Market & Segmentation Strategy
Segmentation
We plan to segment by geography and demographic. Our focus will start with local and regional banks in highly populated areas on the East Coast from DC to New York City. In these areas we will target banks that are located in and near underserved communities and universities such as Temple University, West Chester University, and Wilmington University. The population that our service will mostly benefit will be in these areas.
Marketing Strategy
B2B:
We plan to market CreditVisible, our new financial wellness assessment model, to local and regional banks in and around university areas. Smaller banks are more likely to use our service versus a large bank. We plan to survey students in and around the college areas to gain insight about their desires to go with a local bank who would use our credit scoring model versus signing up with the large corporate banks. We will then use this collected data to show the local banks that the customers do exist and are interested in our company.
Marketing and sales materials like infographics, business use cases and customer personas can be used in in-person sales pitches. Additional efforts can include paid advertising or email marketing to our businesses prospects.
Another selling point to banks is that: Gen Z is worth approximately $140 billion which will be the largest spending demographic. Building trust with the customer at the age where they are just starting their financial journey will bring lifelong customer loyalty and relationships. Being able to open credit to a wider population will also help smaller banks bring in more customers and more diverse customers. Adding customers from new, local demographics will grow the surrounding community and create a prosperous customer base.
CreditVisible will also be very transparent about how data is collected and how it is being used. Consumers today are very concerned about the personal data they are providing to corporations and whose hands it could end up in. The data collected will be accessed and stored securely.
B2C:
The oldest of Generation Z is starting college and becoming financially responsible for the first time, which makes them a prime marketing target at the college level. We plan to focus our marketing strategies on targeting them and build long-lasting relationships that will create loyalty as well.
Generation Z is the most digital savvy generation as the majority of them grew up with computers, smartphones and the internet. They also are more likely to research and verify companies via social media and online reviews prior to making any purchasing decisions. CreditVisible will try to make a strong digital appearance across multiple channels including Instagram, TikTok, Facebook and will try to advertise on live streaming services as well.
Social Media Platforms: We will incorporate financial literacy into our posts to engage our customers by teaching how to make smart choices about their finances, how to successfully use our product, and help set them up for success in the future. 80% of Gen Z users are concerned about money and engaging with our customers to teach them about finances and how to build credit, will build valuable relationships.
Community Initiatives: Even though Gen Z primarily uses apps, they still enjoy face-to-face initiatives. We will market CreditVisible by holding financial workshops at the high school and college level in the regions where we are targeting our customers. This way we can position the banks we are selling to as community leaders.
Overall with our social media marketing and community outreach, our goal is building trust. During the pandemic, Gen Z saw companies break promises and parents accumulate debt. Because of this, they tend to not trust big corporations unless there is a high level of transparency. Once you build trust with Gen Z, they are very loyal. The key to marketing to Gen Z is to try to create value-driven programs, products, and services that will help them without attempting to make a sale.