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

 Situation Analysis

Since 1984, Fiserv has been one of the leading powers within the financial services industry. In fact, Fiserv processes 70 percent of all billing payments made at U.S. financial 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 find a bank account, users of Popmoney can transfer money from their bank account to another bank account for a flat 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.

 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 feature among consumers. - Present the benefits 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 efficient 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 profiles. - 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 fluctuation 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 first 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 difficult 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. Benefits. 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 benefits 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 benefit 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 often 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) _____________________

 Appendix
Q3 Popmoney is a person-to-person payments service (P2P). The service enables individuals to send and receive payments electronically in a manner that is designed to displace traditional check payments. The 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 find 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. B. C. D. E. F. Buy something else for them of equal value at a later date. Write them an IOU Write them a check Transfer money to their bank account Wait until you have access to an ATM machine Other (please specify) ________________________________

Q7 Do your parents ever send you money while you are at school? A. Yes B. No Q7A How often 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 efficient 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 indifferent 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