Digital Product Development
Create, market and monetise your digital and print products and services
One of the key benefits of digital should be the ability to build and test new products and services quickly – whether through fast content creation in a CMS, or immediate online distribution via web, app or email. The problem is that the content needs to be sold through a framework including e-commerce pages, perhaps registration, and then some form of access control to enable access to the entitlement. The ability to develop products and services quickly presents content owners with the opportunity to develop and test niche digital products. But getting the product framework in place can slow you down.
Our platform lets you set up products and pricing, define entitlement, sell or register for them, and then interacts with digital delivery systems like the website or email system to deliver them. And this can be done quickly (in hours) and without cost, so now it’s possible to test and learn quickly whilst limiting exposure.
Law Society Gazette Digital Products
Return on Investment
- Reduce cost of NPD– Reduce operational and marketing costs of expensive and lengthy time-to-market new product development cycles
- Increase revenue – Create new revenue streams from existing digital content
- Increase profit – Reducing the traditional operational and marketing costs of NPD and reusing existing digital content should deliver a higher profit margin on all new revenue earned
What do we mean by ‘digital product development?’ We mean the end-to-end process from conception of a new product idea to the launch and promotional campaign where a customer can purchase and consume the service for the first time. Using the digital product development capability, system users can cycle through the whole of this process in a matter of hours! It is possible to create and launch a new digital product on your website through a simple four-step process.
Step 1 – analyse your customer data for emerging trends
Using sophisticated segmentation tools, system users can quickly analyse customer data and spot trends or gaps which suggest a new digital content product. For example, this might be a group of C-level executives that do not currently subscribe to the main website but share a common interest. You know they share this interest because the data analysis tools will identify a profile match and a high engagement level with this type of content within the free/registered tier of your website. We collect all that data. You know your organisation is originating regular opinion and analysis features around this topic, so you have a match in terms of supply and demand.
Step 2 – set up your product definition and entitlements
In a few more clicks you can create the definition of your new product, perhaps a new online service, create the entitlement rules using the identity and access control capability, and then set the qualification settings (e.g. metered access – 2 free articles, 2 registered, then paid access for all users that match job title ‘CEO’) which determine user access to the content.
Step 3 – create pricing and promotional material
Now that the product is set up you need to promote and sell it, which couldn’t be simpler. System users can create marketing copy, upload branding and set up any discount variations for short-term promotional campaigns; then define the pricing options, currency, local tax rules and payment options (e.g. direct debit), including any geographical restrictions; and then it’s ready to be marketed. You can also set up the offer page on your site.
Step 4 – set up and trigger your promotional campaign
Using the sophisticated campaign management engine and segmentation capability, your team can mine the audience database for anyone that qualifies for the new product, and set up a marketing campaign that will trigger outbound communications and onsite messaging promoting your new product to the chosen target prospects. Or alternatively, use the user demographics to inform content delivery via Webvision or your own CMS.
Digital Product Development Timeline
- Identify NPD opportunities – Analyse customer data and spot common characteristics and trends which can identify new product development opportunities
- Create and market digital products – Follow simple steps to create your new product and set up and send out all marketing promotional campaigns to drive uptake
- Test and learn – Repeat the cycle and tweak your digital product offering to get the maximum return on investment
Given the availability of the content, you are ready to launch. And subsequently, by testing and learning from your customer engagement and activity usage data, you can see what’s working and what’s not and if necessary modify the offering.
You can use our Webvision CMS for content delivery or use your own CMS through our API’s.
Contact us and allow us to demonstrate the development and publishing of an online digital service in around 30 minutes.