Are the traditional growth strategies that have worked for years still relevant?

These are the questions that tech business owners and executives are asking themselves as the world adapts to our ‘new normal’.

Success in a post-pandemic world will require a slightly adapted growth strategy, building on the changes the pandemic has caused and taking advantage of innovation and momentum in the sector right now.

Payment tech companies have adapted to remote work, increased their offerings for customers, created new solutions to novel problems plus many other challenges in recent months.

Now it is time to start building on the success that you have created in the last few months with a new growth strategy for the new normal.

Today we look at four growth strategies to implement for success in your payment tech business this year.

Product Development

An essential strategy to grow your business now is product development.

Many payment tech companies have used the significant changes we have seen in recent months to create new or update existing products for their customers – what about you?

The ways that Covid has affected the payment technology sector include –

• Consumer spending: the way people shop has changed with a move from in-person to app and online driven transactions more than ever.
• Reduced revenues are affecting the way businesses spend, as many move to make short-term contingency plans for their business.
• Post-pandemic conditions have seen an increase in fraudulent activity.
• Embedded payment systems are increasing in popularity.
• Businesses and individual consumers are looking for payment apps which give them more control.

So with this in mind, the companies that can provide what the public and businesses are looking for right now – increased protection, more control and stability and innovation – can expect greater success.

Diversification of Services

Adopting a flexible approach to your services is a must if you want to thrive rather than survive in a post-pandemic world. In recent months, we have seen businesses diversify their services like never before.

As this recent payment tech report by Accenture states, payment providers are increasingly looking for new opportunities in growth areas.

Some of the ways payment tech companies are doing this involve –

• Actively looking for ways to support customers and businesses
• Assisting governments to distribute financial aid
• Expanding in markets which are enjoying growth such as e-commerce and food delivery apps
• Providing increased anti-fraud services

Have you changed your products or services to meet with business and customer demand?

There are opportunities to be taken by businesses who are ready and able to pivot to what the market needs.

Next, let’s look at how you might need to grow your team to do this.

Growing Your Team

Having the right talent in your organisation is something that employers have been made acutely aware of in recent months.

Some teams pulled together and made it through the pandemic stronger, while others buckled under the pressure.

The Accenture report also highlights that for payment tech companies, a key strategy to implement next is to accelerate your plans to target unbanked or unserved customers and to explore capabilities to give customers more control over their payment and finances.

By all accounts, the way that payment tech companies can weather the current market and grow is not by cutting services and shrinking teams – it’s by developing and expanding, in providing an increased number of products and services for customers.

Making recruitment decisions for the short term can be shortsighted. Growing your team with the right people should be on your list of priorities for the future.

Recruiting the Right Talent

Expanding your team in the current market is not about growth for growth’s sake – there needs to be a focus on finding the best talent available.

And this is proving more difficult for employers due to the saturation in the market.

More candidates are looking for roles right now than there have been for some time, and this is making recruitment more challenging.

Recruiter’s services are being called on increasingly to help businesses find the specific talent for the roles they need – fast. There’s no time to wait to hire the best talent to grow your business for success; now is the time to act.

Are you in need of extra talent to develop anti-fraud software?

Do you need more dynamic and adaptable employees to keep pace with the swift changes that are happening in the market?

Is your team lacking proactive talent whose talent is identifying business and customer needs fast?

If you need new talent for your team to grow this year, we can help. Get in contact with us here to discuss recruiting your next generation of payment technology talent.