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Jared Mayer & Jeremy WassonNovember 15, 2019MCOM 2320?Advertising Writing Assignment: VenmoAdvertising GoalTo gain attraction towards Venmo as a top credit, debit card and money transfer company from younger consumers.Client: Key Facts1. ? ? Venmo was founded in 2009 by Andrew Kortina and Iqram Magdon-Ismail.2. ? ? In 2012, the company was acquired by Braintree for $26.2 million.3. ? ? In 2013, PayPal acquired Venmo for $800 million.4. ? ? Venmo was given 4.5 out of 5 stars by 5. ? ? Venmo has around 40 million users.6. ? ? Total payments for Venmo grew 73% year over year to $21 billion in the first quarter, PayPal says. (cnbc)Product: Key FeaturesWhat is the product?1. ? ? Venmo is an app that allows you to pay and pay back friends as well as request money.2. ? ? You can track payments and requests within the app as well as connect your Facebook friends and contacts in your phone to easily pay friends back quickly and with ease.?3. ? ? Signing up for the Venmo card uses your venmo balance and puts it onto a card without monthly or minimum fees.?What is the purpose of the product?1. ? ? To create a simple and easy way to transfer money to businesses and friends, as well as request money from friends for rent, utilities, food and drinks.2. ? ? “As user growth continues to accelerate, merchants are increasingly turning to Venmo as a way to attract a valuable and engaged consumer base.”- Via CNBCWhat is the product made of?1. ? ? The Venmo app is available in the App Store for iPhone and Google Play for Android.2. ? ? The Venmo Card is available on the app and comes to the consumer in a various options of colors and is treated like a normal debit or credit card.3. ? ? Venmo is owned by PayPal and was founded in 2009.4. ? ? There are around 40 million users on the app with 277 million customer accounts and 22 million merchant and business accounts.Target Audience: Demographics and PsychographicsThe target audience for this advertisement is men and women ages 18-31, commonly known as millennials, that need to pay their friends back for small purchases after a night out or for big payments such as rent or utilities. People within this age range are most likely in college. The average age of the target audience is around 22-23 years old. The transactions range from less than $5 too as much as hundreds depending on the reasoning for the payment. The average income for this group is around $35,000 a year.?This psychographic is more likely to go out with friends and have one friend pick up the drinks to make that process simpler while at the bar, and then have no easy way to pay them back for the drinks. Not many people carry cash around anymore, its especially rare to have the exact amount of cash needed to fully reimburse a friend. The ability to simply split purchases using Venmo can avoid awkward IOU’s from friends or people you may not know as well.Product Benefits1. ? ? The ability to quickly and easily request money and pay money back for things such as rent, utilities, food and other purchases made by a friend that the consumer would need to repay.2. ? ? This saves time and reduces the hassle of having to ask your friend to get the right amount of cash to pay you back.3. ? ? These clients often find themselves needing a simple quick way to pay back a friend after a night out or for dinner on the weekend.?4. ? ? They can then simply use the money they’ve been paid back on their Venmo Card, avoiding bank transfer fees.Direct Competitors and Brand ImagesDirect competitors are secondary apps linked to your bank account.1.? ? Apple Pay?o? Apple Pay is a payment system used for making purchases in stores with a fingertip reader on iPhones. This app only works on iOS products. Similar to venom Apple Pay has established a useable secondary card.o? Target audience is wary of buying the product due to lack of knowledge on the product and lack of advertisement.?o? The target audience believes that this is a major innovation to Apple Pay but is limited to only Apple product users.2.? ? Cash App?o? Cash App is similar to Venmo as it allows you to send and receive money to others in a matter of seconds. Unlike Venmo, Cash app allows you to send and receive money with more anonymity.?o? Target audience is aware of the Cash app but are delayed downloading the app due to the high percentage of 2.75 percent per transaction fee.?o? Target audience believes that this is a good way to share money with others. However, they don’t understand why the app doesn’t waive the fee like Venmo does with their 3 percent fee.?3.? ? Google Payo? Google Pay is one of the cheapest secondary bank apps there is. There are no fees to use debit cards or make bank transfers, though you will have to pay a 2.9 percent fee for credit cards, which is not later waived.?o? Target audience realizes this is a very similar version of Apple Pay but for Android users.?o? Target audience can only use this app if they are android users.??Indirect Competitors and Brand Image?1.? ? Banking Appo? Target audience believes that this would be helpful when trying to see how much money they actually have available before they send or receive money.o? Target audience believes these still lack the ability to send or receive money.2.? ? Money Saving appso? There are many apps that are made to keep you from spending money.o? Target Audience believes that this is not a good way to save money and is just extra storage taken up on the phone.??Product Brand Image?· ? ? Current brand image: The target audience believes that Venmo is a fun and easy way to share money with friends and family but want to be able to use the money instantly.?· ? ? Desired brand image: Venmo is a stress-free way of sending or receiving money that can be used instantly.?· ? ? Brand image challenge: Our new Venmo card has little to no advertisement besides on the actual Venmo app. Which also has little to no advertising after its initial release.??Strategic Message: The PromiseThe Venmo updates will allow satisfy the desire to share money without the layover of a few days to be able to use that money and without any transaction fee for everybody with a banking card.??Supporting Evidence: The Proof1.? ? Venmo is available to anyone with a banking card no matter if they have an Apple or Android device.2.? ? Venmo founder Andrew Kortina has developed the new and improved Venmo card.3.? ? The Venmo card allows you to spend money from your Venmo balance instantly.?4.? ? The Venmo card allows the user to add money to their Venmo account.5.? ? Product testing has shown no signs of delay with transfer into the Venmo account, and further testing shows the card works with all MasterCard stores.? ................
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