Businesses often spend tons of time on the development stage of a new product or service to make it as perfect as possible before release. However, some newly released products just don’t live up to the return on investment, making them a failure. This article will explain the top tips for increasing ROI on your new product or service, whether it is a new bitcoin trader software or a new hi-tech lawnmower.
Key performance indicators (KPIs)
Key performance indicators, also known as KPIs, are one of the first things that businesses use to measure the success of a new product. The KPIs can range from anything, from net sales to the number of customers retained or the percentage of market share. KPIs are great for effectively measuring a campaign and seeing how effective the new product is when it is released in the market.
Keeping SMART goals
Before releasing a product or service, first, you need to think about which targets you want to achieve. SMART goals are here to help focus on your targets so that they are not too broad, nor too narrow. SMART goals stand for Specific, Measurable, Achievable, Relevant, Timed. When coming up with goals for your new product, consider using SMART goals to zero in on the specifics, which will make it more achievable as a result.
Look at your social media platforms
Social media is one of the most important marketing avenues for businesses. Because of this, it’s a good idea to do some research into the current social media platforms that you operate in to figure out how beneficial it can be to promote your new product on these platforms and gain that return on investment.
Look to your competition
One of the best ways for understanding how a new product will do is by looking at your competitors. What do they do? By conducting quality competitor research analysis you can understand how they are doing and the possible opportunities that you can use to your advantage to overtake them and receive a better return on investment overall.
As well as this, you can also stay up to date with trends in your market to ensure you don’t fall behind when it comes to meeting industry standards and the needs of your target audience.
Try using A/B testing
If you’re looking to get the best return on your investment, try a/b testing. This approach goes for the ‘see what works best’ philosophy. This is where you will have two different versions of your product/service, or two different versions of an app, website or advertisement and see which version performs the best overall.
To find out which one is the best, the results are analysed using certain metrics. This helps product managers to find which version works the best, so they can make the necessary changes before releasing the product to ensure a higher return on investment.
This can be done over and over again, slightly changing the versions, until the product managers are completely satisfied with the final product and are happy to take it to market.