Project - Sumify
Sumify, a fintech start-up and digital-only bank, was preparing to launch its premium product offering, Sumify Xtra, to drive customer acquisition and position itself as a leader in the competitive neobanking market. By launching its premium product, the company aimed to attract 80,000 new customers within three months.
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To achieve this ambitious goal, I designed a B2C marketing strategy focusing on all stages of the customer journey, leveraging targeted digital channels, partnerships, and data-driven approaches to position Sumify Xtra as the primary banking solution for high-earning millennials.
​My responsibilities in the project:
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conducted industry research, including SWOT and PESTLE analyses, and performed competitor analysis to identify opportunities for differentiation;
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researched and segmented the target audience using k-means analysis to identify high-potential customer groups;
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designed a detailed customer journey, visualising brand touchpoints for awareness, acquisition, and conversion stages;
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performed SEO research to optimise organic reach and improve content relevance for the product launch;
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audited marketing channels and past campaign performance to identify strengths and areas for improvement;
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developed tailored marketing tactics for each channel, focusing on achieving set objectives such as user acquisition, engagement, and conversions.
Go-to-market strategy for product launch
​The Challenge: Sumify faced key challenges in launching its premium account, Sumify Xtra. Without physical branches or an established reputation, building trust with new customers was difficult. Differentiation posed another hurdle, as other market players offered similar features. Lastly, acquiring and retaining customers required compelling strategies to overcome switching hesitations. User acquisition was the main KPI for the launch, with a target of 80,000 new B2C accounts in three months. Building blocks of the promary goal included improving organic and paid campaign performance and addressing mobile-first user experience issues, such as enabling seamless mobile sign-ups.
Our Solution: To craft an effective strategy, it was crucial to identify the ideal audience and position the new product accordingly. Sumify Xtra stands out due to its no-fee multi-currency support, comprehensive integration of all financial accounts, and a broader range of travel and security benefits in the UK and abroad, all at a competitive price point. A k-means analysis revealed that high-earning millennials aged 28-38 represented the highest potential segment. Their frequent travel habits and tech-savviness made them more likely to adopt Sumify Xtra with ease.
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Audience segmentation enabled the creation of a detailed user journey, forming the foundation for a multi-stage marketing campaign targeting each touchpoint across the awareness, acquisition, and conversion stages.
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Key initiatives included enhancing the mobile user experience and implementing a referral program offering rewards for new account sign-ups. Digital tactics prioritised paid and organic social media campaigns on Instagram, Facebook, and YouTube to maximise reach and engagement.
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To meet ambitious user acquisition targets, I proposed innovative solutions such as a strategic partnership with British Airways to access relevant audiences and sponsorships on podcasts and YouTube channels aligned with target interests.
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Data-driven strategies, including PPC optimisation, retargeting, and SEO enhancements, ensured efficient use of marketing channels and campaign effectiveness.
Client's Result: This project was a part of the Digital Marketing & Analytics Career Accelerator and demonstrated an ability to create data-driven product launch strategies. While the results were theoretical, the project highlighted skills such as data analysis, customer persona and journey development, product marketing, and strategic campaign design, providing a robust framework for implementing similar strategies in real-world scenarios.
The project also emphasised compliance with data privacy regulations critical in fintech, showcasing the ability to navigate industry-specific challenges effectively.
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Read the detailed digital marketing strategy created for Sumify in the report here.