How to Return a Product to the Market

Table of Contents

The problem

It’s always disheartening when a project doesn’t go the way you had hoped.

However, by identifying and incorporating the previously missing ingredient, you may be able to salvage the time and energy you considered wasted.

The most common cause of a discontinued product can be summarised as a lack of sales – however, if this is where your understanding of the why begins and ends, your path back to the market will be just as vague.

In many such cases, the product in question seems bound for success on paper – whereas the reality differs. If you failed to see the sales you had hoped for, consider: were you making the process as easy as possible for your customers, or was there anything off-putting – or even dangerous – about your product?

Perhaps your new financial service solution found itself especially vulnerable to fraud, leading to you pulling the product.

Or maybe your exciting new platform presented too much friction for the user, so it was withdrawn due to lack of traffic.

With a flaw identified, a solution can be attempted.

Finally getting your product out there can be less complicated than you thought – especially if fraud or user experience is at the core of the issue.

The missing ingredient

Over 55% of internet traffic comes from the mobile channel, a statistic which is only increasing over time. Products which fail to provide an outstanding experience for mobile users will struggle to get off the ground and are less likely to return on investment.

A mobile phone, highlighting the main reasons for product abandonment. In apps this is due to user experience.

A poor user experience is one of the key causes of product abandonment: among users who abandon an app, 26% cite poor ease of use and navigation as the reason for their abandonment.

Likewise, if the product fails to detect and prevent fraud in the mobile channel (especially fraud techniques such as SIM-swap) the business can incur significant financial and brand damage. It doesn’t take a lot of fraud for a product to get a bad reputation, from which withdrawal becomes inevitable.

Maximising the Mobile Channel

Successfully re-entering the market with a secure and streamlined mobile experience can be achieved through intelligent usage of mobile data.

The source of smooth user journeys on mobile - a network tower which data passes through.

Mobile network operator (MNO) data is the information associated with a mobile number, which is held by the network operators. Utilising this data can give you powerful insights into the identity of the owner of a phone number.

Whereas sources of data conventionally used in other kinds of user journeys lead to complicated interactions and exploitable loopholes, MNO data brings the best out in mobile journeys – complimenting and enhancing the user’s experience.

Through considered application of MNO data points, it becomes simple to perform KYC checks in the background, removing unnecessary user input. Checking this data also creates a barrier to fraud, by identifying suspicious changes associated with the number – such as if it has been ported to another SIM.

Products with the kind of secure and streamlined experience which MNO data facilitates can be characterised by resilience and longevity, as well as the loyalty of their users.  

To find out more about MNO data, use the contact form below to book a call with a member of the team. We would love to help your product find the success it rightly deserves.

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Often, the reason products don’t see the light of day is due to the harmful influence of Bad Data. Although cleansing it can be a simple fix for multiple complex issues, most businesses don’t realise the problem until too late.

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Sources

CBInsights

Oberlo

SmartKarrot

UKFinance & LexisNexis


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