Digital Product Release (Part 2)

Synopsis

You have so much to worry about before your digital product launch: customer satisfaction, effective marketing, healthy sales funnel – the list goes on. With our Digital Product Release (Part 2) deck, you can at least easily demonstrate to your team and stakeholders the great features of your new digital product and its positioning, without hours and hours spent on charts and graphs creation.

Questions and answers

What are the challenges in creating charts and graphs for a digital product launch and how can they be overcome?

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Creating charts and graphs for a digital product launch can be challenging due to several reasons. Firstly, it requires a clear understanding of the data to be represented. Secondly, it requires time and effort to design visually appealing and easy-to-understand charts. Thirdly, it can be difficult to choose the right type of chart or graph that best represents the data. These challenges can be overcome by having a clear understanding of the data, using tools and software that simplify the process of creating charts and graphs, and seeking feedback from others to ensure the charts and graphs are easy to understand.

How can a digital product be positioned for success in the market?

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A digital product can be positioned for success in the market through a combination of strategies. First, it's crucial to understand the target audience and their needs. This understanding will guide the development of the product to ensure it meets these needs. Second, effective marketing is key. This includes creating a strong brand, leveraging social media, and using SEO strategies to reach a wider audience. Third, it's important to have a healthy sales funnel. This involves attracting potential customers, nurturing them through the sales process, and ultimately converting them into paying customers. Lastly, customer satisfaction should be a priority. This can be achieved by providing excellent customer service, regularly updating and improving the product, and listening to customer feedback.

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Slide highlights

This slide is perfect for presenting your geographic or demographic data and introducing your target audience and key insights about it. You can find more international and regional maps in our Ultimate Map Collection.

To make your digital product launch presentation more playful and interactive, use icons showcased in this slide. Icons is a simple, powerful tool for communicating information, as they help us interpret and understand concepts better.

Application

HubSpot recommends checking things off the following checklist for a successful digital (or physical) product release:

• Get to know your customer – "market research" or "customer development" is key to learning about what your customers need, want and what their pain points are. Determine their goals, drivers and problems so you can develop and market a valuable solution.
• Write a positioning statement – some questions to consider and answer when writing a positioning statement are: Who is the product for? What does it do? How is it different from other similar products? Who is your target audience?
• Pitch your positioning – when your positioning statement is ready and polished, present it to stakeholders in your company so everybody is on the same page. "If your employees have a hard time buying into the product, your customers might as well. If your team loves it, that might be a great sign that the product launch will go well," the experts say.
• Plan your market strategy – to launch and promote your product, you need a roadmap. Some businesses prefer to build a funnel strategy, while others prefer the flywheel approach, the HubSpot team says. When you are working on building your strategy, take in consideration, what type of content you can use or repurpose to attract a prospective customer's attention.
• Set a goal for the launch – use a SMART goal, which is Specific, Measurable, Attainable, Relevant and Time-bound. This is one of the proven ways to establish achievable goals.
• Create promotional content – start planning and producing content to support and align with your promotional initiatives and campaigns. Blog posts, demos and tutorials, landing pages (and social media posts) are all good examples of content that can be used for your digital product marketing.
• Prep your team – ensure that your team and key stakeholders are ready for you to launch and kickstart the marketing of the product. Communicate with everybody involved or interested through internal presentations, Slack channels or good old email to keep the staff in the loop and up to date with your launch plan.
• Launch the product – this one is self-explanatory – launch your new digital product (and, maybe, celebrate?).
• Track Performance – monitor and control how the market strategy is performing. Run frequent analysis and put together reports on performance and be ready to tailor your plan in accordance with shifting circumstances.

Example

PayPal digital wallet platform

In 2020, PayPal was getting ready to launch several new products, including a digital wallet platform. The company shared the vision for their new digital product during quarter three (Q3) earnings call, TechCrunch reported. During the call, PayPal leaders said that the company plans to roll out substantial changes to its mobile apps in 2021 to integrate new features, such as all of PayPal's Honey shopping tools and crypto support. With its new Digital Wallet, PayPal shared, it plans to support Bitcoin, Ethereum, Bitcoin Cash and Litecoin, initially, in the U.S. and later, globally.

Questions and answers

How does the Digital Wallet align with digital transformation initiatives in the crypto industry?

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The Digital Wallet aligns with digital transformation initiatives in the crypto industry by making cryptocurrencies more accessible to users and expanding its reach to more geographies. It does not require any additional integrations, volatility risk, or incremental transaction fees for consumers or merchants, thereby enhancing the utility of cryptocurrencies. This is seen as just the beginning of the opportunities as the company plans to work closely with regulators to accept new forms of digital currencies.

Are there any case studies that demonstrate the effectiveness of the Digital Wallet?

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While the content provided does not mention any specific case studies demonstrating the effectiveness of the Digital Wallet, it does highlight the CEO's confidence in the product's potential to bring crypto to more users and geographies without additional integrations, volatility risk, or incremental transaction fees. This suggests that the company may have conducted internal studies or research to support these claims. However, for specific case studies, it would be best to refer to the company's official publications or request this information directly from the company.

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CEO Dan Schulman stressed to the investors that Digital Wallet will bring crypto to more users and geographies. Schulman also did a great job promoting the digital product features and convenience by saying: "This solution will not involve any additional integrations, volatility risk or incremental transaction fees for either consumers or merchants, and will fundamentally bolster the utility of cryptocurrencies. This is just the beginning of the opportunities we see as we work hand in hand with regulators to accept new forms of digital currencies."

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