Strategies to Maximize the Result of Your Credit Card Campaign
This year is the tight competition in the 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 a credit card provider business, these strategies will help you to create the best way to market your product. So, here is Best 10 Credit Card Marketing Strategies 2019 that you must know.
In 2019, there will be more companies that provide a new product as an alternative for their old and popular product. Each of those new products will have different features that will give more benefit to their customers.
With a different feature on each new card product, a 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.
# Low-Interest Rate
Lowering the interest rate for credit card products will also become a popular marketing strategy from the credit card company. Therefore, this year will be a good chance for you who want to apply for a credit card.
With lower interest rates that the companies use, you won’t have too much burden on your finances. The main reason why they lower the interest rate is that the debt burden that becomes heavier since the 2008 crisis.
There is a possibility that Federal Reserve will make move to regulate this condition. So, the companies try to face that by lowering the interest rate.
This strategy actually has been used for a long time ago. But, in 2019, we can say that the consumer of credit card wants something simpler.
As we all know, the cash-back rewards can only be 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 transactions.
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 branches all over the world, to provide this feature.
Choosing a different method to market the credit card product for a different area is also an important thing to do. Different areas people will use the credit card differently.
Although in 2019 the technology and economic condition in the suburban and urban areas aren’t that different, the people in each area use credit cards differently. Therefore, it is important to consider this factor as well.
#The Debit-Card-Like Strategy
In the past, people are afraid to apply for a credit card. They prefer to use a debit card because it’s safer, fraud-proof and won’t give them a debt.
However, now, there are many people that understand the greatness of credit cards and change from debit cards to credit cards.
Therefore, this is a promising market that the company can aim, by providing the credit card with features like debit cards, such as auto-pay plan, customizable limit and more.
#Give Customer Best Experience
Customers, 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 things that will answer their question.
It will give a good impression to them and there is a possibility they will go back to apply for a credit card.
#Eliminate Consumer’s Debt Fear
Although in 2019, most of the consumer has already understood that debt isn’t a problem when applying for a credit card, there are still people that afraid about this.
So, the company will give clear information and product option that can ease these consumer debts. This is still the best marketing strategy for a credit card in 2019.
Choosing the right time to promote the credit card product is also a good strategy. It will work every year. For example, January is a good choice for a holiday reward credit card, and then you can promote the paying tax feature on April and credit card for a student in August or September.
If you can do this, it will help you to survive in the 2019 credit card industry competition.