Product Design + Data = Growth Strategy
Simplified as practiced!
Giants in the region are coming up with disruptive solutions and digital products. That means, soon all players will be able to leverage the new currency i.g. data, if played right.
But, on the other hand, very few products are designed around the same strategy.
Mostly, designers and researchers are not trained for strategies related to the marketing and advanced forms of data analysis. Hence, the sprint usually fails in financial evaluation or takes a long time to succeed.
This is the need where and why a product not only needs a designer and researcher but also a marketer with data analyst working in the same team and not in isolation.
Product and marketing
Data helps design and marketing teams to set metrics and evaluate against it.
It helps to define the layout, structure, tone of communication, defining target segments, journey flaws and expectations.
A well data-design strategized product helps users with customised short journeys which translates in the higher conversions over a long browsing.
A well data-marketed communication helps business to define the relevant target segments and effective communication plan. This also means, a well planned strategy can help to optimise marketing budget and a higher conversion.
Having said that, there is no proven formula and its no‘one size fits all’ game. Each organisation’s needs to make its own mix and match as per goals and different stages of the product life cycle.
Segmentation and journeys for conversion
So far segmentation was done with age, income and geography. Thanks to tracking tools and mechanisms, now we can track behaviour and preferences.
Users, especially in this part of the world, are spoiled with choices. They need your product to either enhance the experience suitable to them or give the highly competitive pricing in order to stay with you.
And this is where the behavioural segmentation takes place, with the journey preferences, search patterns, product selection, filter choices, personalisation styles and its relevance to sell…
These segments need to be treated with careful tagging, retargeting and remarketing in order to develop brand equity further. This journey will convert your existing users to buyers to reoccurring buyers to promoters and ultimately community members.
This is how the ecosystem will be established and grown.
It’s all easier said than done and again there is no one single formula to achieve this!
Cheat sheet! to start with…
Thank you for reading 😊