Jugaad will do
An analytics company CMO struggled with the CIO to fast-track the development of a pricing tool. The solution must include a B2B customer payment mechanism.
What is the issue?
The CIO wants to internally develop a payment module that can integrate with the enterprise platform, which is still under development.
Internal development of the payment mechanism is time-consuming and severely impacts the market entry schedule. It will prevent the company from significantly increasing its addressable market soon and achieving its revenue growth objectives.
Without a payment ability, the tool will have numerous downsides. It will set a precedent of free. Charging for something available for free initially will turn off the customers. And it will prevent the company from monetizing the proven demand for the solution.
The CMO convinced the CIO to come up with a “Jugaad.” What is a “Jugaad?”
“Jugaad” is an innovative fix or a simple workaround. Often with a bit of creativity, a team can make existing things work or create new things with minimum resources. The objective is to do it quickly with minimum effort.
Google placed a simple rectangle for search. You can find relevant information fast. It got to the market quickly. It added other features later to make it great.
Toyota began manufacturing Corolla in the U.S. in 1986. Simple, reliable workhorse. Good mileage at a low price. Made it great after capturing a significant market share. It got to the marketplace fast.
The analytics company used a payment gateway to introduce the tool. It got to the market fast and exponentially increased its customer base and revenue. The increased cash flow funds the investment to integrate with the enterprise platform and make the solution “Great.”
When a “Jugaad” will do, go for it. It is far better than losing in the market because you need a solution. You can almost always make it a great solution later.
I would love to hear about your experiences! Please share your stories here.
Thank you.
Satish Mehta
Author, Speaker, Coach
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