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 really positioned its self at a very positioning situation in other to attract customers. Using freezing account which is a defect from PayPal to pass information about how reliable there product is.
They where able to target their competitors mistakes and turn it to there own merit.
WePay marketed it’s product on the grounds of assurance where PayPal’s was sleeping. They understood the market and what customers wanted.
WePay assure its users that it would never freeze their accounts.
WePay used promotional tactics marketing strategy for its users.
1. Wepay make use of availability opportunity against it’s competitor, paypal by assuring the public/prospective customer of their commitment and promising to serve them better.
2. Competitive factor.
WePay assuring the public that it would never block their accounts during the period paypal was receiving negative publicity about freezing its customer’s accounts created awareness that made customers trust and try WePay services.
Wepay which provide the same service as paypal, but wepay used the opportunity when paypay service was down which declined the amount of PayPal’s customers.
Wepay used the opportunity to reach out to the public through media after launching their services. This awareness make the customers to try wepay service. Also, wepay also considered public feedback from the customers which may improve the service.
Wepay which provide the same service as paypal, but wepay used the opportunity when paypay service was down which declined the amount of PayPal’s customers.
Wepay used the opportunity to reach out to the public through media after launching their services. This awareness make the customers to try wepay service.
WePay is also servicing the market just like PayPal, they positioned themselves right by making use of the opportunity PayPal refuses to utilize.
1. The demonstration at PayPal’s annual developer conference.
2. They were able to target the competitor’s negative publicity and convert them as an advantage to their service.
How was WePay positioned? – WePay provides same service as PayPal, and served the same market segment, and so was a perfect substitute for PayPal.
What was its main product messaging? – the essence of a fintech is the start-to-end processing of customer’s financial transactions. WePay product messaging was that ‘we are a fintech that will NEVER truncate this basic service from start to finish. Fortunately for them, this was the major let-down for their major competitor at launch time.
What specific factors of their marketing strategy do you think made it successful?
1. The demonstration at PayPal’s annual developer conference – they had the ears and eyes of PayPal’s stakeholders.
2. Targeting the competitor’s negative publicity and converting same to their advantage.
3. WePay adequately prepared for the resultant deluge of attention the got from the stunt – conversions on the stunt’s landing page, contained the massive web traffic, and managed the signups.
Well said. I am also concerned about the direct attack nature of the stunt by WePay as this may launch the two companies on the war path. I also think this stunt may backfire in the future. Paypal being a finteck company might have frozen the accounts due to regulatory issues for which they have no control. That will mean that WePay may also be forced to freeze accounts in the future hence overpromising and under-delivering on their promises.
Chinazor mbagwu.
WePay, positioned using product positioning. It analyzed the market and the competitors position( PayPal) ,brought in their own communication messages using their own particular brands produtc images. That they are the best who will not freeze accounts of their customers….they had the perfect timing.
There market strategy was characteristics based positioning,giving them a space in the market, to deliver value to its customers.