Online Product Launch Metrics (EASY calculations)

Online product launch metrics easy calculations

Did you recently finish an online product launch, but are still trying to figure out just how well that launch went, more importantly, do you know what tweaks you need to make, to make your next launch your best yet?

By the end of this video, you will learn the four-step framework I use to get online product launch metrics with all my clients. So they know how their last launch performed and can pinpoint exactly what they need to change for their next launch to make it their best one yet.

If you're an entrepreneur, you want to make sure that you are maximizing your return on money and effort for each online product launch. You do so you can make data-driven decisions that will grow and scale your business. But if you're like most entrepreneurs, just the thought of numbers and metrics might make you want to run the other direction, or maybe you’re numbers curious, but have no idea where to even start looking. Either way, you are not alone.

For over a decade, I've made it my mission to help entrepreneurs understand their numbers and use metrics to make smarter decisions as they guide their business. And if you're ready to finally stop kicking the can down the road and take the first step towards making smarter decisions more confidently, this video is for you

Before we jump straight into the numbers. The first and arguably most important step of this process is to understand and map out the customer journey of your online product launch.

Online Product Launch Metrics - 1

Because once you understand that customer journey, then you can line up your metrics to each stage of that journey and your launch. Generally speaking, there are four primary stages of the customer journey from the view of you, the business owner slash entrepreneur.

At first, your lead is unknown to you. Then they are known to you and then they engage with you. And then finally they convert and become your customer. Now, this is simplified and your customer journey might be different. So take a minute right now to map out your ideal customer's journey.

The next step is to map the steps of your online product launch to this customer journey and to identify the single unique event or action that signals that someone has progressed from one stage into the next.

Now, I know this sounds confusing, but bear with me and I'm going to walk you through this step by step.

Online Product Launch Metrics - 2

As I mentioned, every business is unique, but here's some general examples that you can apply to your specific online product launch. When a lead goes from unknown to you to known this single unique event or action that they do to become known to you, is that typically they fill out a lead magnet or opt in form on one of your landing pages. When they took that single action of filling out that form, they cross the threshold into the known part of their journey and your online product launch.

The next step is going from known to you to engaging with you. Typically the single action that signifies this step in the customer journey for an online product launch is that they register or participate in your online product launch vehicle or the asset that you are using specifically to promote your sales launch. So if you use a webinar as a launch vehicle registering and attending the webinar would be the specific event that signifies that they've become engaged with you.

Finally, there's a transition from engaged with you to your customer. Now this unique action is pretty straightforward. They bought something from you when they hit purchase on your sales page. Okay? Now that you've mapped out your unique customer journey and your audiences specific conversion actions or events. Now it's finally time to start talking numbers. Scared? Don't worry. I've got you.

For each stage of the journey during your online product launch, you are going to list how many people hit that stage.

And we're actually gonna start at the end and work our way back up to the beginning. So how many people bought your offer during your last online product launch? So for the sake of an example here, we'll just use the number 10, 10 people bought from you during your last online launch.

Online Product Launch Metrics - 3

Next, we'll get the online product launch metric for how many people engaged with your brand during the launch, depending on how you launch this metric could be slightly different. But if you use a webinar style launch, that number would be how many people registered and attended your webinar. If you ran a challenge, it'd be how many people participated in that challenge.

How many people watched your video series attended your live event, et cetera. So for an example, we'll just say that that number here is 50 for the known stage. That number is how many people completed that lead magnet or opt in form during your launch period. So we'll say that number is a hundred in this example.

And the last metric is actually probably the trickiest to pull the audience you have, but don't know their names yet. You can get this number by looking at the number of people who landed on your opt in page, but didn't complete the opt in form or the number of people who engaged with your ads. But didn't convert. If you're running ads, like I said, this number is harder to grab. And if you don't have anything, just take an educated guess how many people were exposed to your brand during your launch period. So for this example, let's say 500.

Okay, these are your volume based online product launch metrics. Now we're going to calculate your efficiency based online product launch metrics.

Online Product Launch Metrics - 4

It's important to look at these metrics together because one just how many people went through your funnel, but efficiency metrics tell you which parts of your funnel are working well for you and giving you the most bang for your buck. And then also, which ones need further tweaking.

We are going to find the efficiency metrics by calculating the conversion rate of each stage into the next, Oh, and if you're not sure how to calculate conversion rate, check out this video where I explain how to calculate it and why it is such an important online product launch marketing metric.

The next step is to compare your results to your benchmarks for both the volume and the efficiency metrics and your best benchmark is comparing this launch to previous launches that you've had.

But if you don't have that data, a very general and broad rule of thumb is to expect that you'll have a 10 to 25% conversion rate between each stage of your online product launch journey. Seriously, if you've made it this far, you are doing amazing. Keep it up.

You have got this comment below and let me know. What's something new. You just learned about your online product launch metrics.

All right, now the fourth and final step here is that you're calculating your marketing return on investment.

Now this in itself is a juicy topic. So for right now, I'm just going to give you a quick overview and framework. The two critical metrics here are cost per lead and earnings or revenue per lead.

Cost per lead is the sum of your entire online product launch marketing investment divided by the number of leads from your known stage during the launch timeline. Your earnings or revenue per lead is the total revenue that launch, brought in divided by the number of engaged leads you listed above.

Ideally, you want your revenue per engaged lead to be much higher than your cost per lead. This helps you begin to wrap your head around the profitability of the launch itself. This is a quick high level calculation, but hopefully it gives you some insight into the performance of your launch.

Now, you know what metrics to look at to determine the success of your launch. And the next step is to understand what exactly those metrics are telling you and specifically what you need to tweak for your next launch. And if you made it this far, then you are ready to face your numbers, head on to scale your business and smarter and more efficient ways.

I've got something just for you. Check out my free worksheet and step by step video training for entrepreneurs. It's called the easiest way to interpret metrics and numbers to make your next launch. Your best yet. The link is below.

And if you like this video, make sure to hit that like button. And don't forget to subscribe to this channel, share this video with your friends and comment below and let me know what your biggest aha your takeaway was from this video. And if you're ready to take your business and marketing to the next level, using metrics and systems, make sure to check out these related videos on my channel. Cheers friend, to your business success!

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