Designing bespoke SME payment propositions
Client: Elavon Europe
THE CHALLENGE
Elavon is known in the payment industry for solutions to large corporate businesses, but wanted growth with smaller businesses. We were asked to support Elavon in developing a number of differentiated payment propositions that would appeal to small and medium businesses in Poland, the Nordics, Ireland and the UK.
OUR APPROACH
01
We analyzed European SME and payment data from the Eurostat database and identified key industries that were expanding online and seeing the largest card spend increases in our target countries.
02
We facilitated co-creation sessions with SME owners in 5 countries to understand the challenges their businesses face and identify concepts and features that would help their businesses grow.
03
Using the take-outs from the co-creation sessions, we designed a range of new propositions, outlining the features that crossed all industries and ensuring product market fit.
04
We supported Elavon to generate launch recommendations and pitch documents for their executive team.
THE OUTCOME
In 2020, Elavon launched the SME proposition. They offered bundled tiered pricing, with unique industry focused features. The propositions have enabled Elavon to drive growth with SME businesses across Europe. In 2021, we were asked to support the evolution of the propositions.