My product management toolkit (39): go-to-market checklist

 

Thinking about how to best launch a product or feature to market can easily become an afterthought. I’ve certainly made the mistake of being so immersed in the execution of an idea that I forgot to think about how to best take a product to market. It doesn’t matter whether your product or feature is consumer facing or aimed at internal customers, I recommend considering the following as part of your go-to-market checklist:

Pre-Launch

  • Positioning statement – Write a positioning statement which explains succinctly who the product is for, what the product does and why it’s different from other products out there.
  • Internal announcement – Do an internal announcement of some sorts – e.g. at a staff meeting or via email – to let people know that a new product or feature is coming. This helps to build momentum and excitement as well as get valuable internal feedback in the run-up to launch.
  • Success criteria – Agree on the measures of success for your product, both quantitative and qualitative. What does ‘good’ look like post-launch and why? What kind of customer feedback are you hoping to receive once your product is live, which metrics are you expecting to be impacted positively? How do you manage ‘bad’ customer feedback? Upfront alignment on success or failure will also mean that you’ll be able to iterate quickly on your product or messaging if things aren’t heading in the right direction.
  • Training and demos – When launching a new product or feature, it’s important that people across the business have seen the product in action and have been trained on how to use it. Think for example about the people in customer support who might get inundated with customer questions once the product has been launched.
  • Launch date – Set a date and time for the launch and communicate to both people within and outside of your company. Your colleagues and a select group of customers can both provide you with valuable feedback prior to launch and spread the word. Also, make sure that your launch date doesn’t coincide with national holidays, other planned launches – by your company or a competitor – etc. as you don’t want the announcement of your new product to snow under.
  • Promotional content and FAQs – This covers all content and materials that will help explain the product, its benefits, who / what it’s for, and help (target) customers of the product. Drafting FAQs and sharing them internally and a select group of potential customers first, is a great way to make sure you’ve pre-empted any questions or concerns your target audience might have.
  • Media planning – As Pawel Lubiarz explains, launching a product without a media plan in place is a considerable risk. You’re only going to launch your product once, so you need to make the most of that occasion. Which digital and print media would you like to help message the launch of your product? Which journalists are likely to report on your product?
  • Press release – Draft a press release that captures the key aspects and benefits of your product and share with journalists and media outlets that you’ve identified (see my previous point).
  • Test. Test. Test – I know it sounds obvious but even if you think have tested your new product or feature, please make sure you test again in the run-up to a big launch. get people who aren’t as close to your product as you and your team to use the product, and look out for any glitches and gotchas.
  • Social media strategy – Create the launch announcement and content to be posted on relevant social channels, and think about appropriate content formats and frequency for the different channels that are relevant to your brand. The content you share on TikTok is likely to differ widely to what you put out via TechCrunch, for example.

Post-Launch

  • Launch evaluation – How did your product launch go? What did we learn? How we can iterate on our product and marketing our product, based on the initial numbers and customer feedback.
  • Reach out to customers – Customer learning doesn’t stop once the product or feature has been launched. Reach out to customers who have bought or used the product, people that left feedback or raised support questions. Consider creating new content to share now that the product is out in the market.

Main learning point: I’m sure that there’s a lot more items that could be added to my go-to-market checklist so please feel free to leave a comment or reach out with any suggestions of things to include!

Related links for further learning:

  1. https://www.aha.io/roadmapping/guide/release-management/what-is-a-good-product-launch-checklist
  2. https://tinuiti.com/blog/ecommerce/product-launch/
  3. https://blog.hubspot.com/marketing/product-launch-checklist
  4. https://moz.com/blog/product-launch-checklist
  5. https://backlinko.com/product-launch-checklist

 

 

App review: Steemit

Steemit.com is one of those products that feels super complex at first sight. I think it’s content platform but I need to give it a much closer look in order to understand how Steemit works:

My quick summary of Steemit (before using it): I reckon Steemit is a content creation and sharing platform, but I’m not sure what technology it’s built on or how it works.

How does the app explain itself in the first minute? “Your voice is worth something” is the first thing I see. When I continue reading above the fold, it says “Get paid for good content. Post and upvote articles on Steemit to get your share of the daily rewards pool.”

Getting started, what’s the process like (1)? The first thing I do is clicking on the “Learn more” button on the Steemit homepage. I then land on a useful FAQ page which covers the typical questions and answers you’d expect. Steemit enables “the crowd to reward the crowd for their content.” The platform is connected with the Steem blockchain, which is decentralised and open. Content contributors to Steemit are rewarded with STEEM, dependent on the attention their content is getting from other Steemit users.

Getting started, what’s the process like (2)? Signing up is very straightforward, nothing out of the ordinary. A nice progress bar, two-factor authentication and I now have to wait for Steemit to validate my sign-up request.

What can I do in the meantime? – I have a little nose around the Steemit platform, to learn about the content people publish. For example, I came across Dan Dicks, who has posted 71 posted on Steemed and has (sofar) received $123.86 for his latest post.

 

Main learning point: Steemit feels very similar to Quora and Reddit, but the main difference being the underlying blockchain and cryptocurrency element. Once my signup request has been approved, I’ll no doubt get a better sense of how the platform actually works. Currently, I’m not entirely clear on the dynamics in terms of being rewarded for your Steemit content.

Related links for further learning:

  1. https://steemit.com/steemit/@mindover/steemit-for-dummies-like-me-everything-you-need-know-to-get-started
  2. https://steemit.com/faq.html
  3. https://steemit.com/exploring/@kebin/what-is-steem-and-what-is-sbd
  4. https://steem.io/SteemWhitePaper.pdf

App review: Toutiao

Fig. 1 – Screenshot of www.toutiao.com/ homepage 

When I first heard about Toutiaou I thought it might be just another news app, this coming one from China. I learned, however, very quickly that Toutiaou is much more than just a news app; at the time of writing, Toutiao has more than 700 million users in total, with ore than 78 million users reading over 1.3 billion articles on a daily basis.

Toutiao, known officially as Jinri Toutiao, which means “Today’s Headlines”, has a large part of its rapid rise to its ability to provide its users with a highly personalised news feed. Toutiao is a mobile platform that use machine learning algorithms to recommend content to its users, based on previous content accessed by users and their interaction with the content (see Fig. 2).

Fig. 2 – Screenshot of Toutiao iOS app

I identified a number of elements that contribute to Toutiao’s success:

  1. AI and machine learning – Toutiao’s flagship value proposition to its users, having its own dedicated AI Lab in order to constantly further the development of the AI technology that underpins its platform. Toutiao’s algorithms learn from the types of content its users interact with and the way(s) in which they interact with this content. Given that Toutiao users spend on average 76 minutes per day on the app, there’s a wealth of data for Toutiao’s algorithms to learn form and to base personalisations on.
  2. Variety of content types to choose from – Toutiao enables its users to upload short videos, and Toutiao’s algorithms of will recommend selected videos to appropriate users (see Fig. 3). Last year, Ivideos on Toutiao were played 1.5 billion times per day, making Toutiao China’s largest short video platform. Users can also upload pictures, similar to Instagram or Facebook, users can share their pictures, with other users being abel to like or comment on this content (see Fig. 4).
  3. Third party integrations – Toutiao has got strategic partnerships in place with the likes of WeChat, a highly popular messaging app (see Fig. 5), and jd.com, a local online marketplace. It’s easy to see how Toutiao is following an approach whereby they’re inserting their news feed into a user’s broader ecosystem.

Main learning point: I was amazed by the scale at which Toutiao operate and the levels at which its users interact with the app. We often talk about the likes of Netflix and Spotify when it comes to personalised recommendations, but with the amount of data that Toutiao gathers, I can they can create a highly tailored content experience for their users.

Fig. 3 – Screenshot of video section on Toutiao iOS app 

Fig. 4 – Screenshot of user generated content feed on Toutiao iOS app

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Fig. 5 – Screenshot of Toutiao and WeChat integration on Toutiao iOS app

Related links for further learning:

  1. https://www.toutiao.com/
  2. https://www.crunchbase.com/organization/toutiao#/entity
  3. http://technode.com/2017/06/05/podcast-analyse-asia-187-toutiao-with-matthew-brennan/
  4. https://www.technologyreview.com/s/603351/the-insanely-popular-chinese-news-app-that-youve-never-heard-of/
  5. https://www.forbes.com/sites/ywang/2017/05/26/jinri-toutiao-how-chinas-11-billion-news-aggregator-is-no-fake/#24d401d64d8a
  6. https://en.wikipedia.org/wiki/Toutiao
  7. http://lab.toutiao.com/
  8. https://www.liftigniter.com/toutiao-making-headlines-machine-learning/
  9. https://techcrunch.com/2017/02/01/chinese-news-reading-app-toutiao-acquires-flipagram/
  10. https://lotusruan.wordpress.com/2016/03/20/cant-beat-giant-companies-on-wechatweibo-try-toutiao/
  11. https://www.chinainternetwatch.com/tag/toutiao/

 

 

 

App review: PayKey

I recently came across PayKey and have been intrigued since in the combination between banking and social media. PayKey’s vision is “to make payments in all social chat possible.” To this end, PayKey provides a secure payment keyboard which people can use when they’re in a social network of choice (Facebook Messenger, WhatsApp, WeChat, Twitter, etc. – see Fig. 1 below).

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Fig. 1 – PayKey Startup Pitch at the Mobile Monetisation Summit 2015 – Taken from: http://www.slideshare.net/IsraelMobileSummit/paykey-startup-pitch-at-the-mobile-moentization-summit-2015-startup-contest

The first step is for users to include payment functions in your keyboard.

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As soon, as you’ve included the payment capability, you start the payment flow within the messaging service. This enables you to pay to any people within your social network on the messenger service of choice.

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The penultimate step involves choosing an account to send to a contact, setting limits that work for you.

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Once you authorise the payment, the specified amount will be sent. The authentication that takes place here is one of the critical components of PayKey. PayKey is linked to existing bank payment systems, which means no changes to their current security practices. In addition, users can also choose a unique identifier (e.g. Twitter account detail) to connect with their bank account, making it easier to connect with your bank account.

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Main learning point: Companies like PayKey are making the experience around making payments a lot more intuitive. Instead of relying on customers to go where their banks are, PayKey enables customers to connect with banks where a lot of their daily interactions already take place – social networks and messenger apps. Don’t be surprised if Facebook launches a very similar service soon!

Related links for further learning:

  1. http://www.cbronline.com/news/verticals/finance/fintech-profile-paykey-enables-payments-within-any-social-network-4857108
  2. http://www.wired.co.uk/article/wired-money-2016-startup-stage-digital-banks
  3. http://www.centrodeinnovacionbbva.com/en/blogs/blog-talents/post/paykey-proposition-tailored-help-banks-remain-competitive-current
  4. https://www.paykey.me/#/vision

Site review: “JustGiving Crowdfunding”

The last few years have shown a great boom in projects and products originating from crowdfunds such as Kickstarter and Indiegogo. UK based JustGiving is well known for enabling people to raise funds at scale, making it easy for individuals to raise money for a charity of their choice. Over the last few years, JustGiving have now established their own crowdfunding platform in the form of JustGiving Crowdfunding:

  1. How did the site come to my attention? – I remember JustGiving launching its crowdfunding platform Yimby in 2013. The main goal behind Yimby was to “create a space where communities can raise money for social activism using technology to bring people together and fund projects at grassroots levels.” I then lost track of Yimby a bit, but I recently found out that Yimby has now been renamed as “JustGiving Crowdfunding”.
  2. My quick summary of the site (before using it) – I expect this site to be geared towards individuals or organisations that want to raise money for specific projects or communities, all with a ‘social’ or ‘community’ element.
  3. How does the site explain itself in the first minute? – “Raise money to make good things happen” reads the headline on the homepage of JustGiving Crowdfunding. The slogan is followed by this explanation: “With JustGiving Crowdfunding, anyone can raise money to fund their own project. If it benefits a friend in need, or a local or overseas community, JustGiving Crowdfunding can help you make it happen.” The visual explanations of the process and the benefits of doing this through JustGiving are helpful in understanding what JustGiving Crowdfunding is all about (see Fig. 1 and 2 below).
  4. Getting started, what’s the process like? (1) – At the bottom and the top of the JustGiving Crowdfunding homepage there’s an orange button which says “Raise money” (see Fig. 3 below). After clicking on this orange button I land on a page which is clearly marked as step 1 “Create Page”, followed by a “Sum up your story” tagline. However, when I look at what I think is meant as a progress bar at the top of this page, I’m unsure about the number and nature of subsequent steps involved. Assuming that a large proportion of people using JustGiving Crowdfunding will be doing so for the first time or won’t be raising funds online on a regular basis, I believe it would be helpful to the user if the progress bar included (a) the step the user is currently on – highlighted – and (b) subsequent steps involved in creating a page – with a progress number and brief description. Another suggestion would be to explain to the user why JustGiving uses a £200 fundraising target threshold. When I – unknowingly – entered £100 as my fundraising target, I got an error message which stated “Sorry, please make sure your target is at least £200” (see Fig. 5 below). As a user, it would be good to understand the rationale behind this threshold.
  5. Getting started, what’s the process like? (2) – Completing the “create page” step was very straightforward otherwise (see Fig. 6 below). When I click on “Continue” I then land on a page which looks very different and which asks me to log in or to sign up (see Fig. 7 below). This makes me wonder whether non-JustGiving users are likely to be thrown by this step or not. I can imagine that some users might be worried about committing to signing up without having a full understanding of the JustGiving Crowdfunding process and its outcomes. As I mentioned in my previous point, having a proper progress bar to outline the different steps would be helpful.
  6. Getting started, what’s the process like? (3) – As an existing JustGiving user, logging in is very easy and swift. Once I’ve logged in, I land on an “Add the Details” page (see Fig. 8 below). I took a fictitious example to be able to answer the questions in the “Tell supporters your story” (see Fig. 9 below) and it all felt very easy and intuitive. In the third and presumably final step I get to preview the page I’ve created (see Fig. 10 below). I found the information on the preview page very helpful, particularly the section about “Pledges and Updates”. The one bit of information and guidance that I and possibly other users would benefit from is about sharing/marketing your project and your JustGiving page. I would like to get some expert advice on how to make the most out of my JustGiving page and how to make sure that people get to see and read my page.
  7. How easy to use was the site? – The process involved in creating a crowdfunding page on JustGiving felt simple for the most part. As I mentioned in my previous points, I believe that the site can do better in guiding users through the page creation process, explaining the steps involved, their sequence and outcomes.
  8. How does the site compare to similar sites? (1) – RocketHub is a large, direct competitor of JustGiving Crowdfunding. The fee that they charge the fundraiser will depend on whether the fundraising target has been met (4% if met, 8% if not). With RocketHub you get to keep the funds that have been pledged, even if you don’t meet your fundraising target (as long as you’re sure that you can fulfil your obligations). I really like how RocketHub provide users with guidance around benefits, their small print and success stories on their login/sign up page (see Fig. 12 below). GoFundMe is another good example, even though their platform is solely geared towards individuals raising funds. I like how they help their users discover charities or projects that they can give money to, e.g. by using Facebook’s “Funded by Friends” functionality (see Fig. 13 below).
  9. How does the site compare to similar sites? (2)  The experience on Razoo feels similar to JustGiving Crowdfunding, and is aimed at individuals and organisations which wish to raise funds for specific projects. I like the “Also Fundraising for this Cause” section which showcases other individuals or organisations raising funds for the same project. Buzzbnk is another good example of a competitor who focuses on “Positive people backing bright ideas”. Each Buzzbnk fundraising page has a nice, tabbed “About the project” section (see Fig. 14 below). The Buzzbnk site seems to focus more on ‘discovery’ than JustGiving Crowdfunding currently does.
  10. Did the site deliver on my expectations? – Overall, the experience on JustGiving Crowdfunding feels simple and intuitive. However, I do feel that the site can do better in guiding people through the process, explaining exactly what needs to be done (and why) in order to raise funds for one’s social projects. For example, platforms like Kickstarter and RocketHub do this pretty well. Also, JustGiving Crowdfunding’s site feels a bit light with respect to two things. Firstly, the social aspect involved in raising funds for projects, really creating a community around certain projects – LinkedIn  and Crowdcube (see Fig. 16 below) are doing this pretty successfully. Secondly, I believe thatJustGiving Crowdfunding can do more to encourage people to find and explore new projects or organisations to which one can pledge money.  Buzzbnk are doing this well and there are other non competitive examples such as Meetup.com which is a great example of a business enabling discovery in a smart way.

Fig. 1 – Screenshot of the steps involved in raising funds through https://crowdfunding.justgiving.com/

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Fig. 2 – Screenshot of the explanation of the benefits of using JustGiving Crowdfunding to raise money for projects 

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Fig. 3 –  Screenshot of the “Raise money” button on JustGiving Crowdfunding’s homepage

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Fig. 4 – Screenshot of JustGiving’s “Create Page” form – Unclear progress bar

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Fig. 5 – Screenshot of JustGiving’s “Create Page” form – Error when entering £100 as the target amount

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Fig. 6 – Screenshot of the “Create Page” step on https://crowdfunding.justgiving.com/page/create

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Fig. 7 – Screenshot of JustGiving’s “Log in” page on JustGiving Crowdfunding

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Fig. 8 – Screenshot of JustGiving Crowdfunding’s “Add the Details” page

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Fig. 9 – Screenshot of the “Tell supporters your story” section – with fictitious example – on https://crowdfunding.justgiving.com/marc-abraham

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Fig. 10 – Screenshot of “Preview Your page” step on https://crowdfunding.justgiving.com/marc-abraham

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Fig. 11 – Screenshot of “Pledges and Updates” explanatory section on https://crowdfunding.justgiving.com/marc-abraham

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Fig. 12 – Screenshot of RocketHub’s login/sign up page on http://www.rockethub.com/launch/start

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Fig. 13 – Screenshot of GoFundMe’s ‘discovery’ page on http://www.gofundme.com/

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Fig. 14 – Screenshot of “Also Fundraising for this Cause” section on http://www.razoo.com/story/Cameron-Cousins

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Fig. 15 – Screenshot of project page on https://www.buzzbnk.org/ProjectDetails.aspx?projectId=235

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Fig. 16 – Screenshot of the Sugru fundraising page on https://www.crowdcube.com/investment/sugru-19593

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Related links for further learning:

  1. http://www.crowdcrux.com/10-best-kickstarter-alternatives/ 
  2. http://www.crowdcrux.com/top-10-crowdfunding-sites-for-nonprofits/
  3. http://techcitynews.com/2013/11/13/justgiving-launches-yimby-crowdfunding-for-social-good/
  4. http://giving.nesta.org.uk/project/justgiving/
  5. https://www.justgiving.com/developer/simple-donation-integration/
  6. http://monetizepros.com/features/crowdfunding-platforms-compared/
  7. https://www.causes.com/
  8. http://www.theguardian.com/sustainable-business/blog/crowdfunding-innovation-sustainability-startups