Kwikpay

Market

Target market

Kwipay is initially targeting its app towards the following 2 customer segments:

1) Generation Y ( 18-24 ) .
2) Parents ( with pre-teen / teen children) .

Gen Y 18 –24:

This segment is extremely comfortable with technology and apps, they also constitute the largest segment of online / app shoppers. A third of the prepaid mobile users in UK are in this segment with upwards of 95% of them owning smartphones.

Our research on this segment highlights:
• Only 6% of users use their providers website for top up.
• A vast majority of these consumers still resort to offline retail for their top up.
• 24% use cash machines, text messages or phone to top-up.
• 67% of the respondents would prefer to use a website or mobile app if all of the above services were available in one place.
• 73% of the 18-24 are active gamers on a device
• 8 + million adults are users of gaming consoles like Xbox, PSP, Nintendo.

Parents (with pre-teen / teen children).

Of the 8 million children between the ages of 5-15 years old, almost 1.83m have mobile phones on a pre-paid tariff and a good 4+ million of these children are users of console games of some kind. A research conducted by Kwikpay on parents of teenagers has indicated the following:
• 79% found managing top up of multiple services for their children a problem.
• 76% of the parents also responded that a top up platform with mobile and digital gaming services top up would be a very useful offer and they would definitely be users of such a service.

Characteristics of target market

Prepaid mobile constitutes more than 36% of the total mobile telephony in UK. We estimate the market to be valued upwards of £2 billion per annum. Within this GenY, students, teens & preteens and immigrants being the main users.

Digital entertainment with companies like Spotify, Deezer, Kobo and console gaming are already multi billion pound markets and increasingly more products are being launched in the digital services most of which are aimed towards GenY and teens.

GenY are heavily reliant on technology to the point of stubbornness to use mobile devices to specifically do everything. This extreme impatience and need to solve problems here and now is the need that is fulfilled by Kwikpay and will be exploited by us in reaching out to this target segment.

Parents of teens and pre-teens are already reliant on technology for making payments for their children for dinner money and other school needs. Kwikpay will explore opportunities of piggy backing on some of these networks to exploit this target segment.

Marketing strategy

Kwikpay will use multiple acquisition channels to drive user growth. This will be done together with mobile marketing across major online and social media platforms.

Our story is about simplicity and ubiquity, any mobile, any operator anytime in 3 easy steps.

Our strategy is to have clear and benefit driven campaigns that demonstrate value to our target users. We will further refine our campaign as we evolve our marketing messages and drive user adoption.

Kwikpay has already generated upwards of 5,500 users which has given us a profile to use on major social media networks like Facebook and go after the ‘like user’ to drive initial acquisition in a cost effective way. This profile will also help Kwikpay drive user acquisition through a targeted PPC programme across other major social media networks.

Advertising Leaflet ‘drops’ in key segment locations supported by promotional offers - this would include high traction locations with key target customers like college campuses and student towns.

In our early testing we feel that we proved that word of mouth marketing can play a significant role in the adoption of the Kwikpay service. We plan to exploit this and will look to communities where early adopters will spread the word ie, university campuses and parental communities. We will identify early adopters within these communities and use incentive driven campaigns to promote word of mouth referrals. Kwikpay is also integrating with a third party to provide promotional vouchers for a host of high street / restaurants and entertainment services vouchers which kwikpay will bundle along with each top up to provide additional benefit to the customers to drive user acquisition.

Competition strategy

Kwikpay's core offering is of ease, convenience and on the go. Kwikpay offers this across multiple service providers and multiple services.

The current competition for the kwikpay multifaceted platforms are the e-platforms operated by individual service providers for their services.

We believe that Kwikpay does not have direct competition that offers to its customers a convenience of top up of multiple services for multiple operators from a single app. This unique proposition will be exploited by Kwikpay in pitching its service offering to the two target segments that kwikpay will go after. Kwikpay has the opportunity of cross promoting multiple services to its target customers and will exploit this proposition in differentiating itself from the operators own offerings.