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LenDenClub: New Product Development in the Digital Space
內容大綱
LenDenClub (LDC) was a primarily online platform operated by Innofin Solutions Pvt. Ltd. in the peer-to-peer lending industry in India. To offer differentiated products in a growing segment, LDC decided to focus on the untapped segment of low-salary earners. However, it was risky to serve this segment; borrowers had little credit history but often required loans immediately for emergency expenditures, and these borrowers had limited repayment capacity, so it was challenging for LDC to remain profitable. LDC responded by developing a new product based specifically on the targeted segment’s needs that allowed LDC to give small loans to more borrowers while achieving the lowest default rates. In June 2020, with preliminary testing done, LDC needed to refine InstaMoney’s features to achieve the best version of the product and obtain the best performance of InstaMoney in terms of conversions and the lowest default rates.
學習目標
This case is appropriate for use in product marketing, marketing analytics, and marketing strategy courses at both the undergraduate and graduate levels. The case will help students appreciate the intricacies of product launch in a digital space in a complex and risky segment. By exploring LDC’s product strategy, students will develop an appreciation for the data-driven strategic model the company employed and its method of analyzing consumer insights. After working through the case and assignment questions, students will be able to do the following:<ul><li>Identify issues particular to new product development strategies in a digital space.</li><li>Compare conventional off-line product development and testing models with a digital prototype experimental design test model.</li><li>Recommend a strategic course of action for a small peer-to-peer financial technology business in India, including the best product to develop, based on experimentation aligned with consumer behaviour in the targeted segment.</li></ul>