A cited McKinsey survey stated that over 25% of total revenue and profits across varying industries comes from the launch of new products.
This piece states that irrespective of the industry, product launch forms a vital element for a company’s success. So, brands need to measure and analyse the outcome of their product launches.
Having set the launch goals, companies can establish relevant KPIs. But, when dealing with data emerging from these metrics, businesses must be cautious of causing a “data overload”. Data can be supplemented by customer feedback gained from those using the products.
Learnings from this can inform future product launches. Talking to consumers can also help brands understand whether consumers are using their product in the intended manner. Findings can be shared with the broader team to improve future product launch efforts.
[3 minute read]