Report: Consumers Prefer Receiving Credit Card Information Via Email, Targeted Approach Best For New Business

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Marketers able to mount multichannel, highly targeted ad campaigns are well positioned to capture a piece of the lucrative credit card business, according to new research from direct marketing agency Epsilon.

"Consumers want and expect to receive information that is relevant and personal, especially when it comes to financial services marketing," said Michael Penney, EVP of Epsilon's Strategic & Analytic Consulting Group. "In order to engage consumers and create unique experiences, marketers need to focus on asking questions and understanding what consumers want and how to engage with them."

More than half of consumers surveyed were unsure of what credit card company they were going to use when opening up a new account. Only 34% of consumers surveyed definitely knew which company they would go with, while over four in ten consumers chose a company with which they already had accounts.

The most influential sources of information were friends and family, followed by a financial advisor, brand Web sites, and product review Web sites.

"A multichannel approach that speaks directly with the individual consumer can create long-lasting relationships," Penney added.

Meanwhile, the primary reason why consumers selected a credit card company was the rewards program, while interest rates and recommendations from friends and family were also driving forces. The preferred channel for receiving information about credit cards was email, followed by postal mail and company Web sites.

Consumers also expressed interest in receiving rate changes and sales/discount offers from credit card companies, while nearly one-third also chose information tailored to their interests as one of their top two selections.

Loyalty programs were identified as another critical component of a successful retail banking marketing strategy.

The survey included responses from over 180 consumers who recently opened up a new credit card. It was part of a listening exercise designed to explore the concept of Customer Experience Marketing, an approach to deliver relevant interactions that anticipate and respond to the many ways that consumers want to engage, shop and buy today.

1 comment about "Report: Consumers Prefer Receiving Credit Card Information Via Email, Targeted Approach Best For New Business".
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  1. Kevin Horne from Verizon, July 21, 2010 at 11:24 a.m.

    Wow - that is some choice for a headline, given the comprehensive info covered in this article.

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