Paymark first Kiwi company to win coveted ESOMAR Award

Paymark first Kiwi company to win coveted ESOMAR Research Effectiveness Award
Auckland, 5 October, 2018

Paymark is delighted to be the first New Zealand company to be recognised by ESOMAR, the European Research standards organisation, a not-for-profit that promotes the value of market, opinion and social research and data analytics.

Paymark’s entry, in conjunction with local research company TRA, began with Paymark seeking to gain a deeper understanding of its customer base, says Darren Hopper, Head of Marketing at Paymark.

“We wanted to create a market segmentation, but one that actually resonated with our understanding of our customers, one that would create actionable results that could actually change the way we relate to customers.”

Paymark worked with research agency TRA to design and build a comprehensive market segmentation – The Merchant DNA – that would be used throughout the business. Paymark uniquely touches almost every payment transaction in New Zealand, and works closely with banks, retailers and with customers. Ensuring a good understanding of how each segmentation works is critical.

“Not only did the Merchant DNA deliver a rich and insightful understanding of our customers it also led to some specific and positive results,” says Darren.

The Merchant DNA delivered some impressive results for Paymark with a 45% reduction in in-bound calls and a 21+ increase in customer NPS.

“We delivered call scripts and training programmes so our front line staff could converse effectively with merchants based on this in-depth knowledge and understanding,” says Darren.

“The Merchant DNA we designed and delivered is one of the most sophisticated segmentation models, helping Paymark and Kiwi businesses better understand their customers.

Further developments have included the creation of the powerful Insights dashboard, Paydar. A joint initiative between Paymark and TRA aimed at medium sized businesses.

According to the award criteria, The ESOMAR Research Effectiveness Award showcases the very best in demonstrating how market or social research has had substantial commercial and or societal impact.

“No matter how good a piece of research is, only if it produces not only insights but real actionable results with a clear benefit to either business or society can it be considered successful.”

Paymark and TRA were amongst three global finalists from India and Malaysia. From India was Jobong/Myntra and from Malaysia, McDonalds/KantarTNS.

Each finalist was given 15 minutes to present to judges in front of an audience of over 1,400 from 72 countries in Berlin with over 4,000 watching via a live stream across the word. The Paymark/TRA team brought to life the business challenge and how the organisation tackled the problem to create an actionable and results orientated plan.

As a result of the market segmentation, Paymark has begun working with major New Zealand-based and international partners to help them better understand their own customer mix. A recent partnership approach with Visa NZ is ensuring the Merchant DNA plays an important role in shaping future services offerings.

ENDS

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