When Walmart and Capital One partnered to create the new Capital One Walmart Rewards Credit Card, they did a great job of keeping the marketing simple. We were pretty impressed with the clean and clear materials designed to help with migration, acquisition and EMOB communications.
Customers want innovation in loyalty and rewards, but most credit unions are not prioritizing these programs. Beyond an ability to meet customer expectations, there are many reasons CUs should change this right now and give loyalty and rewards more attention.
With deep market saturation, continual launch of new programs and reinvention of existing programs, there is a high degree of churn and upward pressure on brands' credit card reward programs. However, these marketing communications create opportunities to build customer loyalty.
Contrary to popular belief, travel reward credit card offers are flying high. Here are just a few of the trends that are "in the air" this busy summer travel season!
The Wall Street Journal recently reported that credit scores have reached a record high and that “the average credit score nationwide hit 700 in April.” We make a few guesses about what that means for payment cards and card marketers.
As mobile and loyalty both continue to gain momentum through 2017, they’ll require fresh thinking from brands, including financial services companies. We agree with Social Times: “The strategy needs to go beyond just having an application or a stagnant loyalty program.” Thinking on other marketing fronts – such as social media and personalization – must evolve, as well.
Many financial institutions invest in ongoing marketing campaigns that target cardholders who are simply carrying the wrong credit card. We explain how this happens and how to fix it, including tactics that increase spend, share of wallet and customer satisfaction.
Informed by consumer survey insights that show cash rewards are likely to influence spending, Wells Fargo has introduced a new cash back Visa credit card with unlimited 1.5% cash rewards.
The new Wells Fargo credit card rewards program gives cardholders access to new rewards, perks and functionality. Some of the enhancements clearly will appeal to Millennials – a segment most banks are working hard to attract and satisfy.
Across industries, rewards programs seem to be working… at least in terms of membership numbers. But something seems to go wrong after consumers sign up for these programs: they don’t use them. It’s not surprising, therefore, that Forrester reports that only 16% of FIs are completely satisfied with the performance of their loyalty programs. What’s going on here? Are loyalty programs a waste of time – and money? We don’t think so. In fact, we think that this lack of engagement actually presents an opportunity for smart FIs.