Measuring Success: 9 Key Metrics for Your Waitlist
A well-managed waitlist can be a powerful tool for setting the stage for a successful product launch.
But how do you know if your waitlist is truly effective? The answer lies in tracking and analyzing the right metrics.
In this article, we'll explore the key performance indicators (KPIs) that help you measure the success of your waitlist and optimize your pre-launch strategy.
Quick Start
Focus on these key metrics first to get immediate insights into your waitlist performance:
1. Track Basic Growth
- Monitor daily signup rate
- Calculate conversion rate (signups/visitors)
- Track unsubscribe rate Target: 20-40% signup conversion rate
2. Measure Engagement
- Check email open rates
- Monitor click-through rates
- Note referral activity Target: 40-60% email open rate
3. Analyze Quality
- Calculate viral coefficient
- Review NPS scores
- Track referral success Target: Viral coefficient > 1
4. Optimize & Scale
- A/B test landing pages
- Adjust email frequency
- Improve referral incentives Target: Reduce churn to < 5%
Start with these core metrics and expand your tracking as you grow.
1. Signup Conversion Rate
The first metric to consider is your signup conversion rate. This fundamental KPI gives you insight into how well your landing page is performing and whether your initial pitch is resonating with potential customers.
What it is
The signup conversion rate measures the percentage of visitors to your waitlist landing page who actually sign up for the waitlist.
How to calculate
(Number of Waitlist Signups / Number of Landing Page Visitors) x 100
Why it matters
This metric indicates how effective your landing page is at convincing visitors to join your waitlist. A low conversion rate might suggest that your value proposition isn't clear or compelling enough, or that the signup process is too complicated.
General benchmarks
- Above 20% (excellent)
- 10-20% (good)
- Below 10% (needs improvement)
Optimization tips
- A/B test different landing page designs and copy
- Simplify the signup process
- Ensure your value proposition is clear and prominently displayed
Also read:
2. Viral Coefficient
The viral coefficient is a crucial metric for understanding how well your waitlist is spreading through word-of-mouth. It can help you gauge the effectiveness of your referral program and the overall excitement around your product.
What it is
The viral coefficient measures how many new users each existing waitlist member brings in through referrals.
How to calculate
(Number of New Signups from Referrals / Number of Existing Waitlist Members)
Why it matters
A high viral coefficient indicates that your waitlist is growing organically through word-of-mouth, which is often the most valuable form of marketing.
General benchmarks
- Above 1 (growing)
- 1 (stable)
- Below 1 (declining)
Optimization tips
- Implement a referral program with incentives
- Make sharing easy with pre-written messages and simple share buttons
- Gamify the referral process (e.g., move up the waitlist for successful referrals)
Also read:
3. Email Open Rate
Email communication is often the primary way to keep your waitlist engaged. The email open rate helps you understand how receptive your audience is to your messages.
What it is
The email open rate is the percentage of waitlist members who open the emails you send.
How to calculate
(Number of Emails Opened / Number of Emails Sent) x 100
Why it matters
This metric indicates how engaged your waitlist members are with your communications. A high open rate suggests that your audience is interested and anticipating your product.
General benchmarks
- Above 50% (excellent)
- 25-50% (good)
- Below 25% (needs improvement)
Optimization tips
- Craft compelling subject lines
- Segment your list and personalize content
- Test different sending times to find the optimal schedule
Also read:
- 7 ways you can get subscribers to actually read your emails | Khe Hy on X
- What are good open rates, CTRs, & CTORs for email campaigns?
4. Email Click-Through Rate (CTR)
While the open rate tells you how many people are reading your emails, the click-through rate reveals how many are taking action based on your content.
What it is
The click-through rate measures the percentage of email recipients who click on one or more links in your emails.
How to calculate
(Number of Clicks / Number of Emails Opened) x 100
Why it matters
CTR indicates how engaging and relevant your email content is to your audience. It's a good measure of how effectively you're maintaining interest and driving action.
General benchmarks
- Above 15% (excellent)
- 5-15% (good)
- Below 5% (needs improvement)
Optimization tips
- Include clear and compelling calls-to-action (CTAs)
- Provide valuable content that encourages clicks (e.g., exclusive previews, behind-the-scenes content)
- Use design elements to make CTAs stand out
Also read:
- 7 quick CTA tips to increase your clicks and conversions | Chase Dimond on X
- How to increase your email click-through rate | Daily Copywriting on X
5. Waitlist Growth Rate
Monitoring your waitlist growth rate helps you understand the momentum behind your product and the effectiveness of your acquisition strategies.
What it is
The waitlist growth rate measures how quickly your waitlist is expanding over time.
How to calculate
((Number of New Signups in Period - Number of Signups at Start of Period) / Number of Signups at Start of Period) x 100
Why it matters
This metric helps you understand the momentum behind your product. A consistently high growth rate indicates strong and sustained interest.
General benchmarks
- Above 15% monthly (excellent)
- 5-15% monthly (good)
- Below 5% monthly (needs improvement)
Optimization tips
- Run targeted ads to drive traffic to your waitlist
- Collaborate with influencers or complementary brands
- Create shareable content that promotes your waitlist
6. Engagement Rate
Beyond just growing your list, it's crucial to keep your audience engaged. The engagement rate helps you measure how actively your waitlist members are interacting with your brand.
What it is
The engagement rate measures how actively your waitlist members interact with your content and communications.
How to calculate
(Number of Engaged Users / Total Number of Waitlist Members) x 100
Note: "Engaged users" can be defined based on your specific goals, such as those who have opened an email, clicked a link, or interacted with your social media in the past month.
Why it matters
A high engagement rate suggests that your audience is genuinely interested in your product and more likely to convert to paying customers at launch.
General benchmarks
- Above 60% (excellent)
- 30-60% (good)
- Below 30% (needs improvement)
Optimization tips
- Create interactive content (e.g., polls, surveys, contests)
- Provide regular updates on product development
- Offer exclusive perks or content to highly engaged members
7. Churn Rate
While it's important to focus on growth and engagement, you should also keep an eye on how many people are leaving your waitlist. The churn rate helps you measure this.
What it is
The churn rate is the percentage of waitlist members who unsubscribe or become inactive over a given period.
How to calculate
(Number of Unsubscribes in Period / Total Number of Waitlist Members at Start of Period) x 100
Why it matters
A high churn rate could indicate that you're not maintaining interest or that your communications are too frequent or irrelevant.
General benchmarks
- Below 5% monthly (excellent)
- 5-10% monthly (acceptable)
- Above 10% monthly (needs improvement)
Optimization tips
- Survey users who unsubscribe to understand their reasons
- Ensure you're providing value in every communication
- Allow users to control the frequency of communications
Also read:
8. Net Promoter Score (NPS)
The Net Promoter Score is a widely used metric for measuring customer loyalty and satisfaction. It can be adapted for waitlists to gauge enthusiasm for your upcoming product.
What it is
NPS measures how likely your waitlist members are to recommend your product to others.
How to calculate
Subtract the percentage of Detractors from the percentage of Promoters (Promoters are those who rate 9-10, Detractors rate 0-6 on a scale of 0-10)
Why it matters
A high NPS indicates that your waitlist members are excited about your product and likely to spread positive word-of-mouth.
General benchmarks
- Above 50 (excellent)
- 0 to 50 (good)
- Below 0 (needs improvement)
Optimization tips
- Regularly survey your waitlist to gather NPS data
- Follow up with promoters to encourage referrals
- Address concerns of detractors to improve their experience
Also read:
9. Waitlist-to-Customer Conversion Rate
Ultimately, the success of your waitlist will be judged by how many of those interested prospects turn into paying customers. This is where the waitlist-to-customer conversion rate comes in.
What it is
This metric measures the percentage of waitlist members who become paying customers once your product launches.
How to calculate
(Number of Waitlist Members Who Became Customers / Total Number of Waitlist Members) x 100
Why it matters
This is perhaps the most crucial metric, as it directly ties your waitlist efforts to business outcomes. A high conversion rate validates the effectiveness of your pre-launch strategy.
General benchmarks
- Above 30% (excellent)
- 15-30% (good)
- Below 15% (needs improvement)
Optimization tips
- Offer special launch deals to waitlist members
- Create a sense of urgency around the launch
- Provide a seamless transition from waitlist to purchase
Troubleshooting Common Metrics Issues
Your metrics tell a story about your waitlist's health. When that story shows problems, here's how to diagnose and fix the most common issues.
When Your Signup Rate Is Low
A low signup conversion rate is probably the biggest red flag. This usually points to friction in your signup process or a disconnect in your messaging.
Start by looking at your landing page through your visitors' eyes. Is your value proposition immediately clear? Founders are often too close to their product and assume visitors understand as much as they do. Try explaining your product benefits in simpler terms and test different versions with A/B testing.
Next, look at your signup form. Every field you add creates friction. Unless you absolutely need information upfront, save it for later. Consider starting with just email and name. Companies like Slack and Dropbox built massive waitlists with minimal signup forms.
Don't forget about mobile users. Test your signup process on different devices — a form that works perfectly on desktop might be frustrating on mobile.
Dealing With Poor Email Engagement
Low open rates and click-through rates suggest your email strategy needs attention. This is crucial because email is often your primary channel for keeping waitlist members engaged.
First, analyze your sending patterns. Are you emailing too frequently? Not frequently enough? Look for patterns in when your emails get the best engagement. Many successful waitlists find that a consistent schedule (like every Tuesday) works better than random timing.
Subject lines matter enormously. Instead of generic updates like "Product Newsletter #5," try more compelling angles like "Here's what we built this week" or "You asked, we listened." Personalization can help too — adding the recipient's name or referencing their signup date can increase your open rates!
The content itself needs to deliver value every time. Share authentic behind-the-scenes updates, ask for feedback on specific features, or provide exclusive insights. Remember, every email should make members feel glad they're on your waitlist.
Fixing a High Churn Rate
When more than 10% of your waitlist members are leaving monthly, it's time to act quickly. High churn often indicates a gap between expectations and reality.
Start by surveying people who leave — a simple "Sorry to see you go — what could we have done better?" can provide invaluable insights. Often, you'll find patterns in the responses that point to specific fixes.
Common feedback might include:
- "I forgot I signed up" | Solution: More engaging early communications
- "It's taking too long" | Solution: Better timeline transparency
- "I don't see the value anymore" | Solution: Clearer communication of benefits
Be proactive in addressing these issues. For example, if your launch timeline extends, don't just keep sending the same updates. Instead, add value in other ways - exclusive content, community access, or early feature previews can keep people engaged even during delays.
Boosting a Low Viral Coefficient
A viral coefficient below 1 means your waitlist isn't growing through word of mouth. While this isn't always critical (some products naturally spread more easily than others), there's usually room for improvement.
Look at your referral system first. Is it obvious how to refer others? Is the benefit of referring clear? The most successful referral programs make both the process and the reward immediately obvious.
Consider the motivations of your current members. Sometimes, the standard "move up the waitlist" incentive isn't enough. What unique value could you offer referrers? Early access to specific features, extended trial periods, or exclusive content often work better than generic rewards.
Also, when are you asking for referrals? Timing matters — asking right after someone signs up (when they're most excited) or after they engage with interesting content often yields better results.
When Engagement Rates Drop
Low engagement is troubling because it often predicts future churn. But, the good news is that engagement is often the easiest metric to influence positively.
The key is to create more opportunities for meaningful interaction. This could mean:
- Running polls about feature priorities
- Sharing prototypes for feedback
- Creating exclusive AMAs with your team
- Building a community space for members
Engagement is about making members feel like they're part of your journey. Share your challenges as well as your successes. When members feel invested in your story, they're more likely to stay engaged.
The most successful waitlists turn their metrics into a feedback loop - constantly testing, measuring, and improving. Don't be afraid to experiment, but always keep track of how changes affect your core metrics.
Conclusion: Turning Metrics into Action
Tracking these key metrics will provide valuable insights into the effectiveness of your waitlist. However, the real value comes from using this data to inform your strategy and make improvements.
Remember to:
- Set clear goals for each metric based on your overall launch objectives
- Regularly review and analyze your metrics
- Use A/B testing to experiment with different strategies
- Be responsive to the data – if something isn't working, be prepared to pivot
- Look at metrics in combination to get a holistic view of your waitlist's performance
Tthe ultimate goal is to create a community of engaged, excited potential customers who are primed and ready for your product when it launches. Let these metrics guide you in maximizing the impact you make!
If you are ready to start building your waitlist, you can create a free account on Waitlister and get started within minutes. We offer a complete waitlist solution with all the features you need, whether you're launching a new app, a digital service, or a physical product.