If you want to see any growth from your launches, you have to start tracking your metrics. These numbers are there to help you and you should use them! You wanna know who you’re reaching, where you’re reaching them, and how many people are converting to paying clients. When you track your launch performance over time, you’ll be able to see if you’re improving or not.
There are a lot of valuable metrics that you can track during a launch, but we’ve got a few favorites over at The Launch Guild. The KPIs we focus on give us the solid foundation for when it comes to evaluating and improving your launch’s performance.
BTW: KPI stands for Key Performance Indicator.
Let’s take a look at the KPIs we use at The Launch Guild and see if any of these work for you.
Email lists and follower lists are great for finding out how many people are actually interested in your work. The internet is a huge place and we all hope to go super-mega-viral one day. But until that day comes, we’re working with what we’ve got: loyalty. 🤝
You’re going to want to focus on how much your launch promotion grew your audience. Did your launch promo bring in any new people? Did the freebie work best, or did a relatable Reel do the trick? Either way, the more growth you see the more people you can connect with during your launch.
You can usually find these metrics in your email management system (Active Campaign, ConvertKit, Flodesk) or in your social media account. If your social media account is a business or creator account, you’ll be able to access these metrics and more! Compare those subscriber and follower counts before and after your launch to see how much your promotion grew your audience.
If you’ve spent time writing the ongoing, nurturing emails for your list in between launches, you’ll want to see how that pays off when it actually comes to promo time. This KPI lets you see how much of your audience is interested in your launch.
To see how your list responded to your email promotion, check out your email management system’s analytics dashboard. There they’ll tell you how many people opened your email and some even tell you how many people clicked on your links, so you can have an even better idea of who to expect on open cart day.
The ideal average open rate is 20% or more so keep a lookout for that magic number ✨It’s also normal to see this go down a bit during launch due to the increase in emails.
Pro-tip: Include an “opt-out” link in your emails so people can opt-out of a promotion that they’re not interested in but they can stay on your list.
You’re also going to want to keep track of your sales event registration KPIs when you track your launch. This means you want the numbers that tell you how many people registered for your webinar, challenge, your video series or anything else you used to launch. This will be another indicator of how many people may be showing up on open cart day. And since we all get the pre-launch jitters before launch day, these numbers usually help calm us down and prepare some realistic expectations.
When you’re tracking your sales event registrations, track the different days and times as well. Often people will just select the soonest event available, but if you’re having the same webinar at different times, is one event time more popular than the other? Making a note of these trends in registrations when you track your launch will help you when you start to strategize your next launch.
By now you know that only a fraction of your audience will show up for your event. You’d love it if every single person who registered could be there live, of course, but we’ve got to be realistic. You want to shoot for 20-30% of your registrants to show up live at the event. These people will be some of your hottest leads and they’ll get to experience what it’s like to work with you in REAL-TIME. Give those live viewers your best!
When everyone’s logged in and listening to your amazing words, take note of who’s engaging in the virtual room with you. These could be great people to follow up with after the event if they haven’t purchased yet.
Live Attendees / Total Number of Registrations = Show Up Rate
When all is said and done, this metric lets you know how much you earned per subscriber on your list. This is your gross revenue divided by your launch list (everyone you sent launch promotional emails to), that might be a full list or just a segment of them depending on your audience.
You’ll want to keep an eye on this when you track your launch because it will inform how much you should be charging to reach a certain revenue goal, how much you should spend on lead generation ads, and roughly how much revenue you can expect in a future launch.
You can use your full list number if you’re launching to your entire email list OR if you only sent event invites and sales emails to a certain group on your list, then use that number instead!
Use this formula to get your earnings per lead number:
Gross revenue / Launch Promo List Size = Earnings per Lead
Last, but certainly not least, you want to see your gross revenue and cash received.
This is where all the money’s at 🤑🤑🤑
You want to understand the total amount of revenue you earned and also how people paid. For example, how many people bought using payment plans and platforms, and how much you were paid immediately. This is your cash received number. Compare the revenue you earned right away vs the revenue you are going to earn overall once everyone finishes their payments.
Cash Received (immediate payments made by customers)
Gross Revenue (the full amount scheduled to come in overtime)
Your revenue is just as important as any other KPI you’ll use to track your launch, so make sure you keep an eye on it and keep these numbers to make some informed decisions about your year and future launch schedule as a whole!
All of these KPIs will help you track your launch and lead you toward learning success. Now, I want you to open up your analytics dashboard and start looking at some of the KPIs we mentioned today. Do they meet your expectations or exceed them? Could any of them be any better? Make a note of what you want to work on and make an action plan for CEO day. It’s time to start making these numbers work for you!
BTW – I’m speaking at Growth Week 2021 (happening Nov 1-5) about The 5 Things I Learned from a $1.5 Million Dollar Course Launch. You’re invited! Get all the details and grab your free ticket here!