Introduction
Triple play limited is a communication company that specializes in providing voice communication and data communication services. Due to the emergence and advancement of technology, it has become a mandatory for any company to embrace technology so as to match the evolving industry needs.
A recent market research done by Triple play limited in readiness to introduce its mobile banking service indicated that there is a huge chance of success. It is from this market research that the company launches the new product called ‘Easy pay’.
This product has been designed to suit the majority of the unbanked communities more so in rural areas where banks have not penetrated. The company seeks to reach 2 million clients in the next two years with a possibility of gaining a comparative advantage against potential competitors due to the fact that it is has the first mover advantage.
The company has adopted customer driven marketing strategy to sell this product to more so to the rural population who do not have an access to a bank yet need to do transactions like any other population in the urban setting. A customer driven marketing strategy is a marketing strategy that is focused towards a specific group of consumers. This particular group of consumers is referred to as a niche.
Marketing strategy
An understanding of the rural setting is crucial in formulating the marketing strategy for Easy pay mobile banking service. The first step is to develop customer loyalty. This will go a long way in trying to penetrate the new market. Customer loyalty is a crucial aspect of customer driven marketing strategy since it help in retaining the customers as well as obtaining referrals from satisfied and loyal customers.
The second step in marketing Easy-pay mobile transfer service is to do formulate the right promotional strategy for the niche. The promotional method to be used is the Top-down communication strategy that will entail the use of offers and promotional materials such as road shows. This is an advertisement method that is common and effective when trying to push products into a rural population that has less access to the internet and has low media reach.
once this has been achieved, the consumers will be required to have the Subscriber Information Module (SIM) cards registered and activated to enable them send and/ or receive money from other subscribers within the triple play voice communication network. The strategy will incorporate three major stages; Introduction, promotion, and adoption.
Once this process has been completed, a continuum of marketing activities that range from media advertisements, road shows and lottery competitions will follow I order to popularize the product among the rural people.
Conclusion and positioning statement
This product is aimed at the individual who possess a mobile phone and are subscribers with triple play communication limited. Easy pay is aimed at introducing banking service to a new group of unbanked people. This will provide them with a reliable method of keeping their money safe and secure. It will also introduce a system where they can transfer money to other individuals at real time.
This will bring about convenience and bridge the gap between the banked and the unbanked communities. The company will also seek strategic parterships with several retail banks to allow people who have bank accounts to send money to the ones that have Easy-pay mobile service.
The positioning statement for Easy pay mobile transfer service is ” For all of you who need a fast, reliable, convenient, and a safe way of keeping and transferring funds, Easy-pay offers the right solution for you. With an unprecedented entry into the market, a customer can rest assured that we offer more than just a service; we change lives of many.