Paybase Marketing Strategy

BACKGROUND

Paybase was a new payments business specialising in flexible payment solutions built upon an eMoney infrastructure. Originally a B2C payments app, they had pivoted in direction and were now an entirely B2B service offering a completely different product.

Providing end-to-end eMoney services to marketplaces, gig/sharing economy platforms, FinTechs and blockchain businesses, Paybase wanted to announce itself to the payments industry.

THE CHALLENGE

The B2B payments space is by no means an easy one to enter. The market is dominated by several large players and there is a high level of difficulty in encouraging any business to switch their payment provider. If you are a currently operational business, you don’t want to create any risk that you might not get paid – even if the alternative provider has a better offering.

Therefore this wasn’t just a case of showing potential clients that Paybase had a good offering, or even a better offering than their competitors. It had to be considerably better. Enough to make them take a chance on a new provider which had no track record.

Thankfully for us, the Paybase product was solid, so we knew we wouldn’t be fighting a losing battle. However, to build a fully trustworthy brand from scratch, as more and more payment services were entering the market, we knew we’d have to build a robust marketing strategy.

THE WORK

Before going live with a new marketing strategy there were certain things that needed to be addressed – primarily the website. Payments processing is something that all businesses rely on, but that doesn’t mean founders are knowledgeable about or even interested in what type of system they need, what their compliance requirements are or how much they should be paying.

We needed to brand Paybase in a way that was trustworthy, yet accessible. We overhauled the website, cutting out jargon and using a design language which could explain complicated concepts in an interesting and interactive way.

Whilst the website was being built we focused on providing full inbound marketing services, including brand awareness, lead generation, lead nurturing and conversion rate optimisation (CRO). Beginning with brand awareness, we revamped Paybase’s social media presence and started hosting events, allowing Paybase to build their profile in the payments space and regularly pitch their offering to a real-life audience.

In tandem we ran Google Ads for lead generation. We ran numerous campaigns including search ads, display ads and retargeting ads, learning from each campaign and making optimisations accordingly. With the leads generated through these ads and event promotion, we began using automated email marketing to nurture and educate their audience, sending them all sorts of different material including eBooks, eGuides and animated video explainers through automated email chains.

This approach allowed us to both nurture and score leads, enabling the sales team to identify who to target more effectively.

THE RESULTS

We worked with Paybase on a continuous basis for over 2 years as they were happy with the long-term strategy we had developed and how it was being implemented. Our approach saw the average cost per lead fall below £20, and considering Paybase could receive thousands per month from new clients, this was hugely cost-effective.

The Paybase website won the Good Web Guide FinTech Website of the Year Award in 2017 and Paybase was included in the FinTech Power 50 in 2018. We had succeeded in building a brand which was seen not only as trustworthy, but exciting, innovative and groundbreaking.