How do you define your product launch goals and metrics?

Start by revisiting your product vision. Understand the overarching purpose and objectives of your product. Your launch goals should align closely with this vision to ensure that your efforts are driving progress in the right direction.

Your product vision is the first step you need before considering anything else. This will address the 'why' of what your product is selling. From there you can figure out the rest such as goals, specific audience, metrics etc.

Before you set any specific goals and metrics for your launch, you need to align them with your overall product vision. Your product vision is the long-term aspiration and direction of your product, and it should reflect the value proposition and the problem you are solving for your customers. Your launch goals and metrics should support and advance your product vision, and not contradict or diverge from it.

Launch is the time to communicate product’s unique selling point to the target customers. The communication strategy should be well stitched around product scope and vision. Customer must exactly know and understand how the product can add value and is a welcome edition to their life !

I believe this step should come first. To have a cohesive product vision, you must first know who you are building before you begin to dream about what you should build. If a company has a vision, then each product should fit into that picture. Knowing specifically who to target ensures the product hits the mark. Take backpacks, for example. While sitting at a coffee shop, I saw at least two different backpacks (including my own). For instance, my business-focused backpack (sleek design with space for a laptop) will not fill the needs of toddler parents looking for accessible pockets, or hikers who need to carry a lot with a little. One product does not fit all audiences and without specialization, it will not be purchased by any of them.

Identify your target audience Next, you need to identify who your target audience is for your launch. Your target audience is the group of customers or users that you want to reach and engage with your product, and that will benefit from its features and benefits. You need to define your target audience in terms of their demographics, behaviors, needs, preferences, and pain points. You also need to segment your target audience into different groups based on their characteristics and needs, and prioritize them according to their potential value and impact.

This the initial step of product planning ! We must know our target audience whom we are building the product for and exactly map their said and unsaid needs !

First, you need to define what "launch" looks like. Are they dependent on a specific client or are they targeted at the target market in general? Additionally, you must know what is in your control and what is not. To articulate SMART goals effectively, you must be able to influence each piece. For example, if your project is to perform a data transfer from a source app to your own app, the launch objectives should include the data you are *capable* of getting and affirmatively *exclude* the data you cannot, based on the source app's APIs. In this case, the exclusion is just as important as the inclusion and must be communicated during launch.

Define your launch objectives Once you have aligned your launch goals and metrics with your product vision and identified your target audience, you need to define your launch objectives. Your launch objectives are the specific and measurable outcomes that you want to achieve with your launch, and that will indicate the success or failure of your product in the market. Your launch objectives should be SMART: Specific, Measurable, Achievable, Relevant, and Time-bound. For example, your launch objectives could be to generate a certain number of leads, conversions, sign-ups, downloads, or revenue within a given time frame.

The metrics themselves depend greatly on the type of launch. Is it an external (customer) or internal (for in-house users) launch? A beta version or a fully-baked GTM version? Be careful not to conflate "launch" with "release" in practice. A launch means that you are shipping something of value and telling people about it. If you have done your homework: clearly defining your target audience and aligning it with your vision, then the launch metrics should flow naturally because you know what you were hoping to impact. An immediate example of a positive impact: Did you eliminate clicks from the workflow? Which then flows into: Is user engagement with the feature increasing (because people are less frustrated)?

Choose your launch metrics After you have defined your launch objectives, you need to choose your launch metrics. Your launch metrics are the quantitative and qualitative data points that will help you track and evaluate your progress and performance towards your launch objectives. Your launch metrics should be relevant, actionable, and reliable. For example, some common launch metrics are website traffic, bounce rate, click-through rate, conversion rate, retention rate, customer satisfaction, net promoter score, or customer feedback.

Set your launch targets Next, you need to set your launch targets. Your launch targets are the specific and realistic numbers or values that you want to achieve for each of your launch metrics within a given time frame. Your launch targets should be based on your launch objectives, your target audience, your product value proposition, your market research, and your historical data. You should also set a range of launch targets, such as minimum, expected, and stretch, to account for different scenarios and uncertainties.

Product usage metrics are all well and good (keeping clients happy IS important), but the ultimate goal is: did your work move the needle for the company? Did you keep clients (and increase their spending) or win new ones due to your work? If your launch goals did not directly reference the company's bottom line, you need to figure out how they do. If it is an internal product, did you decrease the overhead cost by making the target team more efficient? CAN YOU SHOW THAT? If it is an external launch, did you attract more prospects and close more clients? Did your existing client base increase their spending because of your new feature/improvement? CAN YOU SHOW THAT? Make sure you and your leaders can make that connection!

Monitoring, testing and iterating based on established metrics will assess the progress towards goals. When there's deviations, the scale of the deviations and prioritization of the most important ones needs to be happen quickly.

Monitor and adjust your launch goals and metrics Finally, you need to monitor and adjust your launch goals and metrics throughout the launch process. You need to collect and analyze your launch data regularly and compare it with your launch targets and objectives. You need to identify any gaps, trends, or insights that will help you improve your launch strategy and tactics. You also need to be flexible and adaptable to any changes or feedback that may arise during the launch process, and adjust your launch goals and metrics accordingly.