How can you set effective launch metrics and KPIs?

The launch metrics should be categorized into two major buckets. The first one should be target metrics which should indicate the success of the product such as Gross Profit or revenue increase and the second bucket should be lagging metrics which are qualitative indicating customer experience.

To set up effective launch metrics and KPIs in product management, start by defining clear objectives. Identify key performance indicators (KPIs) aligned with your goals, such as user acquisition, retention, or revenue. Utilize tools like Google Analytics for website metrics or customer feedback surveys to gather insights. Regularly monitor and analyze data, adjusting strategies as needed. Incorporate both quantitative and qualitative metrics for a comprehensive view of your product's performance. Keep the focus on actionable metrics that drive decision-making and improvements.

Launch metrics should be 1) Measurable I have seen so many metrics proposed which are unrealistic or are really difficult to measure. Your organization/team should have the tools necessary to measure the metric accurately 2) Sensitive to product changes A metric which hardly changes no matter what you do is not a metric you can meaningfully influence. 3)Insensitive to non-product changes as much as possible This is difficult in reality, but try and have a metric which is most influenced by your changes and least influenced by other changes beyond your control 4) Moves the larger business goal Frequently we measure vanity metrics which don't align with the larger business goal.

Here are some thoughts. 1. Focus on critical quantitative metrics indicating success. Don't boil the ocean! 2. Set specific, ambitious, time-bound goals based on research. 3. Ensure KPIs measure outcomes tied to key business objectives. 4. Establish incremental metrics to track ongoing progress. 5. Compare post-launch metrics to existing benchmarks. 6. Review metrics often, not just at the end, to enable rapid response. 7. Involve stakeholders when setting KPIs to gain buy-in on measurement. 8. Keep metrics focused on the vital few numbers that will drive decisions and gauge performance. Less is more!

Diving into launch metrics & KPIs feels like the business world’s version of treasure hunting, doesn’t it? ?? It’s all about decoding the map of user adoption, satisfaction, and impact on business goals to find that ‘X marks the spot’. And you’re right, it’s a unique quest every time, distinct from the ongoing journey of product metrics. Who knew data could be this adventurous?

The metric itself matters less than the actual of measuring. In fact, most often just reusing existing metrics works best. Plus your baseline gives you confidence that what you launch is actually delivering value! Once you have your metric, pick a hypothesis and clearly articulate a rationale and theory of change in advance of launch. In advance! And write it down. This helps avoid post hoc rationale that tends to justify whatever is trending in the business at the moment. Finally, have a plan either way for what’s next. If it wins, if it fails, either way. Write down what you will learn, and what you will do next. Remember a launch is one moment in a stream of value. Not a make or break single shot. So launch, measure, learn!

They make sure your features align with your goals you set. Your company needs something from your product, you need to deliver THAT thing, not something else (even if it's better!). Your KPIs keep you aligned and focused and can help you meet that goal.

You can't validate without measurement, so whatever performance indicator you're relying on, it needs to be reflecting your product's success through every iteration. For example, say your primary KPI is DAUs and you're not seeing a steady uptick in this metric when reviewing your 2 week sprints. Now you know you'll probably need to rethink your product strategy, and figure out why your DAU is not growing.

Launch metrics and KPIs are crucial for validating assumptions, learning from experiments, and demonstrating the value of a product or feature. They justify decisions, prioritize feedback, and inform iterations, preventing blind launches based on subjective opinions and reducing the risk of missed opportunities and wasted resources.

- They provide objective data to evaluate the launch's effectiveness, helping to quantify success in terms of user adoption, satisfaction, and business impact. - Launch metrics and KPIs enable informed decision-making, allowing teams to quickly identify and address areas needing adjustment or optimization. - By setting clear benchmarks, they facilitate alignment across teams, ensuring everyone is working towards common objectives and understands the criteria for success.

In my experience, KPIs are critical to success, but just as critical are counter KPIs. The counter-KPI greatly reduces the ability to beat the system. For example, if the goal is to sell 1,000 units a week, but over time it was realized 400 units per week were returned, the actual value was 600 units sold per week. The counter metric normalized the data. If customer care is supposed to answer 95% of the calls, but half of those calls are agents hanging up on the customer, then the true answer rate is 47.5% of calls answered, a much lower result. My success in running large operations lay in the ability to not only have great KPIs to measure success, but even greater counter-KPIs to counterbalance the results. This works.

One of my favourite framework to set effective launch metrics and KPIs, follow the SMART criteria: Specific, Measurable, Achievable, Relevant, and Time-bound. Example: Specific: Define exactly what you want to measure, such as app downloads or user engagement. Measurable: Establish clear metrics, like aiming for 10,000 downloads in the first month. Achievable: Ensure the goals are realistic within the constraints of your resources and market conditions. Relevant: Align the metrics with your launch objectives, like increasing brand awareness or generating revenue. Time-bound: Set a deadline for achieving the KPIs, such as reaching the download target within the first month after launch.

It's important to have a North Star metric to measure; a metric that clearly aligns with your primary goal and value proposition. However, a successful KPI should be considered in the context in the value of your target audience. For example, let's say you're launching a social media platform and your goal is to grow the content on the platform. So you decide to measure daily uploads. Good, but you should also consider measuring things like: - Content quality; are users happy with the content? - Content engagement; do users comment on, like, and watch the entire video? - Malicious activity; is the platform being used for reasons other than intended. Ultimately, it's important to use a metric that reflects your actual value proposition

Check your goal: Set KPIs that show impact around that goal. Forget the "SMART" nonsense; making your KPIs measurable should start to sound pretty obvious if you've started in product. Your KPIs should answer a question: In this specific way, how did my goal get closer to being reached based on my product's performance? And each KPI is simply a piece of your product/measurement that affects your goal as a consequence.

Set effective launch metrics and KPIs by aligning them with business objectives. Define clear, measurable goals tied to the product's purpose. Establish Key Performance Indicators (KPIs) such as user adoption rates, revenue impact, and customer satisfaction. Ensure metrics are specific, measurable, achievable, relevant, and time-bound (SMART). Involve cross-functional teams in metric selection to gain diverse insights. Establish a baseline for comparison and regularly reassess metrics post-launch. Foster a culture of continuous improvement by using insights to refine strategies and optimize future launches. Regularly communicate results to stakeholders, reinforcing a transparent and data-driven approach.

Based on your product objectives, identify the KPIs that will best measure your success. KPIs should be SMART: Specific, Measurable, Achievable, Relevant, and Time-bound. Common KPIs for a launch might include: User Acquisition: Number of new users or customers. Revenue: Total revenue, revenue growth rate, or average revenue per user (ARPU). Engagement: Daily or monthly active users (DAU/MAU), session length, or frequency of use. Retention: Customer retention rate, churn rate, or lifetime value (LTV). Market Penetration: Market share or penetration rate among the target audience. NPS: Calculated based on responses to a single question: "On a scale from 0 to 10, how likely are you to recommend our product/service to a friend or colleague?

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This may widely vary by nature of the product, however few things we can keep in mind are: - Always try to go by your northstar metric, capturing and analyzing the core set of metrics for your product is vital. - You can come up with some metrics which are like success metrics related to the specific launch. For eg: If a video pop up tool for marketing is enabled for a website we can capture the number of users viewing it and may be responding to the CTA. - Now what is very important is how this is impacting your core metrics. For eg: how many people are actually annoyed see the video pop up and how this is resulting in dip/rise in your MAUs,DAUs, etc.

Consider your chosen metrics in relation to your product and business position; are you working on an MVP, New Product or Established, B2C or B2B, Small Startup or Market Leader. Your metrics should be informed by the position your product is in, and what your company needs to understand in order to win in the market where you compete. For example, an early product MVP should perhaps only measure only the most critical data on the most essential features, while updating an established product reaching millions of users would likely be evaluated with a wider array of metrics.

Examples of launch metrics and KPIs vary based on product, market, and goals. Adoption metrics include sign-ups, downloads, and activations. Retention metrics track churn rate and user lifetime value. Engagement metrics monitor daily active users and session duration. Satisfaction metrics gauge NPS and customer satisfaction score. Revenue metrics focus on revenue per user and conversion rate. Each metric aligns with specific objectives, helping measure success and guide future strategies effectively.

If we are launching a B2B product, then metrics such as CAC and LTV and MRR would be ideal, as the goal is to calculate the value of the customer to the business vs the cost to acquire. In the B2C case, it really depends on the product and its purpose. However, metrics such as conversion rates, utilising the platform and time number of downloads could be something to look for.

Refine and iterate your KPIs until you have a perfect 1:1 set of effect:affects. If your User Acquisition skyrockets after a feature is built, is that because of THAT feature, or because it supports something else? It's hard to know. You iterate the KPI until you can get to a point that says "This exact feature caused this exact consequence, and no other changes caused it" Then you can actually measure your goals and if you're meeting them or not. Implicitly, goals that are simply "more money" or "more users" are not helpful goals.

Continuously monitor launch metrics and KPIs using designated tools. Compare against baselines and targets, seeking trends and anomalies. Transparently communicate insights using accessible language and visuals. Encourage feedback for refinement. Utilize findings to prioritize enhancements, inform iterations, and optimize product performance for sustained success.

Visualize your chosen metrics, share with your team and stakeholders, and encourage questions! When others ask about your KPIs you'll have the opportunity to explore what you might have missed, and consider whether there are more valuable metrics that help you validate product value add.

Vague goals lead to useless KPIs. Your company (or worse, YOU) saying your product should "increase users by x" or "increase sales by y" is creating an impossible situation. If a part of your product goes viral at the same time you came out with a heavily requested feature, your KPIs aren't going to measure if it was virality or the feature that helped. Help you help yourself, and make specific goals. "This feature should improve user acquisitions from USER STORY A (users that requested this feature/won't sign up without this feature) by 30%" is a much more specific and measurable KPI. If you're getting vague goals from your management, can you create KPI's that can measure all the effects your product has on their goals?

- Custom Metrics: Beyond standard metrics, consider custom KPIs unique to your product or industry niche. - Cross-functional Collaboration: Engage with various departments (sales, marketing, customer service) to ensure a comprehensive view of performance. - Market Trends: Keep an eye on industry benchmarks and trends to contextualize your performance data.

Ao escolher métricas e KPIs para o lan?amento de um produto, é importante garantir que sejam mensuráveis, relevantes para os objetivos estratégicos da empresa e que possam ser acompanhados ao longo do tempo. Além disso, é essencial ter um sistema de coleta de dados confiável e uma estratégia clara para analisar e interpretar os resultados obtidos.