Learning Launch

Challenge

I was working with Life Insurance company. We had portfolio of products but didn’t have a good  children category product. A good child product is a investment tool for child’s education and  upkeep. It provides insurance against parent’s untimely death and maturity benefits in regular cases.  The product category was 15% of the total market size and was growing at a rate higher than the  market growth. We had launched a child product across the country 2 years back. It was launched in  very short time and was backed by lot of media spend but had failed. We wanted a process which  could help us design the final successful product without using too much of resources.

Selection

We wanted to launch a new child product. However, given the effort and resources it takes to launch  a product nationally, and still be unsure about its success, we decided to do smaller learning  launches across 2 markets. We wanted to test 2 variants of products and based on consumer  response, select the better one, make changes if required and launch it across the country. We  designed 2 products and the respective brochures, training kits, sales pitches and customer value  benefit stories. The purpose of launches was to test the key hypothesis around success of product  design, take customer feedback and validate that through actual sales numbers in respective  markets. We believed these launches will be fast and help us learn.

Application

We selected 2 control markets which were largely similar in structure and potential. They were  representative of national market. We designed the complete product and sales kits for both the  markets. Central governance team comprising members from product, marketing, sales and finance  was created to monitor the progress. It was 3 months project with defined sales targets and cost  budgets. Formats and dashboards were created to capture customer feedback and review the  progress. Two variants of product were launched simultaneously across the both the geographies.  Entire process involved launches, sales force training, customer outreach, capturing their feedback,  and monitor the progress including actual sales for next 3 months.

Insight

The results were very interesting. While one option was not liked by customers at all, the other met  desired sales numbers and defined benchmarks. However, the customer also gave feedback about  change in sales pitch and supporting tools which made the customer journey easier. Sales kit and  tool were accordingly redesigned. After incorporating all validated feedbacks the product was  launched nationally with success.

Approach

The customer feedback about sales tool and pitch made lot of difference in the final success of the  product. However, in our initial launch design we were too focused only on product design and had  ignored testing customer journeys, thus reducing the scope of the exercise. Next time it is important

to keep the scope of the project sufficiently wide, build hypothesis and test all relevant variables. We  got lucky this time but might not happen every time.


Learning Launch Challenge I was working with Life Insurance company . We had portfolio of products but did n’t have a good children category product . A good child product is a investment tool for child ’s education and upkeep . It provides insurance against parent ’s untimely death and maturity benefits in regular cases . The product category was 15 % of the total market size and was growing at a rate higher than the market growth . We had launched a child product across the country 2 years back . It was launched in very short time and was backed by lot of media spend but had failed . We wanted a process which could help us design the final successful product without using too much of resources . Selection We wanted to launch a new child product . However , given the effort and resources it takes to launch a product nationally , and still be unsure about its success , we decided to do smaller learning launches across 2 markets . We wanted to test 2 variants of products and based on consumer response , select the better one , make changes if required and launch it across the country . We designed 2 products and the respective brochures , training kits , sales pitches and customer value benefit stories . The purpose of launches was to test the key hypothesis around success of product design , take customer feedback and validate that through actual sales numbers in respective markets . We believed these launches will be fast and help us learn . Application We selected 2 control markets which were largely similar in structure and potential . They were representative of national market . We designed the complete product and sales kits for both the markets . Central governance team comprising members from product , marketing , sales and finance was created to monitor the progress . It was 3 months project with defined sales targets and cost budgets . Formats and dashboards were created to capture customer feedback and review the progress . Two variants of product were launched simultaneously across the both the geographies . Entire process involved launches , sales force training , customer outreach , capturing their feedback , and monitor the progress including actual sales for next 3 months . Insight The results were very interesting . While one option was not liked by customers at all , the other met desired sales numbers and defined benchmarks . However , the customer also gave feedback about change in sales pitch and supporting tools which made the customer journey easier . Sales kit and tool were accordingly redesigned . After incorporating all validated feedbacks the product was launched nationally with success . Approach The customer feedback about sales tool and pitch made lot of difference in the final success of the product . However , in our initial launch design we were too focused only on product design and had ignored testing customer journeys , thus reducing the scope of the exercise . Next time it is important to keep the scope of the project sufficiently wide , build hypothesis and test all relevant variables . We got lucky this time but might not happen every time .