In today's fast-paced digital landscape, staying ahead of the curve is key to success. The world is constantly evolving, and trends emerge and fade at an unprecedented rate.
This is why adopting a mindset that embraces change and innovation is crucial for anyone looking to launch an online product, especially during times of crisis.
The zone of opportunities largely emerged due to the fact that the number of online users has grown during the COVID-19 pandemic. These users are searching online for what they used to buy offline.
A great example is Netflix, a company that, on April 22nd, 2020, announced that it gained nearly 16 million new subscribers between January and March.
"In countries like Italy and Spain, for instance, the number of new Netflix subscribers increased by 57% and 34% during lockdown," said BBC analyst Blake Morgan. "People more than ever want to watch something good and forget about what's happening."
I believe that the industry will be significantly enriched by Tencent's intention to integrate advertising into pre-existing videos.
Our work hasn't ceased due to the pandemic and quarantine either. I'd like to share how we conducted marketing for our products and what factors are worth considering when introducing a product to the market.
If you're planning to launch a new product or enter a new market, it's crucial to start with a Go-to-Market plan. This will help you avoid or promptly rectify any evident mistakes even before the launch.
Components of a Go-to-Market plan include product, market, channels, customer, and support.
First and foremost, delve into what the consumer needs and how your advantages can fulfill those needs. Formulate a player profile.
"If I had asked people what they wanted, they would have said faster horses." - Henry Ford
This implies that people often don't know what they want until they learn about the existence of new technology in the market. This is especially pertinent for startups. Here, the ability to anticipate trends and understand what will appeal to the player tomorrow is crucial.
And the current trends are as follows:
Exploring Growing Markets
Major brands are venturing into new, less saturated markets with a large and expanding audience. Prominent gaming products like Parimatch, Royal Panda, and Leo Vegas have long recognized the potential of these burgeoning markets.
Leveraging Blockchain/Crypto Tech
An increasing number of people are showing interest in blockchain technologies, ensuring transaction transparency, as well as providing a fast and singularly anonymous payment method.
Gamification/Characters
Capturing consumers' attention amid the vast influx of information and shifting dynamics is becoming increasingly challenging. Gamification aids in keeping a visitor focused on the product and compels them to return.
Personalization and Digitization
Avatars are everywhere – in gaming accounts, on social media. Purchasing virtual items, crafting, and "enhancing" one's digital self across all platforms is becoming more commonplace. For instance, I recently started buying digital clothing on the DressX platform.
Storytelling
A brand needs a narrative. This is another means of engagement and retention, much like a compelling book or movie.
Health Technologies
Life and well-being take precedence above all. Scientists are advocating for the inclusion of aging-related conditions in the International Classification of Diseases (ICD), indicating that doctors might soon prescribe treatments to maximize lifespan.
However, keep in mind that everything is subject to change. What's relevant now might not be tomorrow. Act while it's effective. And remember, we live in a period of beta versions.
In essence, any methods of engagement and attention retention hold value for a brand in a time of total distraction. So, let's return to the plan.
Market
It's essential to choose the most suitable market for your product. This involves a comprehensive assessment of countries, taking into account population, residents' profiles, number of internet users, languages, laws/licensing, technical accessibility, and so on.
Channels
Channel strategy. Where will we advertise, and how will the funnel look?
Once the product is technically ready and can finally start welcoming its first users, we recommend initiating a small-scale test. Purchase traffic of up to 10,000 registrations, utilizing two to three sources. If the market is entirely new, it's better to go through a local agency.
During the test phase, it's crucial to track errors, rectify them, and then acquire more traffic. For new internet products, this can be a lengthy process of testing and gathering feedback from all directions.
The funnel will appear as follows: you "pour in" visitors from all possible channels, they enter the project, and then you bring them back again through retargeting and retention.
Segment users based on where they are in the funnel and bring them back through any available channels:
- Advertising networks with retargeting.
- Proprietary groups on other platforms (social networks, blogs, and so on).
- Email campaigns.
- Push notifications.
- SMS campaigns/calls.
- Distribution through bots (Telegram/Facebook/WhatsApp).
Offer favorable conditions to your traffic suppliers. The better the terms, the more traffic you can attract. However, ensure that the price remains justifiable.
And be sure to consistently evolve the outcome.
Technical Support
Poor service can undermine all the effort, even if it was executed perfectly. Here are a few bonuses on how to ensure good support:
- Polite and Open Communication: Engage in courteous and transparent communication at all times.
- Customer-Centric Approach: Keep the customer at the center of your interactions and decisions.
- Reward Consumers: Offer incentives, loyalty programs, and other rewards to show appreciation for their engagement.
- Brand Usage Scripts: Develop brand usage scripts tailored for different audience segments.
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Personalized Communication Channels: If a user prefers messaging over calls, reach out on platforms like Telegram to meet their preferences.
If the tests are successful and everything is functioning well, then proceed to scale up. Increase your budget and expand your efforts. And wish you good luck!
PS:
Follow me on Twitter or LinkedIn to connect. If you found this useful, you may also like to read “Growth Strategy During the Bear Market: How to Keep Attracting New Users in 2023”.
Photo by Mike Petrucci on Unsplash