Launching a Product in a Competitive Online Survey Market: The Fieldboom Strategy
Imagine entering a highly competitive sector, like the online survey industry, dominated by well-established players. Launching a new product in such a space might seem impossible unless you either possess extraordinary insight or, as some might say, are a little insane.
The Fieldboom team took the leap—but they did so with a clever strategy that allowed them to achieve their goals without spending millions of dollars. What’s more, they managed to secure their first paying customers even before launching their product.
Here’s the step-by-step process they followed to pull this off.
Step 1: Identifying Weaknesses in the Competition
Before they wrote a single line of code or built a prototype, the Fieldboom team focused on understanding the shortcomings of their primary competitor, SurveyMonkey. Instead of guessing what the market wanted, they went directly to potential users for insights.
Step 2: Creating a Targeted Ad Campaign
They launched a simple Facebook ad that directly targeted SurveyMonkey’s audience. The ad posed a straightforward question:
“Disappointed in SurveyMonkey? We’ll give you free lifetime access to Fieldboom when it launches if you take a moment to explain why.”
This direct and intriguing message caught the attention of frustrated SurveyMonkey users, encouraging them to engage.
Step 3: Gathering Insights Through a Survey
Clicking on the ad led users to a short survey, asking the following questions:
- Are you an existing SurveyMonkey customer?
- What do you enjoy most and least about SurveyMonkey?
- If you had a magic wand, what’s the one thing you’d change about it?
- Your first name and email address.
- Are you available to speak with us on the phone to discuss this further?
In just a few weeks, they gathered around 300 responses, which provided a treasure trove of insights.
Step 4: Defining the Product
The survey results revealed the exact features users wanted. They identified that their product should be:
- Simple to use.
- Equipped with features that automate repetitive tasks.
- Designed for a positive user experience.
- Priced with transparent and clear pricing models.
This data-driven approach gave them a clear roadmap for building a product that directly addressed the pain points of their target audience.
Step 5: Validating Product/Market Fit with Pre-Sales
To deepen their understanding, the team conducted 28 follow-up interviews with survey participants. During these calls, they ended each conversation with one critical question:
“Would you be willing to pay $200 up front for lifetime access to Fieldboom?”
To their surprise, 8 out of the 28 participants said yes. Even more impressively, they paid the $200 within a day of the call, demonstrating real demand and commitment.
Step 6: Scaling Up the Strategy
Encouraged by this success, Fieldboom expanded their efforts and secured their first 100 paying customers before they even launched their product.
Key Takeaway: Go Beyond “Yes”
Hearing “Yes, I’d use your product” means little in the real world. The ultimate proof of product/market fit is the phrase every entrepreneur dreams of:
“Shut up and take my money.”
Fieldboom’s success demonstrates that a strategic approach can lead to measurable results—even in the most competitive markets.
Maximizing Revenue with Abandoned Cart Email Strategies
Abandoned cart emails are one of the most effective tools for recovering lost sales and driving revenue. Here’s how top brands are using structured frameworks to achieve open rates of 43-65% and generate up to $23 per email sent.
THMotorsports Framework
- First Email (Sent 10 minutes after abandonment):
- Open rate: 69%
- Click-through rate (CTR): 14%
- Revenue: $42,362
- Second Email (Sent 1 day later):
- Open rate: 65%
- CTR: 15%
- Revenue: $11,802
- Third Email (Sent 3 days later):
- Open rate: 43%
- CTR: 6%
- Revenue: $18,530
- Fourth Email (Sent 1 month later):
- Open rate: 46%
- CTR: 3%
- Revenue: $4,714
Legion Athletics Framework
Legion Athletics follows a slightly different strategy, avoiding discounts in the first email but offering 10% off in subsequent emails.
- First Email (Sent 30 minutes after abandonment):
- Open rate: 63%
- CTR: 10%
- Revenue: $26,495
- Second Email (Sent 1 day later):
- Open rate: 58%
- CTR: 16%
- Revenue: $26,978
- Third Email (Sent 3 days later):
- Open rate: 55%
- CTR: 17%
- Revenue: $29,589
Peak Design Framework
Peak Design adopts a thoughtful approach, starting with an inquiry about checkout issues before transitioning to a 5% discount and free shipping.
- First Email (Sent 2 hours after abandonment):
- Open rate: 65%
- Revenue: $57,751
- Second Email (Sent 30 hours later):
- Open rate: 57%
- CTR: 18%
- Revenue: $87,680 (equivalent to $23 per email sent).
Key Takeaway: Strategic Abandoned Cart Emails Work
Implementing a structured abandoned cart email strategy can recover significant revenue, with targeted messaging and timely follow-ups making a measurable difference.
Source: conversionxl.com