Organizations need to be strategic and extremely careful when launching new products into the market. New products can be categorized differently. This paper will focus on introducing a new product to the organization. In this technological era, people depend on mobile devices and their electrical devices as a way of living. As such, online marketing has become increasingly profitable. My organization deals with banking and savings. This company falls under the financial industry. It has the responsibility of ensuring it meets the needs and demands of the consumers. The product chosen in this case is an application for mobile devices. This application can also be launched on other devices such as IPads and computers.
It is essential to note that applications for the banking industry are increasingly becoming popular. Many banks have integrated applications to increase their earnings and impact customer satisfaction. The application to be launched is to deal with banking services. Most of our customers have had to travel over long distances to reach our institution. Additionally, we have customers all over the world in different geographical locations. Our banking services and utmost exemplary work has increasingly popularized our institution. However, the fact that our customers need to come in person to get advice or seek solutions to their problems has started affecting our earnings. Our customers have begun switching to other institutions that have incorporated the use of applications. Launching this new application will enable us to retain our customers and still attract more.
The targeted audience for this application is our existing customers. It is essential to note that our organization has outreach. It is popular.ar and hence many consumers bank and depends on it. In as much as many organizations are continuously utilizing this application, our product will be different and somewhat new. Product differentiation is vital in differentiating products and reaching the targeted audience. Our product will have our logo and name on it. This is to ensure easier access and identification. Secondly, the application will have some factors that are different from most applications. For instance, our application will utilize consumer points. Anytime a consumer uses the application, he or she will be entitled to ten points. This is some competition. It is, however, essential to understand that the organization will identify a factor that enables them to determine whether the consumers are using the application wisely or to earn points. The person with the highest point s will be recognized by the institution and awarded something tangible. This is aimed at increasing customer involvement and ensuring consumers are effectively utilizing the new application.
This application will benefit not only the organization but also the consumers. For one, it provides a platform where all their questions and queries can be answered. It is global, which means that everyone has access to it. Additionally, customers and consumers can interact with other customers. It leads to the establishment of a community. This is critical for both the organization and the consumers. The product also adds value to the consumers in terms of support and advocacy. It also creates a platform where consumers can give reviews. The organization will be in a better position to correct their mistakes and increase customer satisfaction. In essence, this new application is focused on growing earnings for the organization and increasing customer satisfaction.