Payro Finance is an upstart, rapidly-growing payroll loan provider. Unlike other lending options, Payro loans are only meant to cover payroll and aren't to be used for other business obligations.

Here were their challenges:

• First and foremost, the idea of loans specifically designed for payroll, and payroll only, was very novel to most business owners. Is it a cash advance? Traditional loan? How does it work?
• In addition, Payro Finance was launching its brand-new app/software, aimed at directly integrating within a payroll/HCM provider’s suite of services.The app put Payro’s service in front of thousands more customers, as well as simplifies the funding process. With the Payro integration, business owners can receive funding essentially with the click of a button.
• Until now, Payro Finance has been positioned as an alternative lender. Cost-effective and quick, sure, but still within the overall sphere of lending. With the introduction of its app, Payro was pivoting more towards a tech-driven model.

Challenges summarized:

1. How do we succinctly explain: a) What Payro's offering is b) Why must business owners switch to/utilize it?

2. How do we position Payro? As a lender? Fintech brand?

Target Market:- Individual business owners- Payroll Providers

Solution:

Here's the general strategy.

1. Removed "finance" from the name

2. Stopped focusing on features, and focused on stakes

3. Dumbed down the idea and the messaging surrounding it

Here's the strategy in practice

Contact

Email: [email protected]