Forbes just announced that famous coffee-chain Starbucks has just made a hefty investment in mobile payment service company Square. Asides from the prediction that mobile will eventually bring to question the very purpose of paper and coin currency, you can also see it as another sign that mobile is becoming another market that’s growing with potential B2B software leads. Just look at the figures being mentioned:
“Mobile payments service provider, Square, got a $25 million investment from Starbucks (SBUX) — valuing the start-up at $3.25 billion— that could mark the beginning of the end of cash. Meanwhile, this deal could boost Starbucks’ profits and puts Square’s competitors on notice.”
But like every other B2B software market, generating qualified software leads can sometimes be troublesome. In the case of relatively new markets like mobile payment, targets might be hard to define. If the report is any indication on the other hand, a few possible business groups could be:
As pointed out by the article, small businesses make good targets for this type of mobile business technology:
“That’s because it launched by selling to the 66% of 27 million small U.S. businesses that don’t accept credit or debit cards to avoid expensive payment processing fees, an annoying application process and required credit checks.”
Small businesses however can be very elusive for different types of marketing approaches. Typical B2B tools like telemarketing and email could backfire but that doesn’t mean you shouldn’t have a call center ready to take in customer support calls. What small businesses lack in size and budget, they can make up for in numbers. Don’t let poor customer service generate bad referrals and a lack of desirability among them.
You can also target mainstream retailers who generally take credit cards. The lower costs isn’t a benefit that’s limited to simply small businesses. If you can find a way to impress and assure larger companies, that gives you another potential market to target. Even better, it gives you more wiggle room for telemarketing attempts if they’re done right. Get the name of the proper decision maker and do some prior research to confirm their interest in mobile payment. If they agree to an appointment, make sure that their information is recorded accurately on your database so your sales representative won’t have trouble preparing.
If Square aimed for Starbucks, why shouldn’t you try aiming for similar chains? Just like retailers, it’s simply a matter of knowing your targets individually as much as you know them as an entire market. Keep in mind though that it’s also important to know about how these chains approach their own customers. Will offering mobile payments improve their own marketing strategy? Will it improve customer relations? Different companies have varying approaches to their customer so you need to show how a mobile payment service fits into that approach.
To summarize, a new market can still require the same old marketing techniques. Know the desires and needs of your targets, familiarize with them individually as much as a whole group, and try to relate your product to their business needs prior to appointment setting.