Moneycorp US Consumer Program
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Development and launch of US Consumer currency conversion program
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Moneycorp US Consumer Program
- 1. “Powered By” Program Launch & Marketing Plan New Markets, New Customers, New Transactions, New Profit!
- 2. Sections 1/21/20162 1. Trends 2. Mind Set 3. Executive Summary 4. Market Development 5. Target Market Partners 6. Actions/ Next Steps Appendix (separate doc) Strategic View Competitive Landscape Down The Road – Future Ideas General Market Insights HNWI Insights Foreign Real Estate Purchasing Insights Bank / Remittance Fees Example Partner PowerPoint Marketing - Other
- 3. Target Markets: Global Currency Mobility Easier Transactions Via Technology Digitally Active Consumers Move Away From Banks Market Volatility Drives Property/ Physical Asset Investments US Baby Boomers Moving To Cheaper, Warmer Climates Growth Of The Experience Economy Countries Grapple With Bitcoin/ New Digital Currencies More People Globally Are More Affluent & More Mobile Target Partners: Monetizing Digital Assets Targeted Lifestyles & Interests Industry Associations & Vertical Reach More Data, More Drive To Personalize, Aspirations To Loyalty 1/21/20163 Trends Driving Market
- 4. FX/ Global Payments = Fragmented Market: From Remittance Players To Big Banks Value Proposition = Price Driven Brand Definition = Weak On A Global Level Lacking True Industry Leadership For FX/MSB Players Continued Regulations & Rules Based On Current Global Events Competition: Biggest Competitor: Status Quo – Whatever They Do Today Western Union High Brand Recognition Loyalty To Consumer Banks Is Weak To Non-Existent Brand Definition For FX/Global Payments: Weak / Unclear Technology Driven New Players In Market, Long Term Differentiation? 1/21/20164 Trends Driving Market
- 5. Relative Target Markets: Digital active consumers are moving away from banks. Ten FinTech services that include P2P platforms for investments; equity or rewards crowdfunding, online savings advice and investments, online financial planning; online stock broking or spread betting; online ForEx; overseas remittances; non-bank money transfers and borrowing using P2P platforms. Out of all products surveyed in market, payment services had the highest adoption rate (17.6%) including use of non-bank providers to make online payments, online foreign exchange and overseas remittances. 2016 promises to be a time of acceleration disruption in the cross-boarder remittance market as emerging players reduce costs and increase speed. Havoc in digital wallet space in 2016 with clear path to separate leaders from laggards. Digital wealth management will truly go global, touching new geographies and expanding in in places it has already been picked up. 1/21/20165 Trends Driving Market Sources: FinTech Research Findings In Newsletter Dec 15, 2015 – Trends For 2016 & Top 10 Trends Financial Services Aite Study Jan 2016
- 6. 1/21/20166 Convergence Underway Growth HNW Social Media Integration Currency Fluidity Global Instability Bank Loyalty Decreasing Global Mobility Growing US/UK Citizens New Currencies Aging Baby Boomers +Increase Demand For Services - Increased Competition
- 8. “Better revenue quality and growth, derived from better use of marketing capabilities, customer education and qualification is often the sole explanation between average and superior profit performance.” Manage For Profit Not For Market Share Harvard Business School, Simon, Bilstein & Luby 1/21/20168 A Thought Before We Explore Market Development
- 9. 1/21/20169 A Thought Before We Explore Market Development Model Push Me – Pull You International Markets Domestic Markets Partner Marketing Direct Marketing Tech/Web Social Media Marketing One to One Event Marketing Call To Action Call To Action
- 10. 1/21/201610 A Thought Before We Explore Brand Position & Communications Moth To A Flame The Right Market Message Via The Right Partners Attracts The Right Customer Ready To Buy
- 11. All Businesses Will Benefit 1/21/201611 A Rising Tide Lifts All Boats!
- 13. Target Partners • Forum For Expatriate Management • VRMA Vacation Rentals Management Association • Mortgage Bankers Association • American Citizens Abroad • InterNations Connecting Expats • American Immigration Lawyers Association • AARP • National Auctioneers Assoc. • Association of the American Foreign Service Worldwide • American Chamber of Commerce France • American Chamber of Commerce UK • American Chamber of Commerce Netherlands • American Chamber of Commerce Germany • American Chamber of Commerce Canada • Association of Relocation Professionals • Workforce Mobility Association • International Association Of Universities • American Association of University Administrators • International Association of Education Administrators • National Association of College and University Business Officers 1/21/201613 Marketing Development 2016 FY 2016 Goals FY 2017 Goals Gross Revenue 70 Million GBP Gross Revenue 135 Million GBP Net Revenue 1.2 Million GPB Net Revenue 1.9 Million GPB 800 New Clients 1,900 Clients 20 New Partners 50 Partners Business Objectives 1. Successfully Launch Into U.S. Consumer Market 2. 1st 6 Months Generate 200+ New Transactions A Week 3. Add 10+ New Partners By End of Q2 4. Break even on start up costs by Q1 2017 Target US, UK & Other Country Consumers • Expatriates • High Net Worth Individuals • Lifestyle Purchasing Overseas US Target Markets Global Markets • Washington DC Area • NYC • Chicago • San Francisco • Houston • UK • France • Germany • Spain • South America Target Transaction Streams •Property Purchases On -Going Home Services Vacation Rental Property Mgmt. •Upscale Lifestyle Purchasing Travel * Equestrian Yachts Private Jet Collectors/ Cars Medical Tourism •Investment Managers •Higher Education Tuition/ Expenses Executive Education •Expatriates Living Expenses •Immigration Legal Costs •Charities/ Missions •Business Brokers New Customer Acquisition Pools • Backlog Of Requests (past 6 months) • Via Partners aka CNN • Via Web/SEO Efforts • Campaigns (3 month long) • Cross Selling Tempus/ Moneycorp Competition FX • Status Quo • AFEX • Currencies Direct • US Forex • HIFX • World First International Payments • Banks • Western Union • PayPal • AMEX • Credit Cards Total Market = $12+ trillion/ 100+ million consumers Relevant Market = $10 billion/ 2+ million consumers Media – Strategic Relationships Today • CNN Money • The Telegraph • Daily Mail Future • Bloomberg • Global Living • Robb Report • Yachts International • Architectural Digest • Unique Homes • Financial Times • WSJ Real Estate • Bravo Million Dollar Listing NYC Million Dollar Listing LA • HGTV House Hunters International • National Geographic/Discover
- 14. Paths To Market How We Grow! 1/21/201614 Targeted Marketing Industry Partners Affiliate Partners • Media Partners Existing Future • Social Media/ You Tube • Consumer Website • PR/ Promotions • Flyers/Sales Materials • Events/ Conferences • Build Body Of Knowledge White Papers Seminars Articles Webinars Blogs Subject Matter Experts • 3 Month Campaigns Seasonal Themed Mailers/ Post Cards Email Marketing Google Ads Facebook Ads Tele-marketing Tie In • Industry Associations National Regional State Chapters • Media Partners Web Print Social Media • Chambers • Ethnic/Country Groups (i.e. German American Society) • Charity / Mission Groups • NGOs • Attend Events/Conferences • Offer Up Web Content • Provide Web Banners/Buttons • Real Estate Companies National Regional Individual Brokers/ Agents • Mortgage Companies • Financial Planners • Expat/ Relocation Companies • Immigration Attorneys • Business Brokers • International Property Management • Upscale Travel • Retirement Development • Up Scale Brands Automobiles Yachts Private Jets • Higher Education 4 Year Degrees Certificate Programs Masters
- 16. Pre-Registration Activity – Underway - US Moneycorp Team gathering leads to contact once live Pre-Launch: Early March - Internal awareness campaign: Tempus and Moneycorp (US and UK) - Set Tempus team expectation: Early April availability Soft launch: March 14th - Reach out interested leads gathered to-date - Turn on CNN Money and other partners Hard Launch: End Of March - Begin larger push into the market including PR/Social Media/Campaign 1, etc. 1/21/201616 High Level Marketing Milestones
- 17. Actions/ Next Steps 1/21/201617 Immediate Gather input / feedback on the plan and direction Create a tactical project plan on the needed sales materials Select Support Agency Work with support agency on creative brief, direction and cost estimates (build budget and tactical project plan) Launch internal ASAP Support soft launch, learn, adjust and move forward Short Term (45 days) Work on press release Once consumer site is live aggressive reach out to target priority partners Placement of ads/ banner/buttons and content for digital advertising Finalize market development plans – adjust as efforts roll out in market Support hard launch into market. Testing selling message/ positioning and offering in market
- 19. 1/21/201619 Finding The Perfect Customer Lifestyles • Personal Interests? • Travel / Experiences? • Multiple Properties? • Retired? • Business Owners? • Luxury Goods? • Equestrian? • Charities? Geography • US Citizens? • UK Citizens? • Expats? • Europe? • Asia? • Americas? • Commonwealth? • South America? High Net Worth •$2 Million or Greater? •Self Made? • Inherited? •Fortune 1,000? •Male/ Female? ? Relevant Market Expatriates Relevant Market UHNW/HNW
- 20. 1/21/201620 Finding The Perfect Customer Lifestyles 209,000 US homes sold to foreign buyers in 2014 Foreign sales dollar est US$104 billion 2014 US$22 trillion already using tech in daily financial lives (HNW/ Affluent) 20% of US citizens have second home. 800k+ international students in US 2013 Geography 375,000 US citizens retired abroad 2013 US Expatriates spend $20k to $50k a year International Payments 2013 US$2.7 trillion UK clicks 7k per day on US locations to retire High Net Worth Market Size 231,000 UHNW (net worth over US$30 million 2015) The Global 1% Club = US$70 trillion 2015. US HNW US$16.2 trillion 2,325+ Billionaires Globally $10 Billion Relevant Market US Citizens Abroad Relevant Market Non-US Residents Total Market Size: Over $12 Trillion Globally
- 21. Target US Consumer Markets 12 to 18 Months 1/21/201621 US Citizens • High Net Worth + Ultra High Net Worth • Expatriates living overseas Currently living abroad Exploring living abroad Looking to move back to US • Buying vacation home/ 2nd home overseas • Sending kids to foreign universities • Buying a business overseas • Overseas Lifestyle / Experiences • Buy Luxury (travel, buy car, yacht purchase, equestrian etc.) • Utilize Private Jet (own/lease/rent) • Initial payment plus trailing ongoing transactions tied to property • Medical Tourism • Charities/ Missions British & European Citizens • Expatriates living overseas (US) Currently living abroad Exploring living abroad Looking to move back to US • Buying vacation home/ 2nd home overseas • Initial payment plus trailing ongoing transactions tied to property • Sending kids to foreign universities • Buying a business US • Overseas Lifestyle buy (travel, buy car, yacht purchase, etc.) • Utilize Private Jet (own/lease/rent) • Initial payment plus trailing ongoing transactions tied to property • Medical Tourism • Charities/ Missions Future (18 Months Plus) • Asian Markets • South & Central American Markets • Other TBD
- 22. Tactical Market Support Materials 1/21/201622 Understand Agency Utilizing • Creative Brief • Cost Estimates / Budget Development • First Six Months Project Plan • Media Buy Plan Press Release On Launch Press Releases Every Other Month Partner Press Releases Blog / Posting Content First Six Months Social Media Plan/ Content Strategy White Papers: • Targeting Real Estate Partners • Targeting US Consumers Thinking About Overseas Property • Targeting UK Expatriates Moving To USA Follow Up eNewsletter (2) • US Consumer • UK/ Other Consumers Updated Sales Flyer: • US Consumers – Property • US Consumer – General • US Partner Development PowerPoint • Partner Version • General Market Training Programs And Webinars • Targeting Real Estate / Mortgage Brokers on International Potential: US and Globally • Vacation Property Management • Targeting Expatriate/ Workforce Mobility Organizations • Attending University Abroad/ Semester Overseas Trade Show Plan / Campaign (Pre/Post Event) Develop 3 month seasonal campaign – targeting US consumers looking to move “to warmer climates”
- 23. Level One Existing Demand/ Leads 1/21/201623 Recent Requests Past 60 to 90 Days Florida Team CNN Media Partner Backlog: All Others Partners FL Bridge Out To National New Targeted Growth Groups Backlog: All Others Launch Market Development Efforts March to May 2016
- 24. 1/21/201624 Focus 2016 • High Net Worth Individuals • Home Base In: Prime Focus New York City NY Washington DC Area Chicago IL LA/ Southern CA SFO / Northern CA Secondary Focus Seattle WA Dallas & Houston TX • New Partners Touching Target Markets + • High Net Worth Individuals • Home Base In: Prime Focus London UK UK Citizens Anywhere In World Europe Asia South & Central America Other TBD • Existing Partners Touching Target Markets Level Two June & Beyond 2016 The World
- 25. 1/21/201625 Focus 2016Level Two June & Beyond 2016 US Expatriates US Retires High Net Worth Top Job Searched Countries • Canada • Mexico • Australia • India • China • Japan • Italy • Germany • France • Spain Top Places Abroad • Argentina • Belize • Costa Rica • France • Italy • Mexico • Nicaragua • Panama • Portugal • Spain • Thailand • Malaysia • Colombia Millionaire Density US • San Francisco • New York City • Chicago • Los Angels • Houston • Dallas • Atlanta • Washington DC Region • Seattle Top Three Cities London Singapore Geneva US Outward Bound
- 26. 1/21/201626 Focus 2016Level Two June & Beyond 2016 US Expatriates US Retires Demographics Top Overseas Activities • Moving/ Relocation • Job/Career Development • Home Purchase/ Rental • On-Going Living Expenses • Investments (US/International) • Medical Care • Vehicle/ Transportation • Higher Education • Family Activities • Immigration Services • Travel (Home + Pleasure) • Club & Membership Fees Top Overseas Activities • Moving /Relocation • Home Purchase/ Rental • On-Going Living Expenses • Investments (US/International) • Medical Care • Vehicle/ Transportation • Family Activities • Immigration Services • Travel (Back To US and In country) • Club & Membership Fees US Consumer Target • 30 to 70 yrs. old • 50/50 Men/Women • Married With Kids • Degreed BA/MA • Active In Charities • Self Made • Net Worth US$2 million + • Owns Business or C-Suite • Travels Globally • Owns Primary Home • Comfortable With Tech • Interest In International Properties • Hobbies/Collector US Outward Bound
- 27. 1/21/201627 Focus 2016Level Two June & Beyond 2016 UK & Other Expatriates International Buyers High Net Worth Top US City Searched • New York City, NY • Los Angeles, CA • Miami, FL • Orlando, FL • Las Vegas, NV • Houston, TX • San Francisco, CA • Chicago, IL • San Diego, CA • Fort Lauderdale, FL • Phoenix, AZ Top Places Looking At U.S. • Canada • United Kingdom • Australia • Germany • Brazil • Mexico • France • India • Italy • Netherlands Millionaire Density Global • Geneva • Zurich • Singapore • London • Hong Kong • Frankfurt • Munich • Toronto • Sydney • Taipei • Hamburg • Paris • Tokyo • Mexico City UK & Other Outward Bound • Rome • Beijing • Osaka • Sao Paulo • Shanghai • Moscow • Mumbai
- 28. 1/21/201628 Focus 2016Level Two June & Beyond 2016 UK/Other Expatriates UK/Other Retires Demographics Top Overseas Activities • Moving/ Relocation • Job/Career Development • Home Purchase/ Rental • On-Going Living Expenses • Investments (US/International) • Medical Care • Vehicle/ Transportation • Higher Education • Family Activities • Immigration Services • Travel (Home + Pleasure) • Club & Membership Fees Top Overseas Activities • Moving /Relocation • Home Purchase/ Rental • On-Going Living Expenses • Investments (US/International) • Medical Care • Vehicle/ Transportation • Family Activities • Immigration Services • Travel (Back To US and In country) • Club & Membership Fees UK + Consumer Target • 30 to 60 yrs. old • 80/20 Men/Women • Married With Kids • Degreed BA/MA • Active In Charities • Self Made or Inheritance • Net Worth US$1 million + • Owns Business or C-Suite • Travels Globally • Owns Primary Home • Comfortable With Tech • Interest In International Properties • Hobbies/Collector UK & Other Outward Bound
- 29. Where Customers Will Come From 1/21/201629 1. Completely new customers from the Moneycorp US website. 2. Completely new customers from partners (i.e. realtors, CNN, associations, chambers, etc.) 3. Completely new customers via direct marketing efforts, exhibits, promotions, seasonal marketing, advertising , etc. 4. Existing Tempus B2B clients looking for consumer purchasing options. 5. Existing Moneycorp Florida clients looking for consumer purchasing options in other states. 6. Existing Moneycorp international clients looking for US consumer purchasing options in US beyond the initial property purchase. 7. New Moneycorp international clients looking for US consumer purchasing options in the US. 8. New Tempus B2B clients looking for consumer purchasing options. 9. Completely new customers or existing Moneycorp customers who currently have funds in a US bank, but who are living abroad. Customer Streams How Do We Identify A Tempus “Powered By” US Customer? The US Consumer Client Has A US Address. At this point, beyond Florida they are a Tempus “powered by” program account (no matter if a US Citizen or a Foreign Citizen)
- 30. 1/21/201630 Sales Development Funnel Raw Leads Email addresses Trade Show Leads Purchased ListsDirectories Existing ListsTarget 20,000 to 50,000 a month Qualification & Sales Interactions Calls In To Talk With Sales Sets Up Account Online Responds To Follows Up Emails Serious Opportunity Account Is Set Up & Ready To Trade Does A Deal/ Trade New Accounts General Interest in FX/ Global Payment Direct Mail Campaigns * Per Month Target 75 to 100 Timeline 15 Days to 1 Month Sales Cycle Social Media CNN Leads Moneycorp.com Leads Partner Leads * Note: There will be accounts that open but do not transact, requiring some level TBD of total to active.
- 31. 1. The past / current US based Moneycorp Inc. business focused on UK expats buying homes and living in Florida / other states is a good indicator of potential volumes/ support efforts. 2. That the systems and platform will continue to evolve based on the US consumers and will become intuitive, easy and does what in needs to open accounts and process trades, 24x7. 3. That the CNN relationship and other partner relationships will become active and drive the type of interest and potential customers. 4. That the global political, financial and pan epidemic threats will stay at current levels but not convert into a planet wide melt down causing people no matter where they live in the world to retreat. 5. Current trends in wealth acquisition and growth, global property purchasing and the shifting of retirees from colder climates to warmer ones continues. 6. Fluidity of commerce, tech and currencies in the international markets will continue to grow. 1/21/201631 Sales Assumptions The greatest threat to sales is simply this, that the status quo is perceived better/ easier/ reasonable cost vs. whatever we are bringing to the game!
- 32. 1/21/201632 Sales Goals 2016 Goals 20 New Partners 800+ New US Transacting Accounts 70 million GBP Gross Revenue 1.2 million GBP Net Revenue Successful Soft & Hard Launch By April 5th Brining On 1 to 2 New Partners A Month and Get Them Generating Leads Within 30 Days 70 + New Accounts Per Month Improve The Ratio Of Interested Consumers To Accounts Opened and Transacting Sooner Make It Easier To Set Up Account and Transact In Automated Approach (Remove Obstacles To Account Set Up & Right Documents, etc.) The target consumers perceived better/ easier/ reasonable cost of the “powered by” program vs. whatever the status quo represents. Top line gross revenue stream of 6 million GBP a month flowing into the accounts
- 34. Market Development Though Partners 1/21/201634 Media Partners Industry Partners Affiliate Partners •CNN Money •Lifestyle Mags/Sites •Social Media / Blogs •Associations •Expat Orgs •Chambers •Realtors •Universities •Immigration Lawyers •Loan/ Title Companies Narrow The Focus: Be Where The Target Market Lives, Works & Plays.
- 35. Moneycorp Partners Today 1/21/201635 Industry Partners British American Chamber of Commerce French American Chamber of Commerce Women’s Council of Realtors Brazilian American Chamber Orlando Regional Realtor Association Miami Real Estate Association Sarasota Manatee County Association of Realtors Asian Real Estate Association of America National Association of Realtors Florida Realtor conference and expo American Immigration Lawyers Association Leading Real Estate Companies of the World Expo Media Partners CNN Money The Telegraph Daily Mail Direct Contact Partners Builders/Developers - Park Square Homes - Pulte - DR Horton - Beazer - Royal Oak Homes - The Encore Club Real Estate Brokers/ Agents - Keller Williams - Coldwell Banker - Century 21 - Berkshire Hathaway - Fortune - Exit Realty - Michael Saunders
- 36. Media Industry Affiliate Bloomberg International Living Robb Report Yachts International Architectural Digest Unique Homes Financial Times WSJ Real Estate Media Web BankRate Bravo - Million Dollar Listing NYC - Million Dollar Listing LA HGTV House Hunters International National Geographic/Discover Smithsonian Top Gear BBC America Forum For Expatriate Management VRMA Vacation Rentals Management Association International Real Estate Society IREM Institute of Real Estate Management Mortgage Bankers Association American Citizens Abroad InterNations Connecting Expats American Immigration Lawyers Association AARP The American Hour – US Citizens In UK Association of the American Foreign Service Worldwide American Chamber of Commerce France American Chamber of Commerce UK American Chamber of Commerce Netherlands American Chamber of Commerce Germany American Chamber of Commerce Canada Amsterdam American Business Club SHRM Society of Human Resources International Association of Relocation Professionals Workforce Mobility Association German American Society Education Partners London Business School Cambridge University Oxford University McGill University University of Edinburgh International Studies Abroad Association International Association Of Universities European Association for Internal Educations National Association of College & University Business Officers Wealth Managers - Edward Jones Global Mobility Providers - Expatriate Management Services Ltd - Cartus - Altar Global Builders/Developers/Communities - Park Square Homes - The Encore Club - Retirement Communities - KEI Homes Spain - Algarve Senior Living Portugal Real Estate Brokers/ Agents - Sotheby’s - Coldwell Banker - Century 21 - Berkshire Hathaway Auto Manufactures - Mercedes Benz, Audi, Volvo, Tesla Wealth Advisors/ Management Firms Transportation - Net Jets Upscale Travel - Abercrombie & Kent - Disney Dreams Unlimited Travel Adventures - Zicasso - Viking River Cruises Top 25 Global Executive Education Programs “Powered By” Partners Future US Consumer Targets 1/21/201636
- 37. Becoming Industry Thought Leaders Q1/Q2 Develop & Launch 1/21/201637 http://www.realtor.org/designations-and-certifications/cips Over 2,000 Realtors in US/Globe Focused on International Buyers Integrate “payments and international currencies” into program PowerPoint White Paper Flyer to use with end customers Support earning CEUs Provide content for website/ blogs/ newsletters http://www.vrma.com/educationandevents Over 4,000 members in 20 plus countries Work with VRMA to develop a “certification program” for VRMA members. Include “payments and international currencies” as a part of the curriculum. Work at getting VRMA as a partner. Create a webinar with VRMA on international vacation property owners, include payments and currency conversation. Work to include payments in the VRMA consumer booking site: http://www.discovervacationhomes.com/
- 38. Becoming Industry Thought Leaders Q2/Q3 Develop & Launch 1/21/201638 http://www.state.gov/s/cpr/rls/dpl/32122.htm Embassy staff in the US and US embassy staff overseas In Washington DC over 177 Embassies of other nations, plus the World Bank, IMF, Peace Corp, USAID, National Science Foundation, WHO all with people and transactions both into and out of the US NYC = the United Nations Develop a program that targets these employees and their currency needs crafting support materials to this market segment. http://www.studyoverseas.com/ http://international.collegeboard.org/study-around-the-world Over 2,500 college and universities in the USA with students that: Have foreign students coming to the US to attend these schools for 4 years And US students looking at doing study abroad semester. Develop a program that can be integrated into the University bursars office/ tuition payments. Find associations, providers into this market that we can team up with both in the US and globally. Start with universities in Washington DC to develop program model to roll out. Embassy & NGO Program
- 39. 1/21/201639 Closing Thought Lets dream of what this program, market and relationship can mean. Lets purse the what is not seen but needed. What we do can unlock the global dreams of many consumers.
- 40. Actions/ Next Steps 1/21/201640 Immediate Gather input / feedback on the plan and direction Create a tactical project plan on the needed sales materials Be introduced to support agency via Moneycorp Work with support agency on creative brief, direction and cost estimates (build budget and tactical project plan) Launch internal ASAP Support soft launch, learn, adjust and move forward Short Term (45 days) Work on press release Once consumer site is live aggressive reach out to target priority partners Placement of ads/ banner/buttons and content for digital advertising Finalize market development plans – adjust as efforts roll out in market Support hard launch into market. Testing selling message/ positioning and offering in market
Editor's Notes
- Trends are just that – an indicator of something bigger, maybe unseen. Not a guarantee. The goal is to look at the highest level first and work down to the close in/ relative market trends. For me it seems that beyond the whole FX/Currency Conversion, remittance markets all the way to the credit card, debit card, prepaid markets their continues to be a focus by the industry providers on the “physical form of payment” cards, bank accounts, mobile devices. Mean while I think most people have moved on to less about the how via what payment form towards the want of a lifestyle and how can I get to that idealized state and experience. Payment needs to be easy, fast and secured. I am continually amazed at how much of the advertising in the consumer payment space is around the hardware “look I tap my iPhone to a POS terminal – wow!!!” Vs the fact that Starbucks has build a coffee currency club that payment is about ease and access to the coffee and SB community (points, deals, free stuff in every interaction). Someday in the near future, it will be about who you are, what your worth is and what it gives you access to; the technical side will be about facial recognition/ bio secure validation (finger print? Eye recognition? Embedded chip? Blood/DNA? and potential point to point payment/settlement with almost no steps in the transaction.
- I really don’t see a clear competitor to what the target market and purchasing activity we are targeting. Banks, sure – but consumers have less love for banks. People, especially those with high net wealth look to specialized providers for services. Investments in one place, traditional banking in another, equity management in yet an other place. This doesn’t mean there is a desire for fluidity of funds and access to what the consumer wants, when and where they want it. The FX/Remittance/Global Currency market players have an identify issue and need to find the higher ground to grow from, vs $100 payments back to home. Yes there is a place for the unbanked and the multi country families sending funds home. Not that we shouldn’t have some level of transactions like this, but the focus should be a higher ground, a leadership position. Bigger things bought through multiple funding streams by the well to do of the planet – ease, speed and secure.
- In 1994 I attended a conference where Bill Gates was talking. It was a conference on emerging tech (the WWW was still taking shape) and the banking world. At the headline seminar Bill Gates presented and talked. From his first statement and over the next 2 hours it turned into a fight between him and the room of about 500 bankers. He said “you are all dead and just don’t know it. Your model is based on real estate not improving the access to peoples funds and money – BOOM!” It seems technology is finally catching up to the reality that how people look at banks, transactions, payments are changing. This will impact the FX markets, global payments, etc. Shifts to P2P (person 2 person) payments, along with non-bank nor card based transactions are all in the mix. Change is the only constant.
- Interesting point in the global history of our societies. While technology is allowing more conductivity, awareness, access and actual interaction; at the same time the shifting of country values to a global norm. This includes the wide range of religious, country and regional biases and political issues. As we become more and more one world in communications and conductivity the differences come to the forefront quickly. The divides on some level become both wider and more obvious, but so to the similarities and shared values. The next 10 years will see the advent of robotics on an everyday level, new forms of life via genetics, the shift in age/ gender and ethnicity of business leadership. All the while people, their funds and their interests will continue to move, explore and travel the world.
- When looking at the approach and models to market development and growth it is good to have an understand how to think about the effort at the 60,000 foot level.
- Over the years I have seen this proven time and time again. Better marketing attracts the type of clients you want, better customer education makes those targeted customers more active sooner. The qualification process starts with choosing where to focus your market development activities. Shot gunning vs laser; general vs niche. So picking the right images, words and content will drive the right customers, better customer tools and communication (like showing a picture of the right way to take a picture of a pass port – is key. The customer has a better chance of getting it right the first time and not becoming frustrated with having to do it over, and over and over again.) In addition, having an “opportunity lens” to view qualifications of customers and positioning by helps before we even enter a market.
- The fact of having limited resources (we don’t have unlimited $$$ or time or people) we need to look at the target market in two ways. How do we pull the right target “perfect customers” into the program via our Media partnerships and/or direct marketing (social, web, direct mail) and reaching out to the target end user/consumer. Via our market partners (like a real estate person or a British Chamber or a US Expat service provider) we push our target audience into the program, we are where the transaction will happen and the partner puts us into the opportunity.
- Finally as we develop the tactical side of any market development effort we need to make sure what we are saying matters to those we want, in the end building a self selection of the targeted end user. Demand is built within the target audience and the end user, driving them forward to our service. The positioning and the message need to clearly drive a call to action in our target client – see’s, hears, experiences the brand and the promise of that brand saying “yes that is what I want…” and moves towards the “powered by” program. I call this approach to the branding and promotions “moth to a flame” meaning if we do this correctly and all things are aligned the whole experience creates a self fulfilling result. More of the same, sooner success.
- Everything we do in the market will have a long term cumulative impact. Every visit to the website, every market development effort, every partner we bring on will add to the total impact on the awareness of the brand, the value to our target markets and clients. All the market development efforts, no matter the brand, will be cumulative in nature and overtime grow the opportunities across all brands. Each gaining as the other reaches out.
- The 60,000 miles up view of what we are doing in the market to develop it.
- High Level view of the market development efforts. Why “Market Development” vs Marketing? Market development includes marketing, but it is also pulling in sales methods, strategy, bigger view vs marketing only and the classic Product, Price, Place and Promotion (and in recent times People is the current ad).
- At a high level we will be finding targeted pathways and efforts to find our target customers and targeted transaction streams.
- While there are a wide variety of activities, development, that will happen over the next 6, 12, 18 months this calendar is an attempt to show the blocking of marketing efforts and tactical actions until the end of the year 2016. The goal is to show that the approach is encompassing touch points that will focus the message, the targets but work via direct (social media/ ads) and indirect (partners) ways to gain not just awareness but also a call to action.
- An easy view of the timing of things from a marketing view (less of a system or operational view). It is important at a point to bring both the Tempus team and the Moneycorp FL team up to speed on the program, the marketing efforts that will be happening over the short term, etc. Bringing the teams up to speed is the first steps on establishing the brand and the story we want to tell, next the close in and back logged opportunities and finally opening to the wider markets.
- There are a few heroes in my life. Winston Churchill (if Kristy and I had a son we were going to name him Winston Clay), Walt Disney, Major General Leslie Groves who not only built the Pentagon, and the ALCAN highway but lead the creation of the A bomb and H bomb (not so much for the bomb but the project management skills to bring it all together from building two cities AND at one point seizing all the silver at the US Mint to build the first mass scale superconductors), Neil Armstrong, Alan Shepard and Chuck Yeager = the right stuff, Navy Rear Admiral Grace Hopper and Alan Turning for bringing modern computing into reality. The list of real people goes on, but there are a few “characters” that mean more than the image they are: like Mickey Mouse, or Winnie The Pooh. As a Dad reading the adventures of Pooh to my kids I came to see that Pooh has a determined way of life and adventure. That he offers insights into business, relationships and much more. As this quote shows, marketing and market development are really summed up as “you can’t wait for others to find you, you have to go to them sometimes…” and that is what the core of this plan is about. Not going to where anyone or everyone is, instead finding where they congregate and or those that have built businesses helping and supporting those we want to do business with. The call to action is at two levels – to those partners that work directly with our end user clients AND to the end users themselves.
- Finding the customers we want to use the service is going to be about having an understanding of what they look like, where they live, what they do and what the want to be/experience in family, work and play. Yes, there are 9 billion people walking they earth, but what we want to do is reach, build awareness and drive a call to action in the much more reasonable view of our “Relative Market”
- The overall market size is very large, in the $12 to $20 Trillion Range; but want matters is the relevant market size: those that fit our target transactions, our preferred customer demographics the number is more in the $8 to $15 billion range. I would estimate that this is a target of potentially 2 to 3 million consumers globally.
- The greatest threat to sales is simply this, that the status quo is perceived better/easier/reasonable cost vs. whatever we are bringing to the game. The systems, the platform, the partners need to do work. The shift from development to market growth and transactions is important.
- Sales for this business is simply a numbers game. There must be a constant flow of new leads, new accounts set up, new trades/ payment transactions. The better job we do with finding partners and bringing them on quickly and get them generating leads (more qualified the leads the better). Every obstacle to new clients not just setting up an account, but the more ready these new clients are to apply and be accepted is key (especially in the focus on more automated reviews etc. the right documents, data and account set up information is key). To hit the sales numbers the flow of leads, the conversion from lead to set up an account, and from account to transacting are going to be important to the end goal. Small things (like not sending in the correct image of the proof docs, etc.) are important to address, fix, make it easy to do the first time vs the 10th time.
- One key approach to developing the market and reaching those we want to sign up is via affiliate partners, those that all ready touching the target markets and end users we want. This is a way to work with targeted groups that have deep reach vs wide. Getting these partners to show, promote and work with the “Powered By” brand and program will gain traction faster than trying to do a large scale, consumer marketing play (and less costly).
- This is a starting list of target partners that we want to find ways to integrate what we offer into what they provide to readers, members and customers.
- These efforts are not listed on the calendar. It is important to build into key industry groups, where influence through education, awareness building and developing relationships is key. These partner groups have a way to reach their members and gateway into a larger consumer pools that lead to actual accounts and transactions. Each quarter two to four new niches within the we will focus on two such “thought leader” groups (beyond the general partners/ affiliates) in an effort to integrate our brand and business into their members lives. The goal was to share that, while we have a list of potential partners, some warrant a bit more drill down and effort beyond just doing a “referral/ finders fee” approach.
- Based on where some of the team is located, Washington DC, we need to take advantage of the target rich environment. Both foreign staff/ organizations, NGOs with foreign staffs and universities with both foreign students coming to the US and aggressive programs to send US students abroad.
- I believe that every business, industry and team can use a bit of the Disney spirit and thinking. Yes we are launching a program and it is about being profitable – never confuse that. Yet if we can find the unseen to spark a new energy, a way to set what we do apart from the cold and unemotional world of currency trading and global payments into something more that the two brands (Tempus and Moneycorp) that 1 + 1 = 1,000 than lets try and bring that to life. In 1992 when sitting in an office worrying about processing paper gift checks (at that point $20 million a year and the market development efforts I put in place took us to $120 million is less than 6 months and the paper was killing us) I thought “what if we got ride of the paper, what if we gave the consumer the ability to pick what they want and we freed them form all the controls. The prepaid card and the industry that followed went from $200 million to $1 billion in less than 12 months – the industry now represents over $500 billion in payments. In the first meeting with the executives of MasterCard, Nations Bank (now BofA) and Maritz “if you all can squint your eyes just a bit you will see a future of possibilities that his on an unimaginable scale. The market we are in today is so ready for something new. So we start slowly, we see that what we do is solid, works and is profitable – then quickly scale up. Be the team that drives the convergence that is underway between currency trading, international payments and access to the things people dream of.