Multichannel marketing success
Make sure your multichannel marketing strategy makes use of traditional channels while also capitalizing on digital channels to increase access to customers. Traditional channels like direct mail and branch are especially important for acquisition. Since 64 percent of new accounts are sourced at bank branches4, you should consider optimizing the branch experience by training and incentivizing your staff to cross-sell your credit products and provide ample take-home pamphlets and other materials.
You can also get ahead of your competition by making sure your acquisition offer is in your customers’ mailbox. Since 47 percent of regional financial institution customers learn about and subsequently open competitor cards via direct mail1, use this channel to educate and inform your customers about your credit product offerings.
In addition to the traditional channels, you should also incorporate emerging digital and social media channels into your marketing strategy so that you can speak to your customers when and where they prefer. One-third of consumers use social media sites when evaluating retail banking products2. And there was a 384 percent increase in Twitter engagement for financial services in 2014, indicating that financial services engagement on social media is on the rise2.
Creating a seamless customer response experience
Since 68 percent of application responses are submitted via online channels2, make sure your online application process is easy to use and built with a responsive design (that is, optimized for desktop and mobile devices) for a seamless customer experience. An integrated online presence and seamless digital experience is essential to promotional strategy.
Marketing your products
When marketing your card products to consumers, keep the solicitation brief with sound bites and visuals to highlight key benefits and competitive differentiators. Target customer growth segments and promote the benefits valued the most by each segment. There are three main audience segments that provide a great opportunity for issuers:
- Mass market consumers are a great opportunity as the low-loss credit environment continues: Offer security and financial control to those new to credit and those looking to rebuild their credit reputation.
- Millennials will be the biggest segment of credit spenders in the next 20 years: Offer them sign-up rewards, balance transfer offers and/or competitive rates
- Affluent consumers are the fastest-growing segment in terms of credit payment volume: Offer them rewards and lifestyle benefits4
Creating effective product offers based on consumer preferences
If you want to make your card products competitive in the marketplace, you should tailor your offers to consumer preferences. Consumers prefer the following types of card features3 when shopping around for credit cards:
- No annual fee
- 1-1.25 percent rewards
- Introductory balance transfer pricing offer
- No foreign transaction exchange fees
- Financial institution community involvement
- Additional financial services
- Branch access
Contact us to learn more about optimizing your product offers.