SPARE : Market and Competitor Analysis

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SPARE operates a virtual ATM network connecting consumers with participating businesses for cash withdrawals. The platform benefits businesses by driving foot traffic and generating revenue through transaction fees, while offering consumers convenient cash access points.

Company : SPARE

Industry : Financial TechnologyMobile PaymentsAlternative ATMs

Major Markets

United States

Canada

United Kingdom

Key Competitors

Cash App

Venmo

PayNearMe

SPARE Key Value propositions

Convenience

Local Business Support

Cash Access

Revenue Generation

SPARE Latest news

Spare - Terms and Conditions

Company may change the Terms of the reserve at any time by providing you with notice of the new Terms. ... gotspare.com. If you contact Company within two ...

SPARE. | LinkedIn

on LinkedIn for the latest updates, insights, and opportunities. Let's redefine the future of financial access together. Website: http://www.gotspare.com.

Affiliate Virtual ATM Network makes up to $1000 per week

These new units... Are such big disappointments... : r/PokemonMasters

Jan 27, 2023 ... I'll keep summoning on diantha and then Lysandre if I got spare gems I guess.

SPARE SWOT Analysis

Strengths

Partnerships with POS providersMobile-first approach caters to tech-savvy usersRevenue sharing model incentivizes businesses

Weaknesses

Reliance on a network of participating businessesPotential security concerns related to cash withdrawalsLimited brand awareness compared to established players

Opportunities

Expansion into new geographic marketsDevelopment of partnerships with financial institutionsIntroduction of additional financial services within the app

Threats

Competition from existing mobile payment and ATM providersChanges in consumer cash usage habitsRegulatory hurdles and compliance requirements

Top Marketing Strategies for SPARE

Personalized User Onboarding

This strategy focuses on providing tailored onboarding experiences for both consumers and businesses. By understanding each user's needs and goals, SPARE can guide them through the platform effectively, increasing adoption and engagement.

Facebook Messenger Marketing

Leveraging Facebook Messenger allows SPARE to engage with both potential consumers and business owners in a direct and personalized way. This channel provides a platform for targeted messaging, promotions, and customer support, boosting conversion rates and brand loyalty.

Incentivized Onboarding Enhancement

Offering incentives for completing onboarding tasks, such as exploring features or setting up accounts, encourages user engagement. By rewarding early-stage activities, SPARE can promote faster adoption and increase the likelihood of users becoming active customers.

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SPARE User Persona

Name:

Emily Chen

Age :

28

Gender :

Female

Occupation :

Graphic Designer

Industry :

Marketing and Design

Education :

Bachelor's Degree, Fine Arts

Preferred platforms

GOALS

Easily access cash for incidentals and tips without relying on bank branches or ATMs that may charge fees
Discover and support local businesses, especially those with unique offerings and a strong online presence
Seamlessly manage personal finances and track spending, particularly for cash transactions, within a user-friendly mobile app

Frustrations

Finding ATMs in unfamiliar locations or during late hours when in need of cash
Limited cash-out options at smaller businesses, requiring larger purchases or trips to ATMs
Difficulty tracking cash spending and integrating it into her preferred budgeting methods

Name:

David Kim

Age :

35

Gender :

Male

Occupation :

Restaurant Owner

Industry :

Food and Beverage

Education :

Associate's Degree, Culinary Arts

Preferred platforms

GOALS

Attract new customers and increase foot traffic to his restaurant, particularly during off-peak hours
Reduce the risks and costs associated with handling large amounts of cash, such as theft and bank deposit fees
Generate additional revenue streams beyond traditional food and beverage sales to support business growth

Frustrations

Competition from larger restaurant chains and food delivery services impacting customer acquisition
Managing cash flow effectively, especially during seasonal fluctuations in business
Lack of time and resources to implement complex marketing campaigns or adopt new technologies

Name:

Maria Rodriguez

Age :

23

Gender :

Female

Occupation :

Freelance Writer

Industry :

Media and Communications

Education :

Bachelor's Degree, Journalism

Preferred platforms

GOALS

Receive payments quickly and securely from clients who prefer to pay in cash, without delays or high transaction fees
Maintain a professional image and provide convenient payment options to clients, enhancing her reputation and client satisfaction
Track income and expenses efficiently, particularly for tax purposes, given the variable nature of freelance work

Frustrations

Dealing with delays in receiving payments from clients, particularly those who rely on traditional methods like checks
Lack of access to traditional banking services and financial products tailored to the needs of freelancers
Juggling multiple freelance projects and administrative tasks, leading to time constraints and potential disorganization

SPARE Geographic and Demographic Insights

Geographic Insights: SPARE's primary market is the US, followed by Canada. Other significant markets include the UK, Australia, and Germany, reflecting a focus on developed economies with high mobile penetration.

Top Countries

United States
45%
Canada
15%
United Kingdom
10%
Australia
8%
Germany
7%

Demographic Insights: SPARE's target audience consists slightly more of females, with a primary age range of 18-34, reflecting a younger demographic comfortable with mobile payments.

Age Distribution

Gender Distribution

SPARE Socio-economic Profile

Household and Income Insights: SPARE's users are primarily from households of 1-2 people with medium income levels, suggesting a focus on young professionals or students.

Educational and Employment Insights: The majority of SPARE users are employed full-time or are students, with a high proportion having university or college-level education.

Households Size

Income Distribution

Education Level

Employment Status

SPARE Behavioral Insights

Interest-Based Insights: SPARE users are interested in mobile payments, local businesses, convenience services, digital banking, personal finance, gig economy and small business marketing.

Technology and Social Media Usage: SPARE users are primarily active on Instagram, YouTube, and Facebook. They prefer mobile devices, particularly Android.

Interests

Mobile PaymentsLocal BusinessesConvenience ServicesDigital BankingPersonal FinanceGig EconomySmall Business Marketing

Device Breakdown

Social Media Usage

SPARE Top Competitors

Competitor	Estimated market share	Top domains
Cash App	40%	Peer-to-peer Payments, Mobile Banking, Bitcoin Trading
Venmo	30%	Peer-to-peer Payments, Social Payments, Cryptocurrency
PayNearMe	15%	Bill Payment Services, Cash Load Network, Alternative Financial Services

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