Defining your audience - although seemingly obvious to any good marketer - can be a challenging step for many teams launching a new product or service. It can be especially challenging at Visa, where our products and services ultimately need to appeal to billions of consumers, millions of merchants and thousands of financial, technology, and service partners across our global ecosystem. When the world is your oyster, everyone is a potential customer.
Customer definition is challenging — but it's vital to growth.
When product teams first engage with sales, business development, marketing and/or communications teams, it is quite common that there is a lack of definition and clarity in regards to who a particular product or offering is for. Creating and building a new product is very challenging, and the competitive realities to launch products as fast as possible often result in opportunistic rather than strategic customer acquisition efforts.
As articulated in the Granularity of Growth, “[companies] must either grow or go”, and launching new products and services is critical to find and identify new sources of revenue. To “invest in markets you don’t currently serve”, Viguerie, Smit and Baghai recommend identifying new growth segments “in terms of product categories, consumer segments, geographic markets, or some other dimension.” One of the defining themes in the Granularity of Growth is "the finer the granularity of the analysis, the better the insights for informing the growth direction will be."
To learn more about how to successfully launch, market and drive adoption of new products and services, please read the rest of the article: https://www.linkedin.com/pulse/every-successful-product-launch-starts-defining-your-customer-jacoby/
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