To understand the heart pulse of tech evolution, I sign-up to many solutions. By using those solutions, I get first-hand insights on what is happening. This is necessary because in our services, we are paid to help business leaders advance their missions, and to do that just fine, it is expected that we know the ecosystems very well.
OPay is one of those companies I consider to be category-kings in their domains. Through executions of the Invisible Layer Strategy and Double Play Strategy, OPay has emerged as one of the most potent technology companies in Nigeria. Its scaling playbook is legendary and the way it has built amalgam of transactional feeders into the fintech solution is superb. In the mini MBA series which begins Feb 10, I have a flash case on this company; participants will learn more as we examine market systems and the players, among others.
If you have an account with OPay, you might have received something like this (below):
Your friend is inviting you to join OPay! Sign up using code 15xxx to start enjoying services like bill payments, money transfer, investment and loans, and hail a ride. Get started now
That is Word of Code marketing, from the traditional word of mouth marketing where a satisfied customer tells friends and associates about a company or service. But here, OPay is not waiting passively for you to talk about it, it is stimulating you, digitally, to push the message. For a company which is rumored to be processing excess of $10 million daily about six weeks ago to offer that in the playbook, one can conclude that it wants to win it all, rapidly.
“We see ourselves as a key contributor to expanding financial inclusion in Africa, and helping local businesses and workforces to thrive from opportunities created by new, digital business models,” Zhou added.
OPay launched its mobile payment service in August 2018, with an initial focus on “the massive unbanked population of Nigeria.” The company said that since its Series A funding in May, it’s tripled its active agents to over 140,000 and saw daily transaction volumes double to over $10 million per day.
Sure, the Word of Code marketing was not pioneered by OPay; many other firms do use it. However, this is the only firm I know where telling someone to sign-up to bill payment, money transfer, loans, and investment services can get you a discounted ride to work or home. That marketing strategy could do more to growth than any new feature in the apps.
In this 2020, think beyond technology – and examine other plays (yes, non-tech plays) in your business growth playbook.