Fiserv: Electronic Billing and Payment Company Case Study

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Our recommended strategy is to target Maximizers because, we think they would bring us the highest value for the money we would spend on advertising and that advertising tailored to the Maximizer segment would produce a halo effect that would also flow into other high-converting segments of the market, most particularly the E-Savvy Planners, as they are already more than likely to convert to e-billing with minimal encouragement. As soon as they are made aware of the option, regardless of how the message is presented, they are likely to adopt.

Customer Value Analysis

Benefits

Costs

Easily manageable across different software’s used to manage finances

Not detail enough compared to paper bills

Monthly email reminders to pay of the credit cards

Reminder to pay the bills

Fast and Efficient way to manage bills

Print bills for backup or to have them in a filing Cabinet

Safe and Secure way to manage bills

New Technology

Less time on phone with customer service

Zero Cost

Above table portrays the benefits and costs for consumers to convert from paper billing to e-billing. The highlighted benefits in the table are of high importance to the Maximizers.

A few ideas we have to target to Maximizers are the value add that e-billing provides, demonstrating to them the comprehensive advantages of e-billing in relation to their current, paper-billing process. Since they see finance as a game to win, our intention is to portray e-billing as evolution in the process of staying ahead of the competition, and that those who choose not to adapt are those essentially choosing second place.

Another way we would like to target them is to show them how using e-billing can integrate all their finances into one place so that they can manage multiple credit cards, bank account and investment accounts on their personal finance software at home. Why spend the time transposing data from papers to digital formats when the biller is willing to do it for free? By choosing e-billing, they’ll be transforming a good financial system into a great financial system.

We also feel that this clutter-free angle will appeal to other segments identified by Fiserv in its research, the Self-Improvers and Convenience Seekers. In their comments, both expressed their enthusiasm for a bill management process free of paper. Maximizers will convert for the process innovation, but Self-Improvers and Convenience Seekers will be a strong halo interested in minimizing the monthly paper mess.

Fiserv should target the Maximizers through a message that identifies with what they value the most, being able to easily move information between different programs they use to manage their finances – “E-Billing, easy to manage your finances”

A final approach—the cherry atop our sundae—will cast these Maximizers as newly minted financial masters thanks to the new e-billing element of their financial management. Once they start utilizing Fiserv’s e-billing services, they will soon become the envy of all of their friends who are still using paper billing statements.