m going to make a ton of money” is not good enough. You have to define exactly what this means to you.

 

Does a ton of money equate to a big house near the beach with a 3 car garage and a dock with a power boat along side? If so how much do you have to earn in dollars and cents to achieve that?

 

Making a detailed budget covering all the capital costs and then breaking that down into monthly, weekly, daily and hourly revenue figures will give you a very clear target to aim at. It will then be easy to keep track of how close you come to that number

 

But it is probably sensible to realize that this will probably not happen after doing just one product launch.

 

So set 3 goals…

Goal #1. Beta Launch – This is where you optimize your offer and get feedback from your new buyers so your target could be to collect 12 killer testimonials

 

Goal #2. Internal Launch – This is where you do a launch to your whole list so your key outcome could be to boost the stage #1 visitor value by $10 and attract 3 new JV partners who you want to do business with.

 

Goal #3. External Launch – This is where you do your first big launch with external partners promoting for you so your may choose to do at least one webinar for each of them and do your best to ensure that they each achieve a better visitor value than you managed with your external launch…. define that number in terms of dollars and cents or in terms of a percentage increase.

 

Don’t move from from number one to two until you have achieved what you set out to do

 

Notice that these goals are not defined in terms of gross revenue. The results however will boost your ROI and move you towards that dream house or car that you always promised your wife.

 

For instance, if you have access to a prospect list consisting of 10s of thousands of names, you could choose a target number of sales to make. Or you could target a visitor value. Or you could simply state that you want to multiply your prospect list by a factor of 10 for instance.

 

Defining your product launch goal like this make it far easier to know whether you can call your’s a success. Even if You fall short you will know by how much exactly and be able to express that shortcoming in a few words.

 

Every goal you set yourself has to be measurable . Just saying you’re going to make a ton of money is meaningless.

 

You may be wondering how much hiring a product launch manager will cost and the quick answer is not as much as you might expect. Our aim is to structure a win-win sort of a deal with clients.  We get paid when you get paid. That is we work on a percentage of the ‘pre-return’s gross’ revenue that your product launch makes. Naturally, you have to pay a fee to get on our calendar. We can only take on 2 or 3 clients per year so our time is valuable and we must know what our schedule is well in advance. It would be unfair on our other clients if we didn’t insist on this. Find out more by booking a free consultation with me now

 

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Rory Ramsden