How Do You Measure Success in Go-To-Market?

Measuring market success starts with defining what “success” means for your business, then doing the research to determine whether you’re hitting that mark with your go-to-market plans. This seems like a simple concept in theory, and it can be — if your methods are sound. The trouble many businesses run into, though, starts with how exactly they measure success and even how they define success to begin with. Doing either of these steps poorly can detract from or even completely devalue your assessments.

You’re probably wondering, “What exactly is there to ‘get wrong’ about go-to-market metrics?” After all, they’re somewhat universal, and it should be easy to tell whether you’re in the red or in the black as a business. While these are both true, many businesses neglect two key parts of measuring success: context and cause. In other words, success metrics are effectively meaningless without also knowing…

…why your launch strategy produced those metrics.…
what else was happening alongside those metrics.

When it comes to measuring market success, saying “it’s all about the numbers” is only half-right; it’s about the right numbers—and the ways you measure them. Simply checking for green and red arrows doesn’t tell you what’s working (and what’s not), nor does it give you any actionable insights for your next launch.  Similarly, the only thing worse for a business than failure is succeeding without knowing why, then failing to ever repeat that success. To avoid this, your GTM metrics also need to have correlations, patterns, and connected data points—to better see what’s happening during your launches.

If you’re wondering how to measure the success of a new product in a way that will help you improve each time, we’ve got you covered. Below we talk about some best practices for GTM KPIs, including how to set them,
tools to measure them, and tracking success in a way that works for your unique business. With that said, let’s start with the first step in that process:

What Is the Best Way To Measure Success?

Measuring success as a business breaks down into six steps:

  • Define what “success” looks like.
  • Decide which KPIs to track.
  • Set a timeline and schedule for research.
  • Launch the product!
  • Monitor and measure your KPIs.
  • Determine if the results match your idea of “success.”
Although each of these steps is important, the first two are the most critical. Knowing your goals—and exactly how you’ll measure your efforts—is the best way to not only know whether you’re hitting the goal, but how you’ll improve your performance or even raise the bar for success in the future.

How Do You Come Up With Good Metrics?

Creating good success metrics comes down to two steps: clearly defining success, then using objective data and data patterns to measure your efforts.

First, a business needs to create clear, specific goals for its success ideals. Simply wanting to make money, reduce churn, or grow the business is not enough; how much money do you want to make, how much do you want to reduce churn, and how much do you want to grow the business? Furthermore, what time frame are you giving yourself to reach those goals? “Make more money” is not an adequate success goal, but “$2 million ARR and by the end of the quarter” is a clear goal that can be strived for.

Most businesses understand that first part well enough, but the second part—using objective data and data patterns—is where they tend to fall short. It’s important to emphasize the “data patterns” part of this process; it’s easy to get hung up on hitting specific numbers, but numbers are meaningless without knowing what created them.

What Is a KPI for GTM?

A KPI (key performance indicator) is a marker for how a business or its offerings are performing in the market. KPIs are a common tool for measuring business success because they use objective data to quantify subjective goals. While each business will want to focus on different metrics depending on their goals, some common KPIs business measure include:
  • Recurring Revenue (Monthly-, Annually-, and Net-)
  • Customer Churn
  • Net Promoter Score
  • Return on Ad Spend
  • Conversion Rates
  • Brand Reputation
When measuring KPIs, it’s critical to not only know your data is accurate, but the patterns that contribute to said data. Even if a business can accurately measure its performance, if that business can’t also determine what causes that success—or project future opportunities for success—measuring KPIs is effectively useless. Using research tools like Aptivio can help an organization both measure its current growth and discover opportunities for future growth.

What Are the Best KPIs for New Market Entry?

The answer to this will vary depending on the business and its goals. While many KPIs for a new market entry are all but standard, the best signals for each business to monitor will change based on the product being launched and the market said product is being launched in. As you define your success metrics and select each KPI for a new product launch you’re going to track ask yourself:
  • What exactly will this metric measure about the business?
  • What research tools can I use to track this metric?
  • How can I respond to the results of this metric, be they positive or negative?
  • What factors influence this metric—and is there a way to measure those too?
Only a few tools are capable of measuring data with that level of detail. At Aptivio, we’re proud to say we’re one of the select few that do; our AI-powered engine helps organizations comb mass amounts of data in a way that gives them insights for the future. Our platform also provides a way to share this data—both internally and externally—so your teams stay aligned, your stakeholders stay informed, and your partners stay as competitive as you do. If you’d like to see what our tool can bring to your GTM strategies, get your free Market Snapshot today and experience the power of good data firsthand.