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Innovations in Cards Marketing
VRL Publishing Ltd, Aug 2007
Creating a Framework for Successful Credit Card Innovation advises on the key steps your organisation can take to support innovation within your company culture. It helps you to achieve this by focusing on three key areas:
- Achieving the correct organisational framework, company-wide commitment and management processes to support innovation
- Maintaining improved customer focus through accurate segmentation
- Developing product profitability models for each product/segment to develop a successful and sustainable innovation programme
A new report that helps card issuers apply the principles of innovation, to deliver superior profits, customer satisfaction and cardholder loyalty
This report will help you:
- Understand why your company’s organisational framework is crucial to capture the benefits of innovation.
- Identify and target key market segments for innovation with the latest analysis and demographics of the credit card customer.
- Use innovation to maximise your profitability throughout the customer life cycle using ‘event based’ life cycle management.
- Understand the factors that have driven the success of existing innovative products.
- Implement strategic marketing initiatives through a better understanding of your customers’ needs and wants – and understand how positioning, branding and the use of loyalty/reward schemes can improve your proposition.
- Gain an up-to-date insight into the competitive landscape.
- Acquire an overview of the variety of innovative card products available, and learn from examples taken from outside the cards industry.
Each chapter comes fully illustrated with extensive diagrams and summaries to help you quickly understand the key themes and concepts – including an invaluable roots and branch survey that highlights the important organisational processes required to take advantage of the next generation in innovation. Remember, profitable innovation is not accidental but the product of careful strategic planning.
Credit cards have long been synonymous with innovation; however the design of truly innovative and profitable credit card products remains a much misunderstood subject. This new report explains the key success factors necessary for the creation of innovative products within your organisation. First, by understanding the needs of your customers, then developing, testing and refining the concept, before rolling it out across the entire organisation.
Why innovate?
With two billion cards on issue worldwide, credit cards remain a huge growth area, particularly within emerging markets. But with growth comes intense competition, leading to a market crowded with similar-looking and similar-priced products. As issuers seek their competitive edge, innovation offers a powerful strategic alternative, with the potential to provide vastly superior profitability and cardholder loyalty.
A recent survey concluded that credit card organisations who invested in innovation are over twice as profitable as companies who are unwilling to invest.
Other benefits of innovation include:
- Improved quality of service
- Creation of new market segments
- Extension of the product range
- Reduced costs
- Improved production processes
- Replacement of products/services
- Reduced environmental damage
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