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Credit and Debit Card Marketing Through—and Beyond—the Pandemic
For debit and credit card issuers, marketing has always been a pillar to growing the business: attracting new customers, activating those who have gone dormant, and finding incentives that increase business from active customers.
As happened with so many elements of consumers’ lives, the fundamentals of their engagement with card accounts shifted after the onset of the COVID-19 pandemic, requiring issuers to adjust their marketing approaches.
In this installment of the PaymentsJournal podcast, Lesley DeCator, General Manager of the PaymentsEdge Marketing and Advisory Services at FIS, and Don Apgar, Director of the Merchant Services Advisory Service at Mercator Advisory Group, discussed the current environment in marketing strategies, the importance of proper customer segmentation in campaigns, how the pandemic affected the offering of incentives, the use of communication channels to most effectively reach current and prospective customers, and extracting actionable intelligence from response rates and thus building a strong return on the marketing investment.
PaymentsJournalCredit and Debit Card Marketing Through—and Beyond—the PandemicPaymentsJournal Credit and Debit Card Marketing Through—and Beyond—the PandemicPaymentsJournaljQuery(document).ready(function ($){var settings_ap96312260 = { design_skin: "skin-wave" ,autoplay: "off",disable_volume:"default" ,loop:"off" ,cue: "on" ,embedded: "off" ,preload_method:"metadata" ,design_animateplaypause:"off" ,skinwave_dynamicwaves:"off" ,skinwave_enableSpectrum:"off" ,skinwave_enableReflect:"on",settings_backup_type:"full",playfrom:"default",soundcloud_apikey:"" ,skinwave_comments_enable:"off",settings_php_handler:window.ajaxurl,skinwave_wave_mode:"canvas",pcm_data_try_to_generate: "on","pcm_notice": "off","notice_no_media": "on",design_color_bg: "111111",design_color_highlight: "ef6b13",skinwave_wave_mode_canvas_waves_number: "3",skinwave_wave_mode_canvas_waves_padding: "1",skinwave_wave_mode_canvas_reflection_size: "0.25",skinwave_comments_playerid:"96312260",php_retriever:"https://www.paymentsjournal.com/wp-content/plugins/dzs-zoomsounds/soundcloudretriever.php" }; try{ dzsap_init(".ap_idx_387333_28",settings_ap96312260); }catch(err){ console.warn("cannot init player", err); } });
As DeCator noted, the pandemic certainly changed the spending environment—for example, debit and card-not-present transactions rose, consumers shopped extensively from home rather than in large groups in brick-and-mortar stores—but the underlying principles of marketing have proved durable.
“The basics are the same,” she said. “We need consistent communication, a very strong call to action, compelling incentives, and great cardholder service. The key to success is careful planning and timely execution. … And then you need to be able to pivot when situations change quickly, as they are prone to do.”
Building a Strong Marketing Campaign
The aim of PaymentsEdge, DeCator said, is to tailor marketing campaigns for clients based on the following foundation:
* Strong messaging* A strong blending of the creative aspect of campaigning with cardholder response* Low costs for clients so they can get the most from their marketing budgets
Here’s how those efforts played out vs. the results for FIS clients not using the PaymentsEdge advisory services for 2021 vs. 2020 in terms of growth:
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By The PaymentsJournal PodcastFor debit and credit card issuers, marketing has always been a pillar to growing the business: attracting new customers, activating those who have gone dormant, and finding incentives that increase business from active customers.
As happened with so many elements of consumers’ lives, the fundamentals of their engagement with card accounts shifted after the onset of the COVID-19 pandemic, requiring issuers to adjust their marketing approaches.
In this installment of the PaymentsJournal podcast, Lesley DeCator, General Manager of the PaymentsEdge Marketing and Advisory Services at FIS, and Don Apgar, Director of the Merchant Services Advisory Service at Mercator Advisory Group, discussed the current environment in marketing strategies, the importance of proper customer segmentation in campaigns, how the pandemic affected the offering of incentives, the use of communication channels to most effectively reach current and prospective customers, and extracting actionable intelligence from response rates and thus building a strong return on the marketing investment.
PaymentsJournalCredit and Debit Card Marketing Through—and Beyond—the PandemicPaymentsJournal Credit and Debit Card Marketing Through—and Beyond—the PandemicPaymentsJournaljQuery(document).ready(function ($){var settings_ap96312260 = { design_skin: "skin-wave" ,autoplay: "off",disable_volume:"default" ,loop:"off" ,cue: "on" ,embedded: "off" ,preload_method:"metadata" ,design_animateplaypause:"off" ,skinwave_dynamicwaves:"off" ,skinwave_enableSpectrum:"off" ,skinwave_enableReflect:"on",settings_backup_type:"full",playfrom:"default",soundcloud_apikey:"" ,skinwave_comments_enable:"off",settings_php_handler:window.ajaxurl,skinwave_wave_mode:"canvas",pcm_data_try_to_generate: "on","pcm_notice": "off","notice_no_media": "on",design_color_bg: "111111",design_color_highlight: "ef6b13",skinwave_wave_mode_canvas_waves_number: "3",skinwave_wave_mode_canvas_waves_padding: "1",skinwave_wave_mode_canvas_reflection_size: "0.25",skinwave_comments_playerid:"96312260",php_retriever:"https://www.paymentsjournal.com/wp-content/plugins/dzs-zoomsounds/soundcloudretriever.php" }; try{ dzsap_init(".ap_idx_387333_28",settings_ap96312260); }catch(err){ console.warn("cannot init player", err); } });
As DeCator noted, the pandemic certainly changed the spending environment—for example, debit and card-not-present transactions rose, consumers shopped extensively from home rather than in large groups in brick-and-mortar stores—but the underlying principles of marketing have proved durable.
“The basics are the same,” she said. “We need consistent communication, a very strong call to action, compelling incentives, and great cardholder service. The key to success is careful planning and timely execution. … And then you need to be able to pivot when situations change quickly, as they are prone to do.”
Building a Strong Marketing Campaign
The aim of PaymentsEdge, DeCator said, is to tailor marketing campaigns for clients based on the following foundation:
* Strong messaging* A strong blending of the creative aspect of campaigning with cardholder response* Low costs for clients so they can get the most from their marketing budgets
Here’s how those efforts played out vs. the results for FIS clients not using the PaymentsEdge advisory services for 2021 vs. 2020 in terms of growth: