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How to Recover From a Failed Product Launch

February 09, 2017

By Today’s Industry Insider

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Launching a new product requires time, money, and a whole lot of elbow grease.

When the launch goes off without a hitch, all the effort seems worth it — but when it fails, it can send you and your business into a doubt-ridden daze.

Coca Cola’s ‘New Coke’ disaster back in 1985 still draws attention, while Amazon’s more recent failure with the ‘Fire Phone’ is still fresh in our memories.

The good news is even if your product launch was a total dud, there’s a strategic three-step recovery plan that can turn the tables in your favor once again.

Here’s how it’s done:

Step 1: The Autopsy

There’s usually a very real and quantifiable reason for the failure of your product launch — you just have to find it.

This three-step autopsy will frame your investigation:

Analyze The Data

First things first, you’ll want to analyze every piece of data surrounding the failure of your product launch.

Why? Because your product itself may not have been the reason for its failure — it may have been the customer journey surrounding it.

If you used Google Analytics, or any other entry-level analytics platform, you’ll want to begin investigating the following metrics:

  • Bounce Rate: Your website’s bounce rate is the percentage of visitors who land on a page, and then exit before visiting any other page. By investigating the bounce rate on your website on a page-by-page basis, you can identify your weakest pages and then think about how to improve them in order to retain your traffic. To check your bounce rate using Google analytics, go to Audience > Overview.
  • Exit Pages: Knowing where you lose your audience is key. If, for example, most of your traffic leaves your website at the checkout page, you can investigate your checkout process further to see what’s turning people away. You can evaluate which pages are leaking visitors by going to the Users Flow section in your Google Analytics dashboard.
  • Entry Pages: It’s not all about evaluating bad news. By finding out which pages your audience is landing on most, you can work on optimizing that section of your site. You can access these metrics by heading to Site content > Landing Pages.

Additionally, if you are a Kissmetrics user, you can drill down to your website’s most relevant data with features such as:

  • Path Reports: This Kissmetrics feature shows the quickest and most effective route your customers take towards your entire website’s goal.
  • Objective-based Reporting: Don’t know what kind of report to create? Objective-based reporting is a Kissmetrics feature that recommends an appropriate report based on whatever your objectives are. For example, if you’re focused on improving your funnel, you can use the Funnel Report to see where prospective customers are dropping out before they purchase.
  • Cohort Reports: This feature shows how segmented groups behave over time. You can use such information to figure out how well your audience in one particular country is reacting to a piece of content over time, for example.

The bottom line here is that you …read more

Source:: Kiss Metrics Blog

      

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