Many different types of marketing plans exist depending on the strategy to be executed. The four main types of marketing plans are market penetration strategy, market development strategy, product development strategy, and diversification strategy. Big companies, like Visa, Inc., depending on all four marketing strategies to continue being competitive in the payment network industry.
When it comes to the product of Visa Token Service, the 4 types of marketing strategy apply. The market penetration strategy involves selling tokenization to financial institutions that already emit Visa cards, meaning they already have processing business with Visa for debit or credit portfolios.
As part of the market development strategy, Visa Token Service is being expanded to new markets, such as merchants, acquirers, and technology service providers. These are players that are not financial institutions but that can help in the overall goal of growing tokenized transactions in the payment ecosystem.
As for product development strategy, new Visa Token Service value-added services are being developed and piloted within existing markets. Two examples are payments with QR and eCommerce guest checkout experiences. Both of these involve tokenization for security, reliability, and scalability. More products are being designed to improve the user experience when it comes to digital payments.
Lastly, the Visa Token Service diversification strategy includes piloting these new services and products, in new markets with the goal of creating new payment methods. One example of this is partnering with automobile manufacturers to integrate payment capabilities embedded in the car computer system, allowing users to pay for gas or parking right there from their cars.