SaveUp's Commitment to Action is to scale up the success of the pilot initiative and help Americans save and pay down debt for a goal of an additional $5 billion in asset growth by December 2014. The Commitment to Action for successful scale and expansion includes building awareness of SaveUp as an effective approach to financial management, as well as establishing a wide range of partnerships that can introduce SaveUp to new groups of Americans. SaveUp will execute new marketing strategies to develop partnerships and additional distribution channels within the following sectors:
1) Financial Institution Partnerships: Banks, retirement programs, prepaid cards, and other financial institutions and services can offer SaveUp to their members as a positive new tool to reward good financial choices and build customer engagement. SaveUp provides a customized content platform for these partners to deepen their relationship with their customers, increase brand loyalty and introduce new products and services.
2) Consumer Brands Aiming to Help Americans Save Money and Achieve Future Goals: Consumer package goods, retailers, or internet brands that want to help their consumers achieve their goals to save money in a fun way can introduce SaveUp, and provide content and rewards to highlight their brand's goals to improve Americans' lives.
3) Social Media Partners & Public Influencers: Expanding blog partnerships (currently 15 media partners) to identify content providers, 100 bloggers, print journalists, and other influencers who are helping people achieve their financial goals and save money across various communities. These social influencers include blogs that target specific constituencies, such as mothers and students, to engage these individual readers and followers with SaveUp content, exclusive rewards for their communities, and publish data reports to share trends and progress of Gen X and Gen Y users coming out of the recession.
4) Credit Union Partners with CU Solutions Group: Expanding the current partnership with CU Solutions Group to offer SaveUp as a customized tool to 200 credit unions to share with their members. Currently 15 credit unions have offered SaveUp to their members with great results both to the credit union and the members as reported in the Filene's Institute research study. A total of 35 credit unions have signed as partners, and SaveUp aims to add 200 more with a total of 250 by the end of 2014.
5) Non-Profit Financial Education & Empowerment Partners: SaveUp will continue to provide a free software license to mission driven non-profit organizations, like current partners Earn and the Consumer Federation of America's America Saves, allowing non-profits to add custom content and prizes for their members at no cost. Supporting their marketing and scale efforts with additional access to SaveUp will help provide new financial education tools for their populations.
6) Mobile Channel: SaveUp plans to launch a mobile application version of the SaveUp program for iOS devices to reach more users through the app store and other mobile marketing channels.
1) Enterprise Partners-Financial Services
- Jul - Dec 2013: Aim for implementation with 1-2 large partners; relationship building for more partnerships.
- Jan - Jun 2014: Aim for implementation of 1-2 additional partners.
- Jul - Dec 2014: Aim for implementation of 1-2 additional large partners.
2) Brand Partnerships & Sponsors
- Jan - Jun 2014: As user base grows, build additional relationships with brands to sponsor new prizes and campaigns.
- Jul - Dec 2014: Aim to add 2-3 new brands per month as sponsors and advertisers as community size grows.
3) Media, Blogs, & Influencers
- Jul - Dec 2013: Secure a new Public Relations (PR) firm to guide consumer outreach PR; create a partner blog community, and aim for monthly coverage on 5-10 blogs per month; identify a group of influencers to engage with SaveUp.
- Jan - Jun 2014: Aim for 5-7 press mentions in consumer PR per month, 10-15 blog articles per month, and 2-3 influencers to share SaveUp to their community.
- Jul - Dec 2014: Aim for 5-7 press mentions in consumer PR per month, 10-15 blog articles per month, and 2-3 influencers a month to share SaveUp to their community.
4) Credit Union Partnerships
- Jul - Dec 2013: Work with CUSG to engage with credit unions at tradeshows and industry conferences; sales team will focus on building new partnerships with small to mid-size credit unions.
- Jan - Jun 2014: Launch small to mid-size credit unions partnerships, focus on building new partnerships with larger credit unions, and build trade PR.
- Jul - Dec 2014: Continue to launch new credit union partnerships and build trade PR.
5) Non-Profit Organization Partnerships
- Jul - Dec 2013: Expand existing partnerships with America Saves and EARN; identify 25-30 new non-profit partners to secure.
- Jan - Jun 2014: Implement 2-3 new non-profit partnerships.
- Jul - Dec 2014: Implement 2-3 new non-profit partnerships.
6) Mobile Channel Launch
- Jul - Dec 2013: Complete mobile application and launch first version for iOS; build strong reviews and iterate to improve mobile experience.
- Jan - Jun 2014: Build user traffic and PR to mobile application to drive more downloads.
- Jul - Dec 2014: Launch Android application to reach a new mobile community of users.
Coming out of the recession, Americans are facing significant financial challenges, and rebuilding assets is the key to their personal economic recovery. SaveUp is an innovative rewards game that encourages people to save money, reduce debt, and aims to democratize financial management through technology. Launched in November 2011, SaveUp is designed to reach Gen X and Gen Y markets, and has a demonstrated appeal to women and groups that have been underserved in the financial management community.
SaveUp is an online personal finance tool that helps Americans succeed financially by using the best of behavioral economics, game mechanics and social dynamics to allow people to build a daily habit of engaging with their finances in a fun and motivating way. SaveUp provides users with a simple snapshot of all their financial accounts and allows them to track their progress towards savings and paying down debt. SaveUp users also earn chances to win prizes with every good financial action, like saving money, reducing debt, and utilizing financial education content programs including webinars, videos, and quizzes created by certified financial planners and other experts. SaveUp is a free service, compatible with virtually any U.S. financial account across 19,000 financial institutions via a partnership with Intuit. Prizes and rewards are funded through creative partnerships with merchants and brands who want to engage with Gen X and Gen Y individuals on their life goals and help them save money.
After launching to the public in a pilot program, SaveUp optimized conversion, engagement, retention, and financial impact, with the goal of showing that good financial habits can be built through game mechanics. The company also established initial brand and sponsor partnerships to drive a range of rewards, small and large. In a little over a year, this innovative approach has helped Americans deposit over $450 million to savings and pay down approximately $300 million in debt. These figures total across all types of assets including savings accounts, retirement and savings for college, as well as various types of debt repayment including credit cards, car loans, and mortgages. The users who benefited most from the SaveUp pilot were college-educated people between ages 22-39, with household incomes between $25,000 and $100,000, and aiming to accomplish personal financial goals like reducing credit card debt and student loans, while increasing savings for retirement goals. Users reported how much the SaveUp program has helped as a daily reminder of financial goals, allowed users to stay on track with savings and debt repayment given unplanned expenditures and temptations, and helped set the tone for behavior change around financial decision making. SaveUp now aims to expand this successful pilot to reach many more young Americans with this fun, new tool to help reward behaviors that will build assets and aid in recovery post-recession.
SaveUp is seeking the following types of partnerships:
Financial industry players (banks, credit unions, retirement account providers, prepaid card companies, etc.) who want to offer an innovative new way for their customers to organize their finances and build good financial habits in a fun and engaging way. The benefit for the financial institution is deepening share of wallet, building customer relationships, and increasing brand loyalty.
Consumer brands focused on a message of helping their customers save money and achieve their financial goals. These brands can sponsor campaigns, prizes, and other positive methods to engage their target market and help their customers use SaveUp.
Media and influencers interested in helping Americans recover from the recession by covering SaveUp's innovative new tool, or by using SaveUp and sharing it with their community.
SaveUp offers partners an innovative technology platform based on best practices of behavioral economics and game mechanics. Partners can offer the platform to their members or customers and reward them for positively engaging with their finances. SaveUp's platform also provides real-time data and insight into the saving and debt trends of Americans across the nation.
Financial Institutions: Banks, retirement programs, prepaid cards, and other financial institutions and services can offer SaveUp to their members as a positive new tool to reward good financial choices to build customer engagement, increase brand loyalty and introduce new products and services.
Press and Media Influencers: Social influencers can use SaveUp to engage readers and followers with SaveUp content, exclusive rewards for their communities, and data reports to share trends and progress of Gen X and Gen Y users coming out of the recession.
Non-Profit Organizations: SaveUp provides a free software license to mission driven non-profit organization partners that allows non-profits to add custom content and prizes for their members at no cost.