Marketing Strategies for Peer-to-Peer Payments Firms
The peer-to-peer payments industry is poised to explode over the next several years as consumers and businesses discover the benefits of employing new technologies for the transfer of money.
The global volume of peer-to-peer (P2P) payment transactions is more than $1 trillion. Although mobile transactions currently represent a small portion of total transactions, by 2018 it’s expected that peer-to-peer mobile transactions may reach $86 billion in the U.S. alone – creating important opportunities for technology firms on the leading edge of the P2P movement.
But despite the industry’s growth potential, cashing in on the P2P trend isn’t a slam dunk. To stay ahead of the curve, peer-to-peer payments technology providers need to implement robust marketing strategies to establish credibility with buyers, influencers and possibly even acquirers.
Marketing Fundamentals for P2P Payments Firms
If you’re creating a marketing strategy for your peer-to-peer payments technology firm, you should know that the strategies and tactics that worked for competitors may not deliver the same results for your organization. Why? Because you might have different priorities than your competitors and it’s critical to align your marketing strategy with the goals you have defined for your company.
Likewise, you’ll need to align your marketing strategy with your brand’s target audiences and customer base. By carefully defining the roles, priorities and concerns of the people you want to reach, you can tailor your marketing strategy to connect with the tech sector audiences that can help your brand take advantage of the growth that’s happening in the P2P payments marketplace.
Key Marketing Ingredients for Peer-to-Peer Payments Brands
The push for measurable P2P marketing outcomes begins with a comprehensive marketing strategy – a roadmap that includes a handful of must-have marketing elements.
- Strong Messaging – The most effective marketing strategies are built on a foundation of strong brand messaging. From the outset, it’s critical to develop, clarify and refine the key messages that you will communicate to target audiences. Ideally, your messaging will be audience-driven – your core messages will address the priorities and concerns of your most important audiences.
- Industry Analysis – Not sure which marketing strategies and tactics other firms are using in the P2P payments space? Then you’re not ready to roll out your marketing strategy. Industry analysis enables you to take the best of what’s already out there and use it in a way that differentiates your brand from the competition.
- Cohesive Digital Strategy – At Walker Sands, we’ve seen how futile it can be to create a digital strategy with siloed marketing channels. The most successful P2P payments marketing initiatives feature coordinated digital strategies – a digital ecosystem that aligns with your audience’s online preferences and behaviors.
- Reporting and Measurement – Reporting allows you to monitor the performance of your brand’s marketing efforts, giving you the visibility you need to make informed adjustments. By measuring your performance against P2P payments industry benchmarks, you can gain competitive insights for marketing improvement.
Ready to Take the Next Step?
At Walker Sands, we understand the challenges peer-to-peer payments technology firms are up against. As a leader in marketing and PR for fintech brands, we have the experience and expertise to create and execute a world-class marketing strategy for your brand.
If you’re ready to get serious about marketing your business in the P2P payments space, contact us today and let’s start the conversation.