Startups, product teams and manufacturers are always looking for tell-tale signs and standard performance metrics to determine the success of their products. With millions of products thronging online and offline market spaces, there are no common signs or KPIs for measuring this success. More so, the definition of product success is different for different marketers.
5 Signs that Show Positive Product Performance
In other words, the success metrics have to described by the product building team. The nature of your business and other products would decide whether the performance is up to the mark or not.
Say, you have built a product to add to the existing income stream and develop a huge business. The signs that the product is performing well would be different from that of another product developed to address a pain point, increase brand protection or provide high user value. If you manage to float an IPO within 10 years of your product launch, then you have attained success. High customer loyalty or an impressive NPS score would show that the other product is performing well. Read on to know about 5 signs that can tell about the market response for your products.
1. Customer acceptance
Satisfied customers give off several signs to establish that your product is a hit in the market.
- They keep returning, spread the good word and reward you with free PR.
- Happy customers download your app, strive to create positive engagements, and follow you on online platforms and social media.
- They refer your products to peers, friends and family members.
- You are getting a lot of positive reviews.
- Your customers start building connects with sales reps and linger around; customer retention metrics are at an all-time high.
2. Customer services
Positive response to your after-sales services is a strong indicator that your product is a success. The following signs surface when you start treating your customers right and give their concerns top priority.
- You have presented different ways in which customers can reach out to you to seek assistance – social media, live chat options and email being the commonly used ones.
- You are getting new connects and prospective customers on the basis of your existing customers’ positive customer service experiences and recommendations.
- Your customers feel appreciated as you show your gratitude and say thank you; you know how to add the human element to the sale of your products.
- If there are any grave concerns, such as counterfeit products, you own up instantly.
3. Profits galore
Are you making more profits than the costs incurred in producing and selling your products? The business benefits are clear if your bottom-line figures are in the green. Now, it’s important to keep creating more customer value so that buyers become more loyal to your products. There are sub-metrics for product categories that either depict customer value or profits. Ultimately, aim for higher profits or cost reduction.
4. Customer acquisition costs
If your customer’s acquisition cost is lesser than their lifetime value then you have got a winner product on hand. For instance, what are the costs of driving traffic to your landing pages through LinkedIn Ads or Google Adwords? Are visitors buying your products after reaching your desired landing pages? The costs of acquiring prospective customers can be determined by understanding the clickthrough rate on marketing and advertising.
The percentage of people signing up for more information also provides an estimate of acquisition costs and conversion rates in different parts of the sales funnel.
5. Amplification of your business
A good product has superpowers to perform well in the right industry. With technology impacting industry verticals immensely, lookout for signs that compliment your organizational model. Are you able to launch iterations of the products (that are doing well) fast enough? Your marketing, development and design processes should be such that you can optimize products after every innovative release. To enable higher success, it’s important to start building a more efficient team to face the challenges of the industry you’re in.
NeuroTags – Partnering the Success of your Products
NeuroTags, the providers of anti-counterfeiting solutions and traceability systems, can help in making your brand more successful. We provide optimum protection against diversion and counterfeiting to boost marketing automation and customer loyalty metrics. Reach out to us to understand current and future market trends and take your products to the next levels of success.