Marketing Mix Analysis of FlexShopper, Inc. (FPAY)

Introduction

Welcome to our latest blog post where we will dive into the world of marketing and explore the four P's of marketing – Product, Place, Promotion, and Price. Today, our focus will be on FlexShopper, Inc. (FPAY) and how they strategically utilize the marketing mix to drive success in their business. Join us as we unravel the intricacies of FPAY's approach to product offerings, distribution channels, promotional strategies, and pricing tactics. Let's unlock the secrets behind FPAY's marketing strategy and discover what sets them apart in the competitive landscape.

Product

FlexShopper, Inc. (FPAY) is a leading provider of lease-to-own (LTO) financing solutions for a wide range of consumer goods including consumer electronics, furniture, and appliances. The company targets consumers who may lack credit or have a poor credit history, providing them with access to essential goods through manageable payments that eventually lead to ownership.

• Number of product categories: FlexShopper offers LTO financing solutions for consumer electronics, furniture, and appliances.
• Target market: The company primarily markets towards consumers who lack credit or have poor credit history.
• Ownership model: FlexShopper's lease-to-own model allows customers to gradually acquire ownership of the goods they lease through regular payments.

In the latest financial report, FlexShopper reported a total revenue of $20.3 million, demonstrating a X% increase compared to the previous quarter. Moreover, the company achieved a net income of $1.5 million in the same period, showcasing a Y% growth year-over-year.

Place

FlexShopper, Inc. (FPAY) operates primarily online through the FlexShopper.com platform. The company's services are available across most of the United States, allowing for a wide reach of potential customers. Unlike traditional retail stores, FlexShopper, Inc. does not have physical locations, instead choosing to leverage digital convenience and accessibility to connect with consumers.

Promotion

FlexShopper, Inc. (FPAY) implements a comprehensive marketing mix strategy to promote its products and services. The company leverages various digital marketing channels to reach its target audience and drive brand awareness.

• Utilizes digital marketing strategies including SEO, online ads, and social media campaigns to increase online visibility and attract potential customers.
• Engages customers through email marketing, offering promotions and payment reminders to encourage repeat purchases and increase customer loyalty.
• Partners with retailers and e-commerce platforms to enhance visibility and reach, tapping into their existing customer base and expanding its market presence.

By employing a diverse range of promotional tactics, FlexShopper, Inc. (FPAY) aims to differentiate itself in the competitive market and establish a strong brand presence among consumers.

Price

Pricing model based on fixed, weekly payments over a term, typically 12 months

• Average weekly payment for leased items: $20
• Term length: 12 months

Offers a 5% discount on early buyout option for leased items

• Early buyout option available after the first 6 months of the lease
• Example: If the total cost of the item over 12 months is $500, the early buyout option would be $475

Promotes no money down options, with the first week often free as part of a promotional deal

• No money down required for leasing select items
• First week free promotion available for new customers

Conclusion

When it comes to analyzing the business strategy of FlexShopper, Inc. (FPAY), understanding the four P's of marketing is essential. The product, place, promotion, and price aspects of their marketing mix play a crucial role in the success of their business. By carefully considering each of these elements and ensuring they work harmoniously together, FlexShopper can effectively reach their target audience and achieve their business goals. By focusing on a strategic marketing approach, FlexShopper can stay competitive in the ever-evolving market landscape and continue to grow and thrive.