Overview: Setting the right metrics for product launches

Product launches are inherently challenging, but establishing clear and quantifiable metrics can prevent some common pitfalls and provide a structured way to assess the success of a launch. These metrics should adhere to the "SMART" criteria—Specific, Measurable, Actionable, Realistic, and Timely—to ensure they effectively guide the launch process. By defining product launch metrics, businesses can achieve alignment, focus, and accountability within their teams, helping them to move towards defined goals with clarity. Metrics are categorized into primary and secondary types, which evaluate the overall success and more granular actions, respectively, and fall into three stages: launch, adoption, and market impact. Effective product launch metrics should be applied to various aspects such as leads, website traffic, promotional channels, trials, customer usage, retention, market share, and revenue. Mixpanel's example of launching their Lookup Tables feature illustrates how reach, engagement, sales readiness, product usage, and market impact can be measured to evaluate the success of a launch. Ultimately, the aim of setting these metrics is to understand whether the launch objectives are being met, and if not, to identify areas for improvement.