Strategies to Maximize the Result of Your Credit Card Campaign
This year is the tight competition in credit card industry. Therefore, it is important to know more about the best marketing strategies, so you can decide which the best is for you.
More than that, if you have credit card provider business, these strategies will help you to create best way to market your product. So, here are Best 10 Credit Card Marketing Strategies 2019 that you must know.
In 2019, there will be more companies that provide new product as alternative for their old and popular product. Each of those new products will have different features that will give more benefit for their customer.
With different feature on each new card product, client who wants to get full benefit will need to apply for more cards. Apparently, the new type of card will become the main topic in the credit card competition.
PayPal and Amazon have launched their own card last year. Maybe they are the trigger of this strategy. Basically, we can say that there will be companies that launch their own credit card this year.
#Low Interest Rate
Lowering the interest rate for credit card product will also become the popular marketing strategies from the credit card company. Therefore, this year will be the good chance for you who want to apply for credit card.
With lower interest rate that the companies use, you won’t have too much burden on your finance. The main reason why they lower the interest rate is because the debt burden that become heavier since the 2008 crisis.
There is possibility that Federal Reserve will make move to regulate this condition. So, the companies try to face that by lowering the interest rate.
This strategies, actually has been used since long time ago. But, in 2019, we can say that consumer of credit card want something simpler.
As we all know, the cash-back rewards can only applied on specific of card and it’s activated only on specific usage, like for paying restaurant tab and other.
The simpler cash-back rewards will become the most interesting feature that can be used to promote the credit card product. The simpler here means in one card, the cash-back reward applicable in all transaction.
Although the rate is much lower than the specific one, but consume love this kind of feature. So, it will become effective strategies to use.
There will be many companies that use this reward to attract more clients. The tourism field still becomes the most profitable field that the credit card company can aim.
Therefore, they will work together with many hotels and its branch in all over the world, to provide this feature.
Choosing different method to market the credit card product for different area is also important thing to do. Different area people will use the credit card differently.
Although in 2019 the technology and economic condition in suburban and urban area isn’t that different, but the people in each area use credit card differently. Therefore, it is important to consider this factor as well.
The secure card type will become one of the best strategies for marketing the card in 2019. With higher debt rate compared to last year, people will need low risk credit card. And this secure card is what they are looking for.
#The Debit-Card-Like Strategy
In the past, people are afraid to apply for credit card. They are prefer to use debit card, because it’s safer, fraud-proof and won’t give them debt.
However, now, there are many people that understand the greatness of credit card and change from debit card to credit card.
Therefore, this is promising market that company can aim, by providing the credit card with feature like debit card, such as auto-pay plan, customizable limit and more.
#Give Customer Best Experience
Customer, especially the beginner, will ask many things about the credit card product. Therefore, give them everything that they need, such as Information, data, and other thing that will answer their question.
It will give good impression to them and there is possibility they will go back to apply for credit card.
#Eliminate Consumer’s Debt Fear
Although in 2019, most of consumer has already understand that debt isn’t a problem when applying for credit card, but there are still people that afraid about this.
So, company will give clear information and product option that can ease these consumer debts. This is still the best marketing strategy for credit card in 2019.
Choosing right time to promote the credit card product is also good strategy. It will work every year. For example, January is good choice for holiday reward credit card, and then you can promote the paying tax feature on April and credit card for student in August or September.
If you can do this, it will help you to survive in 2019 credit card industry competition.