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 identified and targeted the most attractive segment of the market ,which is the annual PayPal developers conference and leverage on their competitors negative publicity and use the opportunity to introduce their product and the value it brings by their demonstration, and finally using the SWOT analysis made their strategy successful.
smart choice of word
Wepay targeted market segments, evaluated their competitor, plotted a map, and seized the opportunity to assure users that they would not freeze their accounts.
Webpay knew the weakness of their competitor PayPal and leveraged on it.
The leveraged on the freezing of customer account to convert PayPal customers to theirs knowing that customers were displeased by PayPal’s action
Wepay positioned themselves ar the point where their competitors users were left almost uncovered. They brought themselves into the picture by showing that they can provide equal or even better service than their competitor.
Their strategy was to use their competitor negative user experience to promote their product. This must have come from thoroughly analyzing their competition’s data
I agree
But do you think this WePay strategy is sustainable?
WePay did a competitive analysis on their biggest competitor (Paypal) and leveraged on their research outcome, making clear their product message as to never do what Paypal did to their customers (freezing customers’ accounts).
Wepay was very smart in its market strategy by capitalising on the negative UX from PayPal customers. It presented itself as a more credible brand and promised the customers that they’ll never experience account block from their brand. Wepay used a strategy canvas competitors analysis to drive home its key features, which can be seen in its seamless service delivery style
WePay positioned itself as a more trustworthy alternative to PayPal by capitalizing on the negative publicity surrounding PayPal’s account freezing issues. Its main product messaging emphasized the promise of never freezing user accounts, contrasting itself with PayPal’s perceived shortcomings in this regard.The use of a massive block of ice with frozen cash and a clear message directly targeting PayPal’s issues was attention-grabbing and memorable. This stunt effectively communicated WePay’s positioning as a solution to the problems experienced by PayPal users.
WePay marketed applied competitive method. They studied the market and conducted User Research
They used emotional intelligence (E. I). Knowing fully well, that clients/users of paypal are not happy with freezing oF accounts, Wepay deployed the opposite by assuring it’s users they wouldn’t “freeze any account”
They consider the varying competitive factor While the product messaging was Wepay we never freeze her user account.
2) ease of use