How to market a payment technology company (with templates)
Over the last five years, growth in payment revenues has significantly outweighed GDP. This, combined with the explosion of white labelling has poised the payment system market for huge growth. We’ve written this post is for experts who are ready to launch into the following fields:
contactless payment
mobile payment
mobile wallets
instant payments
digital payments
It’s a basic guide to marketing your payment technology company. Of course, this can also be replicated for marketing in banking and blockchain technology, but the examples are relevant to payment technology.
Along the way, we’ve provided a few formulas and templates to help you define who you’re trying to reach, and for you to start putting some materials together.
Here are 4 steps to marketing your payment platform.
Define your audience
Consider pricing models and launch
Sell the solution, not the software
Automate and integrate
Let’s get into it.
Define your Audience
The first step to marketing any business is to determine who your buyer is. Who is the target audience for your product, and how much do you know about them?
Let’s do a market research task, right now.
Here’s a link to the survey I use to get to know the target audience of my new clients. Create your own copy, then answer the questions to dive into what exactly your clients may be searching for. Then come back here...
The reason we do this market research in such an intense manner is so that you can craft copy that specifically relates to your target audience. We want to touch on their pain points, understand how they would interact with you as a merchant and use words they would use themselves.
Plus, we can identify competitors, such as Apple Pay, and outline how your digital payments business stands out.
Let’s go through an example target audience demographic. Say you offer a crypto-based product specifically for millennial women who have felt alienated by the cryptocurrency market thus far.
In terms of the survey link above, the thing keeping these women awake at night is their desire to level the playing field and grow wealth through alternative means. They want to create a stream of passive income and aren’t particularly risk-averse, but are scared of fraud. Right now, they probably earn the median salary for their age range, but these women are ambitious and want to be part of a growing cohort that will pioneer cryptocurrency wealth success.
So, after knowing all of this information, we’ll be creating the following content examples (with a heavy emphasis on female-oriented angles and styles):
Case studies of previous successes of women in the crypto space
Different payment option explainer articles with relatable, representative examples
Jargon-free step-by-step guides to the digital wallet technology required
Strategy advice and historical trends in the cryptocurrency space
Pricing Models and Launch
In general, all market segments are preferring a subscription model when it comes to pricing at the moment. In fact, 64% of consumers felt closer to the company they were buying from, compared to one-off purchases. It facilitates a better customer experience.
Therefore, it makes sense to build your payments technology company through a recurring revenue model, rather than a one-off payment. Recurring revenue tends to provide a more stable floor income that barely fluctuates month by month. Significantly less funding is spent on customer retention compared to customer acquisition costs. It’s why the average subscription billing vendor grows by between 30-50% annually- boding well for new launches.
Subscription model pricing also lends well to companies who are planning several launches over the course of time. Like many fintech payment technology companies, you’ll likely be targeting multiple audience segments at once (see the 1st point for more info).
By gradually rolling out products and services through different tiers, your company can establish itself as the go-to expert in one space first. Instead of confusing the consumer (and Google), you’ll be able to clearly connect with your ideal customer and have a higher chance of a conversion.
Sell the Solution
When we talk about selling the solution, we are referring to the answers to your customers' pain points. Going back to point #1, we’ve already explored exactly what keeps your ideal client awake at night.
The first step to introducing a sale is by engaging a potential customer. You don’t want to go straight to the sale, it’s about creating a connection and building trust. We recommend introducing yourself by sharing a relevant article or youtube video.
For example, a payments technology company might have resources on how their tech can increase the time between payment taking and it hits your bank. This leads to more working capital and, thus, greater business development opportunities. By sharing this value first, you can build trust as you introduce the brand.
From this, you’ll build a value proposition. One formula for creating a value proposition is:
“I help X with Y by Z”
For example, “We help mom and pop shops serve more customers each day by providing fast payment contactless technology”.
Or
“We work with forward-thinking businesses to bring crypto payments to the masses without requiring any coding experience”.
It’s this value proposition that will speak to your ideal client’s pain points and grab their attention. Ensure this is truly tailored before you begin alienating the other portion of the market!
Automate and integrate
The great thing about a digital marketing campaign for your payments technology company is the ability to constantly iterate and tweak features until you hit the perfect spot. For example, subscription models automate the payment- no need to continually provide card details each month.
Likewise, it’s worthwhile to pre-determine some campaign measurement factors before you jump in, then use these to track the overall performance.
For example, if we’re running a content marketing campaign and producing 8 blogs and articles per week, we’d be tracking at least the following metrics to determine content marketing ROI:
Pageviews
Time on page
Conversions / sales
Customer acquisition cost
Keyword rankings (after 3-6 months)
Plus, after things are set up, you can likely automate certain systems and processes to make the ongoing management less manual without affecting branding and voice.
By using integrations such as Zapier (my fave!), you can trigger certain sales actions, such as sending bottom-of-the-funnel emails, based on the behaviour of your individual audience members.
If you’d like further insight into launching your own payments technology company, schedule a 15-minute introductory call here.