by Kanika Agarwal

In Part 1, we tried to understand the effort put in behind the scene by the Product team to create and then make live a feature or process. Its indeed a milestone. However, the job is only half done.

The next most important process to follow is the communication to the lenders and borrowers. What is the use of implementing a new product, feature or process if the end customer is not aware of its existence? Right communication at the right time is the key for successful product launch. To know what communication channels should be deployed, it is important to explore and test effectiveness of the communication tools beforehand.

For a product that needs to be promoted among new users and encourage new visitors to the site, we need more broad based communication involving traditional or new mediums of promotion like Press Release, Mass-mailers, Advertising – Print/TV/online/Radio. For a product-enhancement - new feature in an existing process - that will enhance the experience of users already using the product, we use limited communication through targeted mediums like a ticker on the website or emailer to the users. The communication focuses on the usage and benefits of the product. In complicated processes detailed step-by-step guide on how to use the new feature is also added – through text and illustrations.     

So, now the product is live, communicated to the users and well received. Next step is to sit in front of the monitors and watch cat and mouse games played out by research figures on the performance of the product. Data is the king! Bowing to the king, we look to the data, going into its depths and understand the performance of our product.

• How the product is doing in the real time environment?
• How are the end-users reacting to the product?
• What is the acceptance ratio?

It is important to listen to the voice of the users. The tools are used to track the traffic on the website, exact page which didn’t make sense to the user, the page which is most popular, the terms used to search on our website and the behavioral flow amongst other metrics. On the basis of Data analysis, either the team goes back to the drawing board and starts the process all over again or order pizza and coke.

At Faircent, the product team does this and much more, always striving to meet the demand of its users to their satisfaction.