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Executive Summary
Introduction
If you asked anyone on the Salem State Campus How do you do your banking? before December 11, the answer would have been different for everyone. After December 11 the answer was the same, Popmoney. The campaign did more than bring awareness to Popmoney
Situational Analysis
Popmoney
Popmoney serves as a person-to-person, P2P, banking model. To understand Popmoneys entirety, one would have to know that Popmoney is one of three Personal Payments Services, PPS, offered by Fiserv, Inc. The personal payments service options are Popmoney, Popmoney Prepaid, and Popmoney Small Business (Fiserv.com). Popmoney currently maintains 113 clients, which according to Fiserv, suggests a strong demand for its services. There are currently almost two thousand banks and credit unions using Popmoney (Fiserv). Consumer friendly, Popmoney can be accessed and utilized through apps with
iPhone, Android, and Windows Phone (Fiserv). This service contains many features that benefit the user in unlimited facets.
Fiserv Inc. is one of the top leading global providers of information management and electronic commerce systems for the financial services industry, providing integrated technology and services that creates value for our clients (Fiserv.com) with a user capital of 55 million people. Fiserv has managed an estimated 70 percent of all bill payments processed by U.S. financial institutions, according to a group named Aite(Facebook.com/Popmoney/info). The company also executes 20 billion digital transactions, an estimated $1 trillion per year (facebook.com/Popmoney/info). Founded in 1984, the current headquarters are in Brookfield, Wisconsin. The company owns 155 locations worldwide with approximately 21,000 employees and gross revenue of $4.48 billion in 2012 (Fiserv.com). The Fiserv mission statement is, to provide integrated technology and services solutions that enable best-in-class results for our clients.
Competition
Popmoney has several competitors that include;ClearXchange (partnership of Bank of America, JP Morgan Chase, and Wells Fargo), Dwolla, Venmo, and Paypal. The primary competitor is Paypal, launched in 2000, (Wikipedia) and currently has 137 million active accounts (paypal). These accounts exist across 193 markets consisting of 26 currencies worldwide (paypal). Approximately eight million payments are made daily andPaypall projects an estimated $20 billion in mobile payments in 2013 (paypal). The direct competitor of Popmoney is Dwolla, with an estimated 20 million active user accounts (Wikipedia/dwolla).
might actually be interested in Popmoney services. Anytime a Facebook user searches something Paypal related, or if Facebook recognizes that a user is doing a lot of online shopping, then Facebook then can and will put our Popmoney ad all over his or her newsfeed.
Two-thirds of adult banking customers use some type of online banking service. A recent survey of 5,000 nationally representative adults, sponsored by NACHA, asked people why they decided to pay their bills online? The number one answer was to access their accounts more easily. By introducing Popmoney to these customers would be very beneficial to them for various reasons; it puts them in control of their money, it saves time, and you always know how much money is being sent and where it is going.
College Students
Our survey research showed that majority of college students who live on campus or rent an apartment pay at least one bill online and shops online at least once a month. They also have access to a smartphone where the majority of them use online banking and one type of automatic debit (i.e. PayPal, Popmoney, phone bills). Research also showed that every single college student surveyed has a Facebook page and tends to learn about new products via Facebook ads. Half of those students say that they would be interested in using Popmoney after seeing an ad for it. Research revealed that our demographic is more inclined to fully watch an advertisement online if it is under two minutes. Results from our survey indicated that the observer would be inclined to skip the advertisement if they did not find it humorous or entertaining within the first 30 seconds. The research further revealed that users inclined to use this service would be those who utilize virtual financial needs.
Almost half of the parents surveyed said that they pay one or more bills online. The other half still felt more comfortable paying other ways. Out of the fifteen parents surveyed twelve of them said they send their children money at least once a month. Half of those parents said they would be comfortable using a money transfer service rather than sending money or a check in the mail. All fifteen parents surveyed said yes to being skeptical about putting their information online, and sending money electronically.
Primary Audience
College Students
The average college student has between 2-5 bills to pay a month. This makes them a great target audience because they are a technologically advanced age group and understand how online bill pay works. For them it would seem like the most convenient option. Also, college students tend to purchase tickets for various events; sometimes one person in a large group will buy all the tickets. People who have to pay back can just send it via Popmoney. In the last few years, online shopping has grown so much, roughly 27% of all consumers online shop, which means a good portion of these people probably use some type of online payment method.
Secondary Audience
The appeal for the older target audience will center around their children who are in school and/or studying abroad. Its a safe way for them to transfer money to their children when they need it. Once they see this working they may be willing incorporate it into their lives and begin online bill paying. If they are self employed and have some employees its a good way to start paying them. So
hopefully, by targeting these two audiences it will cause a snowball effect and get many other groups of people interested in it.
Key Messages
The Salem State Group 4 team constructed four audience-driven key messages to combat misperceptions by bringing accurate information to the forefront, stimulating conversation
Survey research shows that most audiences have some access to the Internet and understand it well enough to access the Popmoney website or app on their smartphones.
Research showed that most audiences have either a checking or savings account at one or more banks. It is safer to send money electronically than to write checks or hand out cash. It is also safer to transfer money account to account then through a middleman.
Using Popmoney is a definite way to ensure that your money will be sent and received on time. Paying bills/rent or just paying back a friend becomes easier. There is no longer the hassle of going to banks to make deposits; it is as easy as a click of the button.
According to research most college students still rely on their parents to send them money while boarding at colleges and universities. Parents now can click a button on their iPhone or computer to send money securely to their children. Its less stressful and time consuming than mailing it out.
Objective 1
Promote brand awareness of Popmoney and the services it provides to the population of Salem State University, and beyond, by December 6, 2013 using guerilla marketing.
Strategy 1 Rationale
Our research revealed that the majority of students articulated at Salem State University enjoy participating in on campus events where freebies are rewarded.
Tactic 1
To engage the audience of Salem State University, the Popmoney guerilla marketing team will engage the Salem State University community by pitching a Popmoney tent with a T-shirt gun promotion. A waiver will be issued to students and community member who wish to participate in the event. A member from Popmoney will launch a t-shirt from the gun the distance of the grass quad with the purpose of having the community member catch the t-shirt.
Tactic 2
Other freebie material to promote brand awareness will accompany Popmoney tshirts. During this on campus promotion, stickers will also be distributed to every community member who walks past the promotional tent.
Strategy 2
Attract attention towards Popmoney by engaging people passing by the event creating brand awareness.
Rationale
This strategy is being implemented to generate a correlation to promote further brand awareness to our primary and secondary audiences.
Tactic 1
Engage the college and community audiences through strategic implantation of balloons, where participants compete in two lines to pop as many balloons as possible in 30 seconds. The participants must pop the balloons without utilizing their hands. The winner receives two (2) free money transfers and a water bottle. To promote brand awareness further, the utilization of balloons to correspond with the name Popmoney will be used. When consumers think of balloons popping, they will then think about Popmoney.
Tactic 2
Dispersing promotional freebies to winners will spread brand awareness throughout the campus community and beyond. The goal is to gain as much word of mouth advertisement by engaging publics.
Objective 2
Bring in more Popmoney users by making them aware of other capabilities Popmoney can offer.
In our survey, we found that many people in our demographic were unlikely to switch to a service that they felt more uncomfortable or unfamiliar with.
At each guerilla-marketing event, someone from Popmoney will be available to assist a customer on his or her phone, computer, or device that they use the most.
Tactic 2
Popmoney customer courtesy assistants will be available to Facetime through the Popmoney website to get immediate and accurate help if need be.
Strategy 2 Rationale
Our primary research showed that the demographic we would like to reach uses social media platforms to each platforms fullest extent. Thus, the message we send out will be easier translated into our audiences minds, and in an eyecatching way as well.
Tactic 1
Form Instagram and Twitter campaigns, and post Youtube videos. All content posted on these platforms will be some sort of instructional and informational statement about Popmoney.
Tactic 2
Create Capture Code stickers, posters, and balloons to place all around streets posts, Salem State University Campus, and buildings. These capture codes will lead Popmoney users directly to an informational screen, instagram picture, or video explaining how to make the easy transition from paypal to Popmoney.
Using Facebook and Twitter in various ways for promoting our brand.
Our research showed us that our target audience is seeking advertisements that are somewhat comical and sharp looking. And hashtags help us to achieve that while also generating brand awareness all over the internet.
Tactic 1 Tactic 2
Use guerrilla marketing tactics to cover the campus with #popmoney stickers.
Use guerrilla-marketing tactics to cover the campus with similar stickers but changing the brand name to similar words. Ex. #pinkmusic or #piemuseum
Consumers will be less skeptical of trying something different if most of their friends enjoy using the service.
Offer a free money transfer to any consumer that gets five or more of their friends to use Popmoney during their first month of signing up.
Tactic 2
If you use our service with at least 10 separate people during your first month of service, then all of your money transfers will be free for an entire month.