Whether it’s your first launch or your fiftieth, you need to set your launch goals and corresponding metrics to review before you launch. Once your launch is complete, one of the first post-launch tasks is to review these goals and metrics. They will tell you how your launch performed and whether it met your expectations. They will answer questions like:
- Is your list of potential clients growing?
- Is your message landing the right way with your ideal audience?
- Are you experiencing strong open rates with your emails?
- Is your webinar converting and creating excitement?
- Are you getting questions from people about your offer?
- Are people clicking through to your sales page?
- Do you have any sales?
They will help you take a step back from the emotions of the launch and learn from it.
Here’s How You Can Set Realistic Launch Goals with Measurable Metrics
Let’s start with realistic Launch goals.
The more realistic your launch goals, the better your chances of a successful launch. Realistic launch goals also help you manage your expectations about the launch and save you from disappointment.
To start with, you need to evaluate your business and life goals and see what you want to accomplish with the launch. It’s not enough to think; I want a $5k or $10k launch. You need to determine what part the launch plays in your long-term goals. You need to ask: What’s your primary objective behind the launch?
As a full-service digital marketing agency specializing in launches, some common launch objectives we’ve come across are:
- Finding out if an offer is fit for the market/audience it’s being targeted to.
- Increasing business revenue.
- Building an email list.
- Making a certain number of sales.
- Capturing new leads.
- Building product awareness or brand reputation.
- Increasing social media presence.
Remember… a launch isn’t always about sales but about what’s needed for the business.
You also need to evaluate your existing infrastructure, resources, and launch assets.
- How many email subscribers do you have currently? Are they warm or cold?
- Do you have a strong social media presence?
- Is your offer tested in the market or with a group of beta testers?
- Are you launching for the first time?
- Does your branding and messaging support your launch? Is your website launch ready?
- What about your launch assets? Do you have the sales page ready? What’s the status of your lead magnet?
- How many warm leads do you already have? On which platforms?
- How much time are you willing to spend on the launch?
- How many team members do you have? Are you flying solo?
- How much can you invest in the launch?
This analysis is essential to set realistic, achievable, and timely goals. You can’t capture new leads if you don’t have a lead magnet. You can’t make $10k in sales to a cold email list. Your offer won’t sell if it’s not what your audience wants.
Once you’ve determined your launch objective and evaluated your infrastructure and assets, it becomes easy to set SMART goals for your launch.
A launch can have more than one Specific, Measurable, Achievable, Realistic, and Timely goal.
For example, if your launch objective is ‘increasing brand awareness’, your goals can’t be; to increase online presence or grow your email list. They have to be along the lines of Increasing the number of followers on Instagram by 10% in 30 days OR improving the conversion rate on Pinterest by 20% in 3 months. Again, this is only possible if you already have an Instagram or Pinterest presence. If not, your goals have to be modified further to incorporate the reality of your business.
ONCE you identify your launch goals, it’s time to determine the launch metrics to measure to see if you reached those goals.
Metrics are the measurements of your launch goals and objectives. Depending on your goals and objectives, they vary. For example, if your launch goal is sales, and the assets you’re using are sales pages and an email list then some of the metrics to observe would be clickthrough rates, payments made, open rates, and so on. If it’s brand awareness, the metrics to measure would be engagement rate, number of followers, reshares, and so on.
As a coach or a course creator, here are some common launch metrics you can keep an eye out on:
You can pick and choose depending on your launch objectives.
Social media metrics
- Engagement metrics (number of likes, comments, shares)
- Reach (how many people have actually seen your content/ads)
- Impression (how many times people have seen your content)
- Follower growth rate (increase in the number of followers)
Email marketing metrics
- Open rate (how many people actually opened your emails)
- Clickthrough rate (how many people clicked on the links/videos included in the email)
- Bounce rate (the number of emails not delivered)
- Unsubscribes (how many people unsubscribe from your list)
Website and sales page metrics
- Total visits (number of times users visited a particular page)
- Unique visits (similar to total visits, but only counts each visitor one time)
- Page views (number of views a particular page has gained)
- Conversion rate (how many visitors took the action you wanted them to take after landing on the page. Did they book a call? Sign up for your lead magnet? Make a payment?)
Pay per click metrics
- ROAS (Return on advertising spend)
- Clickthrough rate (how many people clicked on the link provided on the website)
Other sales and marketing metrics
- Number of sign-ups to the offer waiting list
- Total registrations for a webinar
- Total attendance for the webinar
- Quantity of sales made
For each metric, the good, bad, and average depend on:
- The type of offer you have
- The industry you’re in
- Your audience demographics and psychographics
- Traffic source
- Offer cost
- Device your audience views the offer on
- Where the offer stands in your sales funnel
- Whether you’re targeting warm leads or cold.
For example, the average landing page conversion rate across all industries is around 2.35%. But if you look at industry specific conversion rate, it goes from 1.07% to 18.2%. (Unbounce)
Some other stats you may find interesting
(Source: https://www.hubspot.com/marketing-statistics) :
- The highest bounce rates are on social (45%) followed by direct (44%). (Kibo, 2021)
- The industry average email click-through rate is 2.13%. (GetResponse, 2020)
- More than half (53%) of marketers say webinars are the top-of-the-funnel format that generates the most high-quality leads. (Demand Gen Report, 2021)
- 40% of consumers say they have at least 50 unread emails in their inboxes. (Sinch, 2020)
There you have it. The launch goals and launch metrics that’ll help you learn and grow. Just trust yourself, try to be present for your business and clients, and ask the right questions moving forward.
If you have plans to launch in the near future, Amazing OBM has a full launch team ready to help you strategize, plan and execute your launch. Get in touch. Your audience is just waiting for the transformation you can provide!
How to Set Realistic Launch Goals with Measurable Metrics
January 3, 2023
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