Reflection – Learning Launch

Challenge and Selection:

I am closely related to a real estate company that’s focusing on leasing of residential  properties for short term and long term basis. As a marketing executive, we got a big  challenge of more empty properties badly and required to rent as soon as possible. It was  really tough to rent quickly because of the tough competition in the market. So our challenge  was how to address this issue and come up with the best strategies to face the competition as  well as attracting more clients to rent the properties. So the team decided to tackle this issue  and to come up with new marketing experimentation that workout quickly. We decided to  select the tool of design for innovation ‘learning launch’ to test some ideas and to find out  which can be implemented for generating more rental. As we believe a learning launch is a  carefully designed experiment or prototype designed to test the key underlying value- generating assumptions of a potential new-growth initiative. We worked as a team for a few  days on an emergency basis and ended up testing two best ideas.

Application:

As part of our learning launch, we decided to test two ideas immediately. The main  objectives of both ideas were to attract more customers and rent more properties. All ideas we  generated based on the trend in the market and best effective from competitors.

The first leaning launch was conducting an open house event for one week; customers can  visit the open house and sign the contract straightaway with 10% off in the rental price. We  advertised this through our social media platform. After testing for one week the result was  not as we expected. It only attracted very limited customers and we can rent only a few units.  So the team decided to launch second experimentation. It was a referral program, the  application of this was through our existing tenant, and they can refer a new customer and get  15 days free stay after finishing their contract. We have given referral notice to all existing  tenants and conveyed the benefits and value-added service of the referral program. It was  really successful and we got more than the expected result. We generated more leads and got  more new rental with a short period. All tenants tried to bring the clients and they became  part of our marketing process. The best thing is it was really cost-effective and win-win  strategy. Our turnaround of properties got less dramatically we assessed the experimentation  was really successful.

Insight:

The insight we got from both learning launch was really helpful and we came to notice that  testing different ideas in the market might get more results as well as we can find out which  areas we have to focus on and which area we have to manage the budget. The insight we have  gained through this tool and incorporate it in to future launch design. The tool helped us to  focus on customer retention, generate more customers, and find out the best ways to make the  marketing process more cost-effective. The attitude of learning overcame the stigma

associated with success or failure, our team was really encouraged to understand the  outcome, positive result, and correcting of bad strategies.

Approach:

Our approaches were based on problems and situations. We prioritize the learning launch tool  as the first choice of selection in the future also because it can generate feedback and result as  quickly as possible. We also motivated all departments with the tool and introduced the  effectiveness of learning launch and how it solving a complex problem with strategic and  cost-effective solutions. It was really a learning point throughout the implementation and  execution of the leaning launch tool. Our future launch design will be based on the result we  gained and insight we generated

