"Strategy" is a very wide topic. At its heart is answering some key questions as to what markets (geographic, product, functional) one wishes to be in; how one intends to compete in those markets; how one wishes to execute against those priorities; what constraints exist – for example regulation; the required capability for success; and the business case for the proposed investment.
Developing a new strategy implies considering making a change from the status quo; this could be as a result of a new opportunity opened up by an external change (for example a regulatory change such as SEPA, or the introduction of a new technology such as smartphone apps), or in response to changing customer expectations or competitive activity.
All of this implies having a strong understanding of both the external market environment and of the capabilities of the business and how they are changing (or need to change).
How can Accourt help?
Accourt has been engaged by clients on many different strategic projects. Such clients have included businesses considering entering the payments market for the first time; existing payments providers wanting to expand; and well-established incumbents looking to protect and grow their market share in the face of strong competition and rapidly changing market contexts.
Key areas of expertise along with example projects are set out below.
Market, Customer & Competitor Insight
Accourt's market knowledge, experience and independence means it is well-placed to gather, interpret and contextualise market data, thereby providing meaningful insights for its clients.
Examples
- For a global payments provider – set out key trends in worldwide internet and mobile phone innovation and usage, and their implications for that client.
- For a globally-recognised, US-based e-commerce brand – researched the worldwide prepaid card issuance market. Set out key trends, implications and opportunities for the client.
- For a top tier International Payment Scheme – conducted research amongst its largest acquiring bank customers to obtain feedback, insights and perspectives on the scheme's performance; and identified opportunities for improvement.
- For a European ACH provider – undertook a comparison study on the messaging formats/standards used in card payments and ACH payments, and forecast the possibility of their convergence.
- For a top tier International Payment Scheme – identified and provided insights into the global competitive fraud and risk management landscape.
- For a North American-based micropayment provider entering the European payments market – helped them develop their market entry strategy and proposition, validated their proposition through conducting primary consumer research in the relevant countries, and introduced them to key distribution partners.
Strategy Development
A key part of the process for creating a successful strategy is developing distinctive business concepts, founded on insights into the business and its market(s). Accourt has a well-proven workshop-driven approach to this, enabling the expertise of stakeholders across a business to share their ideas and perspectives. Accourt complements a client's own staff through leveraging its consultants' breadth of experience and market knowledge. This approach enables clients to rapidly focus on key opportunities.
Example
- For a US-based solution provider looking to enter the payments market for the first time – helped them understand better payments value chains and relevant key issues faced by participants in those value chains. Through overlaying their own current and planned capabilities we together identified the key potential opportunities for that client. Finally, we helped the client to articulate their market entry approach including value proposition and target audience.
Business Case Creation and Agreement
A fundamental part of making a meaningful change is the client's ability to reconcile the cost/value/benefit equation. This is especially important where there are multiple stakeholders or where the required investment in time and/or cost is substantial. Accourt is extremely adept at supporting clients in this area. We have a proud history of always maintaining a pragmatic and realistic view of our clients' businesses, enabling us to balance clients' requirements against the feasibility of all available options.
Example