Question

Topic: Strategy

Launching A Digital Product

Posted by leenisme on 1/25/2021 at 6:19 AM ET 250 Points
My company is about to launch a digital product Z to the market, similar to a digital credit union app. Right now, the plan is to launch soon but not a full-fledged product since it will take time for some e-functionalities to be completed. So the 1st phase launch would be about 20% of its whole proposition. The possible challenge:
1. Create confusion as the 1st phase functionality is similar to an e-wallet and may be perceived by market as 'just another e-wallet'. Product Z has more features to it, e.g. financing platform, loyalty etc.
2. We will be developing a mobile app product X soon also with this e-wallet feature and this product may be mistaken as our mobile app since we do not have one now.

Issue no.2 has been raised but the mgmt's call is to launch product Z anyway.

I'd like hear/seek your expert opinion on how we can craft a go-to-market strategy for this product.

Thanks
To continue reading this question and the solution, sign up ... it's free!
SUBSCRIBE
Or, SIGN IN

RESPONSES

  • Posted by Jay Hamilton-Roth on 1/25/2021 at 9:12 AM Member
    A 20% product doesn't sound like solid offering. This sounds like an "early adopter" or beta test. In fact, based on user testing, the product's design may need to change based on input.

    Does your company already have other digital products in its portfolio? How does this one complement these? Can you leverage your portfolio's awareness to show where it fits in and distinguishes itself from the competition?
  • Posted by leenisme on 1/26/2021 at 1:10 AM Author
    Hi Jay,

    A 20% product doesn't sound like solid offering. <<< i totally agree with this. Sadly, it is a fact and they need to launch this ASAP because they have invested too much time and money in this product.

    This sounds like an "early adopter" or beta test. <<< it is an 'accidental' early adopter/beta test product. they will launch it to staff first and then the public.

    In fact, based on user testing, the product's design may need to change based on input. <<< unfortunately, feedback from the beta users will only be gathered and looked into much later because they had UAT testers from various departments to test this product before planning this launch.

    Does your company already have other digital products in its portfolio? <<< No. Only digital product available is the online site that allows customers to transfer their monies in and out and make payments for their financing products.

    How does this one complement these? <<< N/A. However,

    Can you leverage your portfolio's awareness to show where it fits in and distinguishes itself from the competition? <<< right now, it will be difficult. first because we do not have any digital products other than the internet site. this app was supposed to represent the credit union itself (moving away from brick and mortar). However, in the pipeline, we are developing a mobile app to enable brick and mortar customers to perform simple transactions on this mobile app. This mobile app will only be launched later in the year.
  • Posted by Jay Hamilton-Roth on 1/26/2021 at 4:12 PM Accepted
    Since the pressure is to push out what you do have, then you can't really focus on what the product isn't – but what it is. If the product seems like an e-wallet with nothing much to distinguish it, then that's what the product is. Perhaps your marketing campaign can focus on the "big picture" of your offerings, and to get people comfortable/trusting of your product now (so when you're pipeline product is launched, your audience will likely adopt it quicker).
  • Posted by Peter (henna gaijin) on 2/1/2021 at 11:43 AM Accepted
    Launching something just because you have invested a lot is normally a step toward failure. The time and money spent is spent, and can't be gotten back by launching before the product is ready. If the product is not ready, it will fail, no matter how much has been spent already.

    I agree with Jay that this sounds more like a beta launch than a product launch, at best. Or should just be something which more resources are put in to in order to make it a more complete product before launch.

    If you still go ahead and launch, Jay's suggestion of focusing on what it is not isn't is good advice.
  • Posted by Shelley Ryan on 2/9/2021 at 11:08 AM Moderator
    Hi Everyone,

    I am closing this question since there hasn't been much recent activity.

    Thanks for participating!

    Shelley
    MarketingProfs
BACK TO TOP

Post a Comment

Related Discussions

Community Info

Top 25 Experts
(Strategy)