Financial services acquisition strategies for affluent consumers

For financial institutions competing in today’s fierce marketplace, creating a positive customer banking experience means providing the right products, outstanding service, convenient locations and relevant marketing messages for a variety of customers. To build smarter acquisition strategies it requires rich insight into your customer in order to deliver the best offer and that positive experience they demand.

Understandably, our financial services clients indicate that one of the top audiences they want to reach are affluent consumers, defined as those with household incomes of $100k+. Experian Marketing Services data shows that this audience skews male, age 45+, who are credit-worthy home owners. Not surprisingly, affluent consumers were overwhelming likely to have/use credit cards (77%) and they used their credit cards 13 times, on average, in the past 30 days.

One way to engage with this group of customers is with offers and promotions that appeal to their active leisure lifestyles using the following strategies:

Consider co-branded cards with cruise lines as an acquisition strategy for this desirable demographic

Affluent adults report that they enjoy traveling abroad and organized activities on vacation and 17% of them have taken a cruise in the past 3 years (and were 57% more likely than other adults to have done so). Co-branded cards with popular cruise lines among affluent adults is a potential acquisition strategy for this demographic. 

Cruise ship lines used for vacation travel

Source: Experian Marketing Services’ Simmons National Consumer Study Spring 2013

Appeal to affluent adults via travel point and loyalty programs with airlines, mid-range hotels and car rentals

Affluent consumers were significantly more likely than other adults to have stayed at a domestic hotel, to have rented a vehicle for business or personal use, and to be enrolled in a frequent flier program in the last 12 months. Enticing incentives such as fine dining, point offers and free in-flight wi-fi using your branded card are ways to create opportunities to interact with your brand.

Reach affluent consumers via display advertising on travel and content magazines that they are likely to visit for trip recommendations and planning

Just over one-half of affluent adults booked travel arrangements online in the last 12 months, creating opportunities to reach them via display advertising on travel content and magazine websites. Many of the travel content websites they visited featured specific types of getaways that might appeal to affluent consumers (i.e., spa travel, luxury vacations), making them prime places for display advertising.

Visits to Travel content and magazine sites

Source: Experian Marketing Services’ Hitwise

To develop your strategies check out deeper insights in our webcast: Smarter customer acquisition for financial services for more key audiences in the marketplace.