This article was updated on August 24, 2023.
The continuous shift to digital has made a tremendous impact on consumer preferences and behaviors, with 81% thinking more highly of brands that offer multiple digital touchpoints. As a result, major credit card issuers are making creative pivots to their credit marketing strategies, from amplifying digital features in their card positioning to promoting partnerships and incentives on digital channels. But as effective as it is to reach consumers where they most frequent, credit card marketing will need to be more customer-centric to truly captivate and motivate audiences to engage.
So, what does this innovative period of credit marketing mean for financial institutions? How can these institutions stand out in a competitive, ever-changing market?
To target and acquire the right consumers, here are three credit card marketing strategies financial institutions should consider:
Maximize share of voice through targeted approaches
About half of consumers say personalization is the most important aspect of their online experience.
Because today’s consumers are now expecting to engage digitally with brands, it’s important for financial institutions to not only be seen and mentioned on the right digital channels, but to deliver content that will resonate with their specific audiences. To do this, lenders must leverage fresh, comprehensive data sets to gain a more holistic view of consumers. This way, they can create targeted, customer-centric prescreen campaigns, allowing for enhanced personalization and increased response rates.
Seek new opportunities to provide value to customers
77% of Gen Zers believe having an established credit history is important to being less financially dependent on their parents.
Changes in consumer needs and lifestyles provide great opportunities to deliver value to customers. For example, younger consumers starting their credit journeys may look for brands that offer financial education or tools to help them build credit. Financial institutions that are open to pivoting their strategies to adapt to these needs and behaviors are those that will succeed in attracting new customers and maintaining long-lasting relationships with existing ones.
Amplify points of differentiation in their products and marketing
Before buying a product, consumers likely want to know more about the items they are purchasing and how they compare to different players in the market. To help set their products apart from other offerings, financial institutions should clearly define their product’s key differentiators and convey them in a personalized and compelling manner.
Enhance your credit card marketing campaigns
From identifying the right prospects to saturating your targeting criteria with data-rich insights, Experian offers credit marketing solutions to help you level up your campaigns and stand out from the competition.