Stripe is very popular among people across the world as a leading financial services company headquartered in both San Francisco and Dublin founded by Patrick Collison and John Collisson.
They offer payment processing software and application programming interfaces for various e-commerce websites and similar applications in mobile.
Their marketing strategy is credited for their tremendous growth since their launch in 2009 which took them to $36 billion growth in less than 10 years. From there, in 2021, Stripe is valued at $95 billion. This article will look at their marketing strategies in an in-depth manner.
Audience Centric Content Marketing
The marketing strategy of Stripe goes beyond the simple tactics of content marketing. They make sure that their content delivery is only after a thorough study of the target audience. These audiences are not just the customers, but also the developers.
Through this way, they retain their customers in an efficient manner. Hence, it can be rightly concluded that Stripe devises their content marketing strategies around its target audience and not vice versa.
Maintaining Contact with Audience
One of the most important initiatives of Stripe with regard to the marketing strategy is their Stripe Sessions which enable them to connect with users directly. It is an annual event where the users are familiarised with the new launches of Stripe and the company listen to the feedback of the users. The sessions are lead by engineers and domain experts from Stripe.
It is a classic marketing strategy of Stripe. They are aware that their primary customers are developers and hence Stripe markets their products, especially for the developers.
Strengthening Brand Recognition and Loyalty
Their blog posts and contents are heavily driven by a strong desire to build their brand loyalty and recognition. They create an impression where Stripe becomes the dream company to all the developers to who they market the product.
In that way, Stripe becomes the first choice and people hardly ever look for a second option. This will also facilitate their publicity through word of mouth. They have also instituted high switching costs which have also become a way to retain their customers.
Consistency of Product Development
They have been consistent and efficient in launching the right product at the right time. Unmatched by their rivals, Stripe’s products are beyond payments. Their programmable infrastructure for global money movement called Global Payments and Treasury Network (GPTN) is an example.
Blogs and Other Social Media
The CEO of Stripe himself has agreed on the role of writing in their marketing in their initial days. They have a well-kept blog which is a very important channel for communication.
They have also published various books on the topics that their firm addresses like economics and technology. They also have Stripe Guides which have been instrumental in retaining customers.
On social media like Twitter, they have more than a hundred thousand followers. These platforms become an extremely efficient pathway for them to market their products and understand the pulse of the users.
Stripe leads the way when it comes to materialising one’s vision. The growth they achieved within such a short span of time is a testament to their handwork and strategic planning. Their marketing strategy goes by the concept ‘customer is king’.
Moreover, they know what they want and whom they should target to pitch the product in the right manner. Stripe also gives the valuable lesson that no way is a bad way to market your products when you know how to do it.
Who is the founder of Stripe?
Patrick Collison and John Collison founded Stripe in 2009.
What is the revenue of Stripe?
The revenue of Stripe was 740 crore USD in 2020.
What is the valuation of Stripe?
The valuation of Stripe is $95 billion as of 2021.