If you are a good observer, then you may have noticed that there has been a tremendous increase in the number of ads on digital platforms rather than other mediums. There are traditional mediums like advertising, print and radio which are not yet eliminated, but the frequency of these mediums have reduced in recent years.
Well, with the evolving nature of business, the marketing and promotional activities are also changing. A budding company can simply reach a large chunk of audience through a single message on the digital platform.
Similarly, financial institutions have realised this fact and have adopted digital platforms along with the traditional ones. However, the main focus of these companies is to move up the ladder with these diverse platforms.
Discussed below are some ideas which can bring your credit card at the top of the race:
You ought to understand your audience before you communicate your message to them or apply the same strategy. You need to clarify demographics, psychographics, cultural and social habitat of a particular region.
A financial institution trying to sell credit cards to customers cannot apply the same strategy for cities in Canada and England. The correct and effective approach would be to design different campaigns and segment them according to the habits, lifestyle and culture of your audience.
For example, you can offer discounts on credit card purchase of Vogue, Cosmopolitan or Femina to women making a living in city like London, New York, etc. and those who are interested in Fashion.
However, this strategy may not be effective to women who are not interested in Fashion and reside in remote extensions of the city.
On the contrary, if you wish to increase their use of credit cards you probably will have to implement a strategy which provides them financial benefits on their commute or grocery bills.
This way, you can encourage consumers to spend through credit cards by introducing offers in their category of purchases. This is the main reason why marketers need to gain in-depth information about their customers.
Each day may not be a good one to purchase a credit card. Therefore, do not expect your customers to buy one, but you surely can give them a recall about your presence. If there’s a grand upcoming event then analyse the situation and thereupon plan a marketing strategy.
For instance, if Thanksgiving is around the corner, then it is a good opportunity to remind to your potential customers that a credit card can be really beneficial to them. They get various discounts on purchase of certain products or from a particular store. This will in turn lure them to invest in your credit card.
This can be a seasonal promotion specifically for Thanksgiving!
Time balanced promotion:
As mentioned above, seasonal recalls can uplift the number of credit card users in a particular region, city or country. But, marketers need to keep in mind that they need to pick the right time and balance it with their message.
For example, some people in the UK may be paranoid for purchasing credit cards due to the ugly PPI history linked to it, but you can collaborate with a company that offers free PPI check. This will help you to attract more customers and build a trustworthy relationship with them.
However, in this campaign make sure that you collaborate with a genuine and reliable service provider as only then you can acquire honest check of the mis-sold policy. This will encourage customers to buy credit cards, in the right manner and through the right source.
You can run the campaign for three months during Spring or Christmas break as this is the time when people go on vacations and do not want to miss out on some huge discounts offered by travelling companies and hotels.
Diverse message strategy:
Every individual is different and what attracts one cannot necessarily be interesting to the other. This is so because there are multiple factors like background, financial stability, culture and standard of living which affect the thought process of an individual.
For instance, an individual who comes from a financially and emotionally secured background is less likely to understand the situation of a person who has suffered through those instabilities.
The understanding, the spending habits and their priorities may vary with time.
This is one key reason why marketer needs to consider customer background and implement a strategy which can be effective for that particular category. Understanding versatile and different range of customers can be tricky for marketers as you cannot point out which particular approach can be effective on them.
But, try to understand this through their buying pattern and preferred product line and product category as it will give you a clear picture about it.
Apart from luring new customers, a marketer also needs to ensure that they retain their existing customers. It is believed that retaining an old customer is hundred times better than drawing in new ones.
Therefore, stay in touch with your present customers. Ask them about their grievances if any and make sure that you resolve it with best of your capabilities. Do not hesitate to take additional efforts to help your customers walk out of the problem they are in.
Do update your customers about the new policies and offers available at your company. Also, sometimes there are several changes in amendments, so make sure you inform them by either sending a personal message, through direct message or any other medium of communication.