In the payment industry, one of the outcomes of an effective, well carry out marketing plan execution is an increase in market share. When talking about the Visa Ready program, the execution should result in an increase in tokenized transactions in Latin American countries. This is achieved by measuring the performance of two main factors:
- Visa Ready program exposure in the region
- Client engagement in Visa digital solutions
A good marketing plan execution for Visa Ready should increase its exposure in Latin America. This means more sign-ups from solution providers resulting in more certified digital payment solutions. One way to do this is by engaging with technology partners in specific countries with goals in mind. Local partners would be more knowledgeable candidates about the country’s specific nuances and regulations of the market. Also, one added benefit of having more certified partners is more competition in the payment ecosystem which brings down implementation and service costs to issuers who need help with their technology infrastructure to support new digital ways to pay and/or transfer money.
Lastly, the marketing plan should increase client engagement with Visa digital payment and services if it is well executed. More issuers should be supporting new ways to pay, such as digital wallets, scan-to-pay functionalities with QR solutions, sending and receiving money through Visa Direct, etc. Issuers should inquire more about new Visa digital solutions because of a good marketing plan execution.
Execution is the most important part of the marketing plan as it is the one that will determine if the strategy was effective or fell short of the marketing objectives.