New Product, New Opportunity

I have recently been given a new product to manage at Answer Financial. It’s a consumer-facing idea that could help our company gain much needed awareness in the insurance space. 

For the last several years, Answer has put our brand to the back-burner to focus on business partners who can drive customers to us. While this business model has had success, there has been a new push to build up Answer in the consumer mind. Creating some new consumer products will help us move beyond just improving the customer experience.

This new product was an idea our executive team came up with after some discussions. An external marketing firm conducted some qualitative research with a few focus groups. The research found there was some opportunities, as well as some risks, for this new product. 

After our executives decided to move forward, the product was handed over to me. I sat with our Chief Marketing Officer and Senior Product Manager to brainstorm the next steps. We are going to follow strategies from The Lean Startup by Eric Ries. The main methodology to the Lean Startup is to Build, Measure, and Learn. We are starting by building a quantitative survey to test some hypotheses. We want to see if certain market segments we think could benefit from our product would actually be interested in it. From the results, we will be able to learn if we are on the right track or need to focus on different audiences.

I am excited to see where this product will go. I think it has some potential to provide some benefits to our customers. I will be sure to keep you posted on how it all shakes out.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s