How do you measure success when launching a second product? Are you focused on current customer adoption or new customer adoption?

Measuring success starts with defining what success looks like. This is most successful when it’s a cross-functional effort, and teams across the organization are bought in. Ahead of launch you should align on a metric. This will differ from product to product. You need to figure out what metric matters most to the success of your product, and make sure its easy to understand so folks can rally around it. For FigJam we focused on an engagement metric, Weekly Active Users (WAU), which we also tra ...Read More

I’m going to answer your question indirectly first: Going from a single product company to a multi-product company is a big shift, not just in your business goals but also in your company’s identity. It’s important to think through how this second product changes who you are, and I strongly recommend you pause before launch to think through your corporate-level messaging, which I’ve written about in a previous Sharebird AMA here (first answer). A quick example: when I joined Brex, it was a “corp ...Read More

First question I'd ask: Why did you build this? Is it to open up new TAM? To expand ACV? To reduce churn? That should define what success looks like -- if you're trying to reduce churn, this is probably more of an upsell play, and potentially also focused on % and depth of adoption. If you're focused on new TAM, likely it's new business. Expanding ACV could go either way and may depend on the persona involved. For example, we once launched an additional product that required us to engage with a ...Read More

Typically, both! If the feature is big enough to make a product stand out in the market (and isn't table stakes), then I typically will find a way to promote it to prospects, or wait until there are enough features that can be grouped together to create a larger marketing campaign. I usually prioritize measurements for success in the following order: Existing customer adoption - usage of the feature over a period of time, or to a achieve a specific milestone. New customer adoption - engagement, ...Read More

When introducing a second product, the success of its launch depends on how it fits into the company's existing offering. There are several factors to consider: If the second product complements the first, the focus should skew toward current customers and leverage the trust already established with them. If the second product targets a different audience segment or need, the emphasis should be on acquiring new customers. Metrics like Monthly Recurring Revenue (MRR), Customer Acquisition Cost (C ...Read More