Earlier, we looked at a few examples of products that were launched successfully with creative marketing strategies. This discussion asks you to identify and share effective marketing strategies from a short case study about a WePay launch and from your own experiences with successful product launches.
Instructions: Identifying WePay’s marketing strategies
- Read the case study: WePay seized an opportunity for its launch when its competitor, PayPal, received negative publicity about freezing member accounts. WePay showed up at PayPal’s annual developer conference and demonstrated a massive block of ice with frozen cash and the message ‘Paypal freezes your accounts’ in it.
WePay wanted to assure its users that it would never freeze their accounts. Within about two hours of dropping the ice, WePay’s stunt was on TechCrunch’s front page. It also featured on other popular tech sites. The publicity from the exercise resulted in: three times more conversions on the stunt landing page 225% increase in web traffic 300% increase in signups. This was achieved with a start-up’s limited marketing budget. - Answer the following questions:
- How was WePay positioned and what was its main product messaging?
- What specific factors of their marketing strategy do you think made it successful?
- Post your answers in the discussion group.
- Respond to at least one of your peers’ posts by considering the risks associated with the WePay strategy and reflecting on other examples of successful product marketing strategies that you have experienced or learned about.
Wepay were able to convince the audience for a more better and transparent services than their competitors,this was because they studied the customers needs and the weaknesses of their counterparts so they were able to gain better ground for their customers
Positioning and Product Messaging:
WePay positioned itself as a reliable and trustworthy alternative to PayPal, emphasizing that it would never freeze users’ accounts. The main product messaging was centered around this key differentiator, conveying a sense of security and stability.
STRATEGY USED:
They leverage on Timely Opportunities.
They grabbed the Stunt
Target Event marketing
Their massage was clear and concise
Measurable landing page and conversion optimization.
However, their action in some cases would be counter productive, as it is not only necessary to leverage on other people’s weaknesses, but also to identify your own SWOT in order for your product to stand the test of time why faced with such threat that your competitor faced. That is why it’s necessary to consider your strength, weakness, opportunity, and threat, because we live in a world of competition.
They were able to convince the audience for a more better and transparent services than their counterparts,this was successful because they studied the customers needs and the weaknesses of their counterparts so that was how they used it against them to gain over the customers
How was WePay positioned and what was its main product messaging?
We pay positioned by studying the market to understand what customers want by accounting for and assessing their competitors, and SWOT analysis was evidence in how they positioned themselves.
It’s main product messaging was assuring it’s user that it would never freeze their account.
The specific factor of their marketing strategy was leveraging on their competitors PR, to bring themselves into the market and the hands of customers.
They were able to articulate their value proposition to customers with limited resources.
How was WePay positioned and what was its main product messaging?
WePay positioned itself as a more reliable and user-friendly alternative to PayPal, with a main product message assuring users that it would never freeze their accounts. This aimed to build trust and attract customers dissatisfied with PayPal’s practices.
What specific factors of their marketing strategy made it successful?
1. Timing and Relevance: Launched during PayPal’s negative publicity, making WePay’s message highly relevant.
2. Bold and Memorable Stunt: The ice block stunt grabbed attention and stood out.
3. Targeted Audience: Showcased at PayPal’s developer conference, directly targeting affected users.
4. Viral Potential: Designed to generate buzz and media coverage, quickly featured on major tech sites.
5. Clear and Simple Messaging: The straightforward message effectively communicated WePay’s value proposition.
Your response was well articulated, however considering the risks associated with WePay marketing strategy; I think PayPal might come back hard on WePay, because it’s a startup; with PayPal ruling out the fact that WePay only used a mistake on their path as a strategy and that they won’t be reliable and unable to satisfy users for a long time, in terms of the service they’ve (PayPal) been offering to customers.
Also, reflecting on other examples of a good product marketing strategy would be – creating the product narrative by using a persona that outlines the key messages of the products; which should answer basic questions as
* Who’s the product for?
* What does the product do?
* Why would customer wants to use it, meaning what problem does it solve for users)
* How is the product different to similar products already in the market?
WePay could leverage more on this as well I guess
WePay’s marketing strategy showcased exceptional skill in creating a “counter-narrative” brand, leveraging PayPal’s account freezing controversies to craft a compelling story of trust, reliability, and user focus. The campaign’s success can be attributed to:
1. Seizing the narrative: WePay cleverly commandeered the conversation surrounding PayPal’s issues, redirecting attention to their own strengths.
2. Strategic timing and placement: By targeting PayPal’s developer conference, WePay ensured their message resonated with an already receptive audience.
3. Powerful symbolism:The ice block stunt served as a potent symbol of PayPal’s shortcomings, while highlighting WePay’s commitment to user empowerment and flexibility.
4. Viral momentum: The campaign created a memorable, shareable moment that rapidly spread across social media and tech communities, generating significant organic buzz.
5. Genuine commitment: WePay’s bold move demonstrated a sincere dedication to challenging the status quo and advocating for users’ rights, fostering trust and loyalty among their target audience.
6. Agile resourcefulness: WePay’s ability to execute a high-impact campaign with limited resources showcases their adaptability and resourcefulness as a startup.
Wepay positioned itself as a reliable and better alternative to their user: they demonstrated a confidence in their service that their customers can be rest assured that their fund is safe with them. They discovered their competitor’s weakness with swot analysis and they positioned their product well before the product lunching
Wepay positioned itself as the savior and solution of stranded customers who had their accounts frozen with Paypal. The main product messaging was that they are the alternative to Paypal and would offer better services in terms of seamless cash transfer.
The specific factor of marketing that got WePay an edge is the solution for easy and readily available cash transfer solution.
Positioning:
WePay positioned itself as a user-friendly and reliable alternative to PayPal, particularly focusing on the frustration and inconvenience caused by account freezes experienced by PayPal users. By addressing this specific pain point, WePay aimed to attract users who were dissatisfied with PayPal’s practices.
The main product messaging revolved around the assurance that WePay would not freeze user accounts.
WePay took advantage of her competitors error to launch their own product.
And their message is that they will never freeze their clients accounts under no circumstances giving them confidence and security ensuring them of their competence.
They employed product creation, product marketing and product launch all at a go, SWOT analysis was fully implemented, PayPal was at the receiving end.