Splitit: Pivoting to Installments-as-a-Service
Splitit was at an inflection point. The company had a new CEO, the top three Buy Now, Pay Later (BNPL) dominated the market, consumer acquisition costs skyrocketed, and regulators had the industry in their crosshairs. The company pivoted to adapt to the changing market conditions, re-branding its core product into a merchant-branded “Installments-as-a-Service” platform to put the power back in the hands of merchants. Shifting its focus away from consumer acquisition meant doubling down on targeting retailers while courting credit card issuers, acquirers, and independent software vendors (ISVs).
APPROACH
The marketing and communication team developed the strategy to promote the newly re-branded product, accelerate sales conversations with merchants and partners, and take ownership of the conversation around white-label BNPL. A strong narrative and aggressive communications strategy targeted influential media and industry influencers leaning on the challenges merchants face with “legacy” BNPL providers: losing control of consumer relationships, heightened regulatory scrutiny and poor checkout conversion due to consumer friction and low credit approval rates.
RESULTS