Paychex, Inc. | Company Profile, Marketing Contacts, Media Spend, Brands
Paychex, Inc. is a payroll and human resource company based in Rochester, NY. With more than 100 locations in the U.S., Paychex is a leader in the payroll services outsourcing industry.
|Main Telephone||(585) 385-6666|
|Main Fax||(585) 383-3428|
Paychex, Inc. ContactsContacts (5/10)
|Martin M.||President & Chief Executive Officer||NY|
Sample of Associated Brands
|Mike G.||Senior Vice President, Information Technology, Product Management & Development||NY|
|Laurie Z.||Vice President, Human Resources & Organizational Development||NY|
|Andy C.||Vice President, Marketing||NY|
|Ted J.||Vice President, Operations||NY|
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Payroll service Paychex increases mobile offerings, set to increase marketing
Subject: B2B, radio, digital, online, mobile
Company: Paychex, a payroll and HR company based in Rochester, NY., with more than 100 locations in the US.
Opportunity: The payroll company is doing well overall, but should see an increase in marketing around its accounting products in the coming year. Be on the lookout for digital, online and radio opportunities as the company tries to gain a bigger market share from more well-known competitors, such as Intuit and QuickBooks. The company is also updating its mobile offerings frequently, so that should lead to marketing opportunities as well.
Sustained Success: Payroll service revenue for Paychex grew 4% for the first quarter to $657 million, while HR service revenue increased 17% to $244 million. CFO Efrain Rivera said the company has noticed an uptick in sales to newly formed businesses over the past few quarters, which the company did not see a couple of years ago (Note: Business Insider estimates that approximately 543,000 new businesses start every month in the US, but more close vs. start. Also, there are around 28 million “small businesses” in the US, but nearly 22 million of them are self-employed or have no additional payroll). President and CEO Martin Mucci clarified that sales to new businesses are not quite where they were pre-recession, but they are “certainly up.”
One area of the business that Mucci noted the company will “pick up” marketing around is Paychex’s accounting online business. Paychex said it is still learning how to “really acquire clients and get them to realize it’s a great accounting product.” Paychex plans to initially get a “little more aggressive” with its current clients.
New Product Launch: The company recently introduced mobile applications for both its Paychex online accounting services and its expense management solutions. The company finds that clients are using to mobile app for everything from their employee contact list to reviewing an employees 401(K) with them face to face – clients are going beyond payroll and using it for reports and working with employees on issues. Mucci said the company intends to update its mobile offerings “probably every quarter with something new.”
Mucci sees its software-as-a-service (SaaS) portfolio and mobile offerings as the keys to the company’s long-term growth.
Acquisitions: During Q1 2015 (June-Aug.), Paychex completed its acquisition of nettime solutions, a leading cloud-based time and attendance solution provider, adding another SaaS offering. In addition to this acquisition, Riveria said the company has ” a good pipeline of acquisition opportunities” and “likes some properties out there.”
Competitors: Automatic Data Processing, Inc.; Intuit, Inc.; Equifax; and QuickBooks are among Paychex competitors. The company added a number of sales people in Q1 2015 in order to overtake competitors and help maintain and increase its retention numbers.
Media Spend: According to Kantar Media, Paychex spent $2.9 million on measured media in 2013 – up 2.4% from 2012. Most of this ($2.5 million) was spent on search and display ads. The remainder was spent on radio and B-to-B magazines. Paychex spends fairly evenly throughout the year, with a slight increase in Q2 and Q4.
911 Panorama Trial S.
Rochester, NY 14625
Vice President, Marketing
President & Chief Executive Officer