One of the key aspects of Agile Product ownership, especially for ones preparing for the Certified Scrum Professional-Product Owner (CSP-PO) examination, is understanding the importance of setting clear, measurable goals when launching a new product. Having well-defined goals gives a sense of direction, helps focus efforts, fosters unity within the team, and fuels forward momentum. In the context of a product launch, here are three measurable product launch goals and why they’re critical to any Agile-focused product management team.
1. Revenue Generation
One of the most common goals for product launches is generating revenue, which can be measured through several metrics such as an increase in sales, boosted market share, or new customers acquisition.
For instance, the product owner may set a goal of achieving $1M in sales within three months of product launch or acquiring 1,000 new customers within six months. Alternatively, the goal could be increasing the organization’s market share by 5% within one year of the product’s launch. These are quantitative, time-bound goals which are straightforward to measure, thus helping the Agile product management team to gauge their efforts against these targets.
2. User Engagement
Measuring user engagement involves detecting how users interact with your product. Several metrics can help measure this, including active users, session duration, frequency of use, and interaction per visit. These measurements all provide insights into how much users are actually using and benefiting from the product.
For instance, a product owner may set a target of 10,000 active users within a month of launch or increasing session duration by 20% within six months. One could also aim to achieve a certain frequency of use or interactions per visit. User engagement is vital since it directly reflects how your product matches the needs of users, thus informing future development and iterations.
3. Customer Satisfaction
Customer satisfaction is another important measurable goal which helps to gauge whether your product is meeting user expectations. There are several ways to measure customer satisfaction, including Net Promoter Score (NPS), Customer Satisfaction Score (CSAT), or user reviews and ratings.
For example, a product owner can aim to achieve an NPS score of over 60 within three months of the product launch, or maintain an average user rating of 4.5 out of 5 in app stores. Through these metrics, the product owner can assess the product’s quality and reception among customers, which can inform potential improvements in product features or customer service procedures.
These goals are critical for the Agile product management team because they anchor a product’s direction, focus the team’s efforts, and provide motivation by highlighting progress. They provide an objective baseline to evaluate success or need for course correction. These measurable goals also ensure alignment among stakeholders and cultivate transparency, both of which are fundamental values in the Scrum framework.
In conclusion,
for all aspiring CSP-PO certified professionals, understanding these measurable product launch goals and how they tie into the Agile philosophy is essential. They not only help you manage your product more effectively but also raise your competence as a product owner, thereby augmenting your chances of acing the CSP-PO exam.
Practice Test
True or False: One goal for a product launch could be reaching a certain number of new users within the first month.
- True
- False
Answer: True
Explanation: This is a common and measurable goal for product launches. It sets a specific target for user acquisition and provides a timeline.
In measurable product launch goals, which of the following should be taken into account?
- A. The target market size
- B. Level of market competition
- C. The product development cost
- D. The product’s unique value proposition
Answer: A, B, D
Explanation: While the cost of product development is important, it is not typically a ‘measurable’ goal for the product launch. The measurable goals relate to the product performance on the market.
True or False: “Obtain 1000 daily active users in the first week of launch” is a poorly defined and unmeasurable product launch goal.
- True
- False
Answer: False
Explanation: This goal is measurable as it provides a specific target (1000 daily active users) and a timeline (first week of launch).
Which of these are examples of measurable product launch goals? (select all apply)
- A. Obtain positive reviews from 70% of users within two weeks of launch
- B. Reach break-even point within six months
- C. Capture 10% market share in the first year
- D. Be the best product on the market
Answer: A, B, C
Explanation: Options A, B, and C are all specific and measurable launch goals. Option D, while admirable, is subjective and not directly measurable.
True or False: “Make our customers happy” is a measurable product launch goal.
- True
- False
Answer: False
Explanation: While customer satisfaction is important, this is not a measurable goal because it lacks specificity and a method for quantification.
Which one is NOT a measurable product launch goal?
- A. Increase website traffic by 40% within the first month
- B. Secure 3 major retail partnerships in the first quarter
- C. Achieve a product return rate lower than 2% after 3 months
- D. Build a product that customers will love
Answer: D
Explanation: Option D is subjective, vague, and does not provide a specific target or timeframe, making it not measurable.
True or False: A measurable product launch goal can be “Become the most popular product in the market”.
- True
- False
Answer: False
Explanation: Whilst it is a positive ambition, this goal is not measurable as it lacks specificity, is subjective, and does not propose a way to accurately measure popularity.
True or False: Increase total sales by 20% after the first quarter, is a good example of a measurable product launch goal.
- True
- False
Answer: True
Explanation: This goal is specific, measurable (in terms of sales percentage increase), and time-bound (by the first quarter), aligning with the SMART goal guidelines.
What characterizes a measurable product launch goal?
- A. Specific
- B. Measurable
- C. Achievable
- D. All of the above
Answer: D
Explanation: In accordance to SMART goal guidelines, a measurable product launch goal is specific, measurable, achievable, relevant, and time-bound.
True or False: Each product launch must have the same goals.
- True
- False
Answer: False
Explanation: Each product launch is unique and has different circumstances, market conditions, customer needs, and strategic goals; therefore, their goals should differ accordingly.
True or False: A measurable product launch goal is “Improving brand image”.
- True
- False
Answer: False
Explanation: Brand image improvement is vague and can’t really be measured, making it a non-measurable product launch goal.
True or False: The product launch goals should align with the overall business objectives.
- True
- False
Answer: True
Explanation: For the product to contribute to the company’s success, product launch goals should be aligned with the broader company objectives.
Is “Increase signup conversion ratio by 10% within 2 months of launch” a measurable product launch goal?
- True
- False
Answer: True
Explanation: This goal is specific (10% signup conversion ratio improvement), measurable (through conversion tracking), and time-bound (2 months), making it a measurable product launch goal.
True or False: High level objectives can serve as measurable product launch goals.
- True
- False
Answer: False
Explanation: High-level objectives typically lack the specific, measurable, achievable, relevant, and time-bound (SMART) aspects needed for a measurable product launch goal.
True or False: Goals set for a product launch should be revisited and potentially revised post launch.
- True
- False
Answer: True
Explanation: Goals may need to be adjusted post launch based on actual performance and changing circumstances. This is part of an iterative, agile approach.
Interview Questions
What is the aim of setting measurable product launch goals in Scrum?
With such goals, Scrum teams can align to a common purpose for the product launch, continually make necessary adjustments during the development process, and accurately assess the successes or improvements needed after the product is launched.
Why is it crucial for product launch goals to be measurable in Scrum?
It enables better tracking of progress, identification of potential improvements, alignment of the Scrum team’s focus and efforts, and a clear understanding of what constitutes the success of the product launch.
Name at least three measurable product launch goals commonly used in Scrum.
Some measurable product launch goals include achieving a specific number of product sign-ups, attaining a particular level of customer satisfaction score, or reaching a certain percentage of market share within a predetermined amount of time.
What is the significance of quantifiable components in product launch goals?
Having numerical or quantifiable parts in goals ensures they are objectively measurable, removing doubts and disagreements when assessing the performance and success level of the launched product.
What role does the Scrum Product Owner plays in setting product launch goals?
The Scrum Product Owner is responsible for defining the product launch goals, aligning them with the business strategy, and communicating them effectively to the Scrum team to guide their work.
How does setting a specific number of product sign-ups as a product launch goal influence the Scrum team’s development practices?
It guides the Scrum team in focusing their efforts on features that attract more customers, in alignment with strategies designed to boost user acquisition and sign-ups.
What does it mean if a measurable product launch goal is defined as “Improve NPS score by 20% in the first quarter post-launch”?
It means that one of the product’s success measurements is to enhance its Net Promoter Score (NPS), which indicates customer satisfaction and loyalty, by 20% within three months after its launch.
What measurable product launch goal could be relevant for a Scrum team working on an ecommerce application?
They could aim for a product launch goal such as “Achieve an average 5% sales conversion rate from launch visitors in the first six months post-launch.”
How might a Scrum team use the goal of reducing Customer Effort Score (CES) post-launch?
The team could use this goal to direct their efforts towards developing features that simplify the product usage or solve common customer challenges, aiming to decrease the effort customers must put in to use the product.
What is the importance of setting a deadline for achieving product launch goals in Scrum?
Setting deadlines helps provide a fixed timeline for the Scrum team to work towards, driving urgency, motivating continuous effort, and ensuring timely delivery and assessment of the product launch.
How does customer satisfaction rate serve as a measurable product launch goal in Scrum?
Aiming for a specific customer satisfaction rate can direct the Scrum team’s efforts towards creating user-friendly features and ensuring an overall positive user experience, which in turn can be measured with customer feedback and ratings post launch.
How could a Scrum team track the progress towards a product launch goal related to market share?
They could define intermediary milestones, conduct frequent market analysis, and use metrics like sales numbers, user base growth rate, or adoption rate to continually measure and adjust their course towards the defined goal.
How are measurable product launch goals used for continuous improvement in Scrum?
After a product launch, the Scrum team can evaluate their performance against these goals to understand the successes, identify areas for improvement, and use these learnings to improve future product development cycles.
What happens if measurable product launch goals are not achieved in Scrum?
Not achieving such goals is not seen as failure, but rather as an opportunity for learning and improvement. The Scrum team, particularly the Product Owner, would identify the factors that impacted the goal achievement and work on strategies to improve in subsequent Sprints.
Can measurable product launch goals be updated during the Scrum process?
Yes, depending on the feedback received, market changes, or emerging business needs, the Product Owner might revise the product launch goals to ensure they are still relevant and achievable. However, such changes should always be made considering the impact on the team’s focus and morale.