Target marketing, as defined by Wikipedia, is the group of customers that the business has decided to aim its marketing efforts to and ultimately sale merchandise. Effectively targeting the correct market for a company’s upcoming or current product generally will not only help increase sales, but will increase the number of potential customers communicating with each other about the product. Creating the correct target market takes resources from most departments, but how does a company choose which market is best for their product line and how to effectively drive the marketplace?
Recently, I have been involved in research around ProPay’s Social M-Payments platform ProPayLink (recently known as Zumogo). The company needed to define its target market for the new, upcoming product. What were the components we needed to search out? ProPayLink is an application for Smartphone users; therefore we needed to research who used Smartphones, the average income for Smartphone users, what type of Smartphones these consumers used, etc. Compiling this information helped in the decision factor for the target market and therefore we were able to create the marketing strategy for ProPayLink.
Once the target market has been decided, the next step is to effectively drive it to the marketplace. I have become a big fan of a few select initiatives to take the product to consumers; let me share them with you:
Create a social atmosphere. Social media has become integral in the buzz about any new product offering. Create multiple channels of social media (Facebook, Twitter, LinkedIn, Google+, Blogger); update regularly and respond to any questions/concerns in a timely fashion. “By monitoring online conversations about your brand, industry, product or related services, you can strengthen product development, customer service and a variety of other core business functions,” (Defining Social Media Engagement, Mashable.com).
Beta launches work wonders. Your product was made for success; place the product out in the field and test how the marketplace takes to it. This is the best environment to create positive feedback to take back to developers, marketers, product development, etc. and change/update what consumers are looking for.
Continually update. A product is never finished. It needs to be continually updated and refreshed to keep your target market interested.
Creating the most effective target market for your business’s products can and will be time consuming, but eventually bring consumers to the table. ProPay continually enhances its products for our merchants and offers them a variety of devices to allow their customers to pay.
ProPay has published a whitepaper titled Zumogo- The Rise of Social M-Payments. The whitepaper discusses the aspects of secure, social mobile payments and provides an overview of the Social M-Payments concept and the Zumogo Platform. To read the whitepaper please use this link.
Lehi, Utah – April xx, 2011 – ProPay (www.propay.com), an industry leader in Merchant Services, End-to-End Payment Security, credit card processing, and electronic payment services is pleased to announce ProPay’s Zumogo has been named a finalist at the Stoel Rives Utah Innovation Awards™. The annual Utah Innovation Awards are presented by Stoel Rives LLP and the Utah Technology Council. The program recognizes significant innovations and the Utah companies that created them. Winners of the Innovation Awards will be announced at a luncheon on May 3, 2011.
Zumogo (pronounced “Zoo-MOE-Go”) is a social mobile payment platform that enables a new connection between merchants and consumers. Using bi-directional communication and geo-location, Zumogo enables commerce through social technology. “Zumogo marries the best of secure mobile payment platforms and social media, enabling communication and payment between the consumer and the merchant,” stated Chris Mark, Executive Vice President of Emerging Markets at ProPay. “The ability to communicate with a merchant before you are in the store is priceless. Zumogo allows this social functionality to occur and ProPay is excited to lead the market.”
Zumogo is a new mobile payment technology allowing Smartphones to be used, not only as a payment device, but also as a social technology allowing merchants and consumers to communicate with each other in real-time. Additionally, the social m-payment platform allows the consumer to find merchants, contact them for information, and make payment all from the same device. Zumogo eliminates sensitive information from the transaction process, meaning no payment data is passed through the merchant’s system or stored on the consumer’s smartphone.
“ProPay is proud to have been named a finalist in the Utah Innovation Awards,” said Gary Goodrich, ProPay’s Chief Executive Officer. “Our company takes pride in offering products and services that help companies keep pace with technological trends in the market place. Our selection as a finalist for the Awards is a valuable recognition of our efforts and we are excited to bring Zumogo to the market.”
The ever increasing Android Market, created by Google, recently announced it has removed multiple applications due to security concerns. So what’s happening? In an article by Jolie O’Dell of Mashable, she writes, “According to the company, the apps are malware aimed at getting root access to the user’s device, gathering a wide range of available data, and downloading more code to it without the user’s knowledge.”
The 21 apps which have been removed have been popular downloads. A rough estimate has been put at 50,000 downloads in total throughout Android users. O’Dell also states in her article, “…it might be best to take your device to your carrier and exchange it for a new one…”
Being an Android user myself, this is very concerning. Although my Samsung Vibrant Smartphone is not full of dozens of apps, I take precaution in what apps I do download. Several simple questions come to my mind before downloading that I think most users should consider. Let me share them with you.
Does the application give a sound description? This shows developers have allotted time for development, allowing the consumer to know exactly what the application offers, and an actual structure to make sure the app works properly.
Downloads/Ratings/Reviews? Ratings always make me feel more secure in my decision. How many positive ratings versus negative feedback? In the Smartphone world, the audience tends to be generally more technically savvy, so users take time in providing valuable feedback on their apps. Please read the ratings and downloads before deciding to place the app to your device.
Developer Info? Does the app give contact information? This shows developers would like to know your feedback, what can be improved, and concerns about the design and flow.
ProPay recently launched Zumogo, a social m-payment application available through the iPhone and the Android Market. The application allows both merchants and customers to interact with each other via bi-directional communication and also to pay through your Smartphone. All the customer needs to do is upload their credit or debit card to the application. What differentiates this application to other mobile payment applications is the card information is NOT stored to the consumers device; instead the information is encrypted leveraging ProtectPay®, ProPay’s end-to-end encryption and tokenization process for secure payments. In the event your device is misplaced or stolen, your sensitive information cannot be accessed from the device or application.
The marketplace knows the Google Android Market is an open environment, but be cautious of which applications to download. The primary concern is your security. Data thieves will take as much information they can; protect yourself. Remember to read the description and the reviews before you download any app.