What Are the Go-To-Market KPIs?
What Are the Go-To-Market KPIs?
Companies design innovative products to gain a competitive edge in a highly dynamic market.
However, launches don’t always go well. Google Glass and ‘flights to nowhere’ by Singapore Airlines are two of the biggest examples of corporate failures.
Harvard Business School Research confirms that about 95% of newly-launched products fail.
Lack of preparation counts as one of the top reasons. Many companies focus excessively on product design and ignore the process of taking them to market. Using go-to-market KPIs can help focus your team for a successful launch.
Go-to-market KPIs definition
Teams can deploy a set of key performance indicators (KPIs) to consistently track their progress.
Go-to-market KPIs measure the success or failure of a product launch. They provide an overview of the company’s marketing, sales, and customer success. But what are the critical go-to-market KPIs, and how can you set them up?
Go-to-market KPIs to measure for product launch success
Companies use many kinds of KPIs and metrics to measure their product launch success. Let’s see which ones are absolutely essential to create a winning product launch:
Marketing campaign KPIs
A successful product launch is backed by a solid marketing strategy. Product launch marketing metrics provide insight into launch effectiveness while identifying the strategies that worked. Here are a few common product launch KPIs:
- Leads generated: Leads signify customer interest in the product. They can be measured by the number of product demos requested, free trials started, or guides downloaded.
- Promotion effectiveness: Promotions are used to generate leads for the product. Email open rates and pay-per-click (PPC) advertising rates are a few KPIs used to measure promotion efficiency.
Product usage KPIs
Product usage KPIs confirm if the new product has managed to meet end-user needs profitably and are measured by:
- Trial signups: Trial signups are the number of free trials started by prospects or customers in a specific time frame. They also illustrate long-term product usage.
- User retention rate: It is important to convert prospects into customers. User retention measures how many customers were retained by the company in a particular period.
Market success KPIs
The impact of a product launch is the primary measure of its success. Some common market success KPIs are:
- Monthly revenue: One of the most critical KPIs is the monthly product revenue, which showcases the product’s impact on the market.
- Rate of market share: The rate of market share KPI captures the percentage of the market that is buying your company’s product compared to competitor brands.
It is essential to complement the quantitative KPIs with qualitative feedback. Collect and curate early responses from stakeholders, customers, and internal teams to launch your product successfully.
Get a free Wrike trial to set up your go-to-market KPIs and measure performance against them to deliver winning products every time.
