PopMoney

Research & PR Campaign Book

Brad Millett, Devin Bush, Joanne Montoya,
Camie Hubert & Jill Kochel
Table of Contents
Situation Analysis
Goals & Objectives
Target Audience
SWOT
Research Methods
Since 1984, Fiserv has been one of the leading powers within the fnancial
services industry. In fact, Fiserv processes 70 percent of all billing payments
made at U.S. fnancial institutions. Fiserv has a massive presence in online and
mobile banking. Currently, Fiserv executes 20 billion digital transactions each
year. With over 16,000 clients worldwide, it is no surprise that many people use
Fiservs services without even knowing it. One service consumers should know
about is Popmoney. Popmoney is a service that makes sending money
between bank accounts easier. Rather than writing out a check or having to
fnd a bank account, users of Popmoney can transfer money from their bank
account to another bank account for a fat fee of $0.95. Popmoney can be
used directly from a laptop, or it can be accessed from iPhone, Windows
Phone, and Android apps. Even though Popmoney has partnered with over
1,900 institutions that offer, not many people know about the company. A lot
of this has to do with the poor displaying of Popmoney in the places it is
actually used.
Situation Analysis
Goals & Objectives
Goals:
- Be the number online innovative payment service through a mobile
device.
- Increase the likes on Popmoney Facebook page from 20,000 to
50,000.
- Increase awareness of Popmoney and the services they offer to a
wider audience.
- Increase Popmoneys reputation in the online banking community.
Objectives:
- Promote Popmoney to become a well-known mobile banking fea-
ture among consumers.
- Present the benefts of Popmoney to target audiences to encourage
ongoing use of their service.
Target Audience
Primary Audience:
The need for an accessible money transfer app is needed among a wide
audience. After analyzing our research and the Popmoney website it is
determined that our target audience consists of males and females ranging
in age from 18-30 years old. Many of these people are college students and
are active socially. Although a good percentage of our target audience
consists of college students, young adults who are socially active and spend
good amounts of money.
Secondary Audience:
Our secondary audience consists of the parents of those students who are in
need of an easy money transfer service. Popmoney gives parents the
opportunity to send their children money in the most effcient way possible.
SWOT
Strengths
- Potential for a massive reach.
- Maintains partners with the following banks: Ally Bank, Bank of America,
Chase Bank, Citibank, Fifth Third Bank, PNC Bank, N.A., Regions Bank,
SunTrust Bank, US Bank and Wells Fargo Bank.
Weakness
- Not well known among consumers.
- Poor maintenance of their social media profles.
- Established a poor reputation among previous customers.
- No brand loyalty.
Opportunities
- Establish a credible reputation among the target audience.
- Service college students and their need for easy money transfer.
- Establish a national brand.
Threats
- The fuctuation of college students spending money.
- Other money transfer mobile apps. For example, Venmo and Bank of
America.
Research Methods
Primary Research Method:
For our primary research we conducted a survey. We felt that this was the
most effective way to learn about how aware our target audience are of
Popmoney and similar services. We sent out the survey to 300 BYU-Idaho
students at random and posted the survey on Facebook targeting the survey
towards college students and young adults ranging in age from 18-30 years
old.
Research Methods
Results
From the survey, we learned frst and foremost, they are not very well known. Only six
percent of those surveyed had ever heard of Popmoney, and of those six percent,
less than a third of them currently use it. From this it is clear one major problem
Popmoney has an uphill climb when it comes to awareness. Only 32 percent of
those surveyed use mobile money transfer apps. Those that do use money transfer
apps, nearly all use the apps that are currently offered by their bank. These banks
included Bank of America, Chase Bank, or Wells Fargo. Those that did not have
a bank that provides a mobile money transferring service used services such as
Google Wallet, Venmo, or Paypal.
From this information, we can conclude that one target audience that will be very
fruitful for Popmoney is those that currently bank with smaller, more local banks or
credit unions. These banks do not have services that allow them to transfer money
with their mobile devices. It will be much more diffcult to pry someone away from
an app that is given them for free from their current bank. There was no stark
correlation between marital status, year in school, or age and what bank they used.
Another interesting thing discovered was the fact that 76 percent of students lived
within less than 5 miles of an ATM for their bank. This means a lot of students have
easy access to cash. This could prove to be a big threat to Popmoney.
Research Methods
One bit of promising information is that when people were asked what they do
when they owe their friends money but do not have any cash handy to give
them, the most common answer (34%) was to wait until they had access to an
ATM. This answer was followed closely (at 23%) with buy them something of equal
value at a later date. This information could provide an interesting angle for
future PR plans or advertisements. Hitting the fact that you no longer have to wait
to pay your friends, or get money from them should provide good returns. One
interesting side note is that single people were more likely to buy something at a
later date, write an IOU, or wait until they had access to an ATM, whereas married
people were more likely to write a check, transfer money to their bank account,
or get cash back at the nearest grocery store or gash station.
When asked if their parents transfer money into their account, 63% of students
said yes. 73% of those students have the same bank as their parents, and they just
transfer money from their account to the students account.
One major problem shown with this survey is that of trust. When asked to rate
how much they trust mobile banking/money transfer apps on a scale of 1 to 5 (1
being never in a million years, and 5 being with my life) 75% of students chose a
1. Those numbers are pretty revealing and suggest that not only will Popmoney
need to get their brand name recognized, but they will need to brand themselves
as a reliable and trustworthy service.
Strategies & Tactics
The following strategies and tactics are examples that can be executed to
reach Popmoneys objective and goals.
Strategies:
- Establish credibility and a mass amount of consumers through promotions.
- Reach target audience through several social media platforms.
- Hold events to increase awareness of the Popmoney brand.
Tactics:
- Set up a Popmoney booth in a mall or shopping center, with download for
a dollar (or something clever) as the slogan. People download the app right
there, the sales person will transfer a dollar to their account while they stand
there. Have the salesperson inform people about the app during the whole
process. Benefts. People get the app on their phone, and see the app in
action.
- Be featured in University newspapers across the country, for example, The
Universe at BYU. Write article on Pop Money and about the features and bene-
fts they provide for the college student market. Provide a coupon in the article
for a dollar a download. Shoot for an article a week in a different University
Newspaper for 3 months.
- Hold a beneft concert sponsored by Pop Money. All proceeds go to a
charity. Could be a seasonal event.
- Revamp Facebook by holding promotions and consistently having someone
maintain the page. Utilize the twitter page by connecting with partners and
local businesses that can promote Popmoney.
Appendix
Q1
Have you ever heard of Popmoney?
A. Yes
B. No
Q1A
Have you ever used Popmoney?
A. Yes
B. No
Q1B
Do you currently use Popmoney?
A. Yes
B. No
Q1C
How ofen do you use Popmoney?
A. Never
B. Less than Once a Month
C. Once a Month
D. 2-3 Times a Month
E. Once a Week
F. 2-3 Times a Week
G. Daily
Q2
1. Who do you currently bank with?
A. Bank of America
B. Wells Fargo
C. Chase
D. Zions Bank
E. Key Bank
F. Other (Specify) _____________________
Q3
Popmoney is a person-to-person payments service (P2P). Te service enables individuals to send and receive
payments electronically in a manner that is designed to displace traditional check payments.
Te Popmoney iPhone app lets you easily send or request money from friends, family, or anyone at all. All you
need is their name and email address or mobile phone number to move money from your bank account to
theirs.
Do you currently use a program that allows you to send money from your bank account to another persons
bank account (even if they do not share your same bank) using nothing but your phone in a similar way that
Popmoney does?
A. Yes
B. No
Q3A
What is the name of the mobile money transferring program you use that is similar to Popmoney?
________________________________________________________________________________________
______
Q4
Do you work while you are at school?
A. Yes
B. No
Q4A
Do you work on campus?
A. Yes
B. No
Q5
How far do you generally have to drive to fnd an ATM machine for your bank?
A. 0-2 miles
B. 2-5 miles
C. 5-15 miles
D. 15-50 miles
E. 50-100 miles
F. Other (Please specify)_________________________________
Appendix
Q6
You owe your friend money, but you dont have any cash. What do you do? (check all that apply)
A. Buy something else for them of equal value at a later date.
B. Write them an IOU
C. Write them a check
D. Transfer money to their bank account
E. Wait until you have access to an ATM machine
F. Other (please specify) ________________________________
Q7
Do your parents ever send you money while you are at school?
A. Yes
B. No
Q7A
How ofen do your parents transfer money to you?
A. Never
B. Less than Once a Month
C. Once a Month
D. 2-3 Times a Month
E. Once a Week
F. 2-3 Times a Week
G. Daily
Q7B
How do your parents normally send you money?
A. Money transfer online
B. Money transfer via mobile app
C. Mail Cash
D. Mail a check
E. Other (please specify) ________________________________
Q7C
Do you share the same bank as your parents?
A. Yes
B. No
Appendix
Q8
If I found a mobile money transfer system that was simple and efcient I would start using it on a regular
basis.
A. Already use one
B. Strongly Agree
C. Agree
D. No change
E. Disagree
F. Strongly Disagree
Q9
On a scale from 1-5 How much do you trust mobile banking and/or money transfer apps? (1 meaning never in
a million years would you trust one, 5 meaning you would trust it with your life, 3 meaning you are indiferent
to the thought of it.)
A. 1
B. 2
C. 3
D. 4
E. 5
Q10
What is your major?
________________________________
Q11
What year in school is this for you?
A. Freshman
B. Sophomore
C. Junior
D. Senior
Q12
Are you single or married?
A. Single
B. Married
Q13
How old are you?
________________________________
Appendix
Q26
Are you:
A. Male
B. Female
Appendix