KPIs for Product Marketing Activities

The product has finally been launched in the market. It’s time to test what has been the effect of your product marketing activities and how it’s going to affect your conversions and ROI.

There are many parameters to judge your product’s success. Here are a few key performance indicators that could indicate the success or failure of a product marketing strategy for SaaS business.

Count of Potential Conversions - Depending on your reach and the kind of product marketing activities you conduct, the count of potential conversions will help you to identify the success of your marketing strategy.

Number of Qualified Leads - Number of product purchases is a definite indication of the success of your product marketing strategy. Qualified leads could be your existing customers or new clients that you have onboarded.

Prevalence of Purchasing Actions - Understanding the frequency of the procurement of your product will also help you to know how your activities are performing and what kind of result will they give.

Product Utilization Metrics - The way your product is utilized gives you an idea of which marketing strategies work for your product and which need improvement for higher conversion.

Customer Lifetime Value (CLV) - The amount of money spent by your customers on your product is directly proportional to the success of your product marketing strategy.

Customer Feedback - No matter how cliché this sounds, understanding and improving according to your customer’s feedback really helps in making your marketing activities successful.

Competitors - Knowing what your competition is doing is always a safe tactic in any kind of business. It’s especially true in product marketing. Numerous products are getting launched one after another which have similar characteristics. This puts the buyer in a fix since they have too many options to choose from. When you are aware of your competitor’s content strategies you have the chance to increase your brand loyalty by providing a little more than what they do and thus lead your potential buyer to notice you before anyone else.

Tools - Having the right tools to make your product launch plan successful equates to great product marketing. Apart from that when you make use of the appropriate tools, your chances of executing your product marketing framework well are much higher. You can also reach your target audience easily with the help of various social and lead gen tools.