Special Event Marketing: Card Forum Update

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Special Event Marketing is like taking a trip to Walt Disney World: Don’t buy the ticket if you won’t go on the ride!

This presentation gives marketers ideas on developing effective card marketing programs.

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Special Event Marketing: Card Forum Update

  1. 1. Crossing the Finish Line: <ul><li>Making the Most of Special Event Marketing </li></ul><ul><li>2001 Card Forum </li></ul><ul><li>Walt Disney World </li></ul><ul><li>Orlando, Florida </li></ul><ul><ul><li>Dan Stiel </li></ul></ul><ul><ul><li>Stiel Direct LLC </li></ul></ul><ul><ul><li>Stieldirect.com </li></ul></ul><ul><ul><li>Revised © 2010 Stiel Direct LLC. All Rights Reserved. </li></ul></ul>
  2. 2. Special Event Marketing is like taking a trip to Walt Disney World -- -- Don’t buy the ticket if you won’t go on the ride! Stiel Direct LLC · (949) 300-8325
  3. 3. Why Special Events? <ul><li>Alternative channel of distribution </li></ul><ul><li>Reach new prospects </li></ul><ul><li>Compliments other efforts </li></ul><ul><li>Cost-effective </li></ul>Stiel Direct LLC · (949) 300-8325
  4. 4. Why Special Events? <ul><li>Event Marketing is one of the world's fastest-growing channels of distribution </li></ul><ul><ul><li>According to IEG, corporations will spend more than $24.6 billion sponsoring sports, arts, entertainment, causes and events in 2001 </li></ul></ul><ul><li>Differentiates your brand </li></ul><ul><li>Reach receptive new audiences </li></ul>Stiel Direct LLC · (949) 300-8325
  5. 5. Special Event Strategies <ul><li>Issuers use special event card solicitations to </li></ul><ul><ul><li>Build awareness and brand position </li></ul></ul><ul><ul><li>Promote brand trial </li></ul></ul><ul><ul><li>Support sponsorship programs </li></ul></ul><ul><li>Reinforce brand position among current cardholders </li></ul><ul><ul><li>Enhance Activation, Usage, Retention </li></ul></ul><ul><li>Reward customers for carrying card </li></ul>Stiel Direct LLC · (949) 300-8325
  6. 6. If Building Brand is the Goal Then the metric is the number of profitable customers gained and retained. Stiel Direct LLC · (949) 300-8325
  7. 7. Fundamentals <ul><li>Complement to other activities </li></ul><ul><li>Enhance the brand experience of those you touch </li></ul><ul><ul><li>Carry that experience into usage and beyond </li></ul></ul><ul><li>Understand unique challenges in designing, hiring, and administering </li></ul><ul><ul><li>In-house or outsource? </li></ul></ul>Stiel Direct LLC · (949) 300-8325
  8. 8. Case Study <ul><li>Visa Sponsorship of USPS Cycling Team </li></ul><ul><ul><li>According to IEG, Visa’s co-sponsorship of the USPS Cycling Team helped push 2000 usage of the Visa brand in USPS outlets up 27% over 1999 </li></ul></ul>Stiel Direct LLC · (949) 300-8325
  9. 9. Case Study <ul><li>Visa’s co-sponsorship of the USPS Cycling Team used incentives </li></ul><ul><ul><li>Customers were incented to use their Visa Cards to purchase stamps and other services with a sweepstakes for a trip to the 2001 Tour de France </li></ul></ul>Stiel Direct LLC · (949) 300-8325
  10. 10. EXAMPLES OF CARD EVENT MARKETING <ul><li>Case Studies </li></ul>Stiel Direct LLC · (949) 300-8325
  11. 11. Stiel Direct LLC · (949) 300-8325
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  17. 17. Win on Sunday – Sell on Monday <ul><li>Actively participate in programs </li></ul><ul><ul><li>Designing and Managing Exhibits </li></ul></ul><ul><ul><li>Training staff at all levels </li></ul></ul><ul><ul><li>Proactive selling </li></ul></ul><ul><li>Auditing and Mystery Shopping </li></ul><ul><ul><li>Evaluate your efforts regularly </li></ul></ul>Stiel Direct LLC · (949) 300-8325
  18. 18. Set Standards <ul><li>Set standards for your supporting vendors </li></ul><ul><ul><li>No Crashing – unauthorized events! </li></ul></ul><ul><ul><li>No Stacking – selling competitor card products at the same time! </li></ul></ul>Stiel Direct LLC · (949) 300-8325
  19. 19. Screen. Train. Monitor. <ul><li>Set screening, training and education standards for your representatives </li></ul><ul><li>Require on-site managers </li></ul><ul><ul><li>Be wary of untrained, unsupervised, poorly screened representatives </li></ul></ul><ul><li>Who are these people, anyway? </li></ul>Stiel Direct LLC · (949) 300-8325
  20. 20. Manage Adverse Selection <ul><li>To reduce adverse selection in special event marketing, practice the “Theory of Interception” </li></ul><ul><ul><li>Do not wait for prospects to approach you </li></ul></ul><ul><ul><li>Proactively intercept prospects </li></ul></ul><ul><ul><li>This will simultaneously reduce adverse selection risks while engaging the targeted customer </li></ul></ul>Stiel Direct LLC · (949) 300-8325
  21. 21. Rewards <ul><li>Consumers conditioned to expect gift for applying </li></ul><ul><ul><li>Also reduces acquisition costs </li></ul></ul><ul><li>Select premiums which offer real perceived value to target market </li></ul><ul><ul><li>Select premiums that tie back to event and brand position </li></ul></ul>Stiel Direct LLC · (949) 300-8325
  22. 22. Rewards <ul><li>Consider value of rewarding existing cardholders with a “thank you” gift </li></ul><ul><ul><li>“ Show us your Card” </li></ul></ul><ul><li>Don’t overspend -- or look “cheap” </li></ul><ul><li>Cheap premiums backfire! </li></ul><ul><ul><li>Increases adverse selection </li></ul></ul>Stiel Direct LLC · (949) 300-8325
  23. 23. Event Selection <ul><li>Identify events meeting target market criteria and brand positioning </li></ul><ul><li>Events should be evaluated on a case-by-case basis </li></ul><ul><li>Bigger is usually better </li></ul><ul><li>Free admission vs. Paid gate for attendees </li></ul>Stiel Direct LLC · (949) 300-8325
  24. 24. Event Selection <ul><li>Identify competitive threats </li></ul><ul><li>Determine optimal participation opportunities </li></ul><ul><ul><li>Sponsorship benefits </li></ul></ul><ul><ul><li>Exhibit location </li></ul></ul><ul><ul><li>Space configuration </li></ul></ul>Stiel Direct LLC · (949) 300-8325
  25. 25. Exhibit Design <ul><li>Design event exhibits to support brand position </li></ul><ul><ul><li>Signage </li></ul></ul><ul><ul><li>Uniforms </li></ul></ul><ul><ul><li>Attractions </li></ul></ul><ul><ul><li>Premiums </li></ul></ul><ul><li>Consider logistics </li></ul><ul><ul><li>Purchasing, shipping, storage, wear & tear, lifetime value </li></ul></ul>Stiel Direct LLC · (949) 300-8325
  26. 26. Staffing <ul><li>Assign on-site manager to supervise venue and personnel </li></ul><ul><li>Recruit and educate appropriate sales associates for event participation </li></ul><ul><li>Require suppliers to complete and submit necessary employment and insurance documentation for event staff </li></ul>Stiel Direct LLC · (949) 300-8325
  27. 27. Event Management <ul><li>Implement on-site event Credit Application processing and security procedures </li></ul><ul><li>Implement on-site venue maintenance schedule </li></ul><ul><li>Conduct Mystery Shops on an on-going basis </li></ul>Stiel Direct LLC · (949) 300-8325
  28. 28. Business Case <ul><li>Develop Budgets </li></ul><ul><ul><li>estimate production/printing expenses </li></ul></ul><ul><ul><li>Determine venue fees </li></ul></ul><ul><ul><li>Shipping, transportation logistics </li></ul></ul><ul><ul><li>Staffing requirements </li></ul></ul><ul><li>Project expected results </li></ul><ul><ul><li>applications generated, approval rates, activation, usage, retention </li></ul></ul>Stiel Direct LLC · (949) 300-8325
  29. 29. Event Reporting <ul><li>Secure and forward completed applications to your Processing Center daily </li></ul><ul><li>Require relevant production and staffing reports distributed daily </li></ul><ul><ul><li>Based on internal requirements </li></ul></ul><ul><ul><li>Number of complete and incomplete applications generated </li></ul></ul><ul><ul><li>Exception reports </li></ul></ul>Stiel Direct LLC · (949) 300-8325
  30. 30. Post-event Evaluation <ul><li>Assign unique source codes to each event </li></ul><ul><ul><li>Track metrics </li></ul></ul><ul><ul><ul><li>Segment to understand and to direct strategy </li></ul></ul></ul><ul><li>Define profitability </li></ul><ul><ul><li>Acquisition, Activation, Usage, Retention </li></ul></ul><ul><li>Random sampling analysis of respondents </li></ul><ul><li>Portfolio Performance Reports </li></ul><ul><li>Measure ROI! </li></ul>Stiel Direct LLC · (949) 300-8325
  31. 31. Recommendations <ul><li>Define Your Objectives </li></ul><ul><li>Plan Effectively </li></ul><ul><li>Provide the Resources to Implement </li></ul><ul><li>Hold your Team Accountable </li></ul><ul><li>Follow through on Opportunities Generated </li></ul>Stiel Direct LLC · (949) 300-8325
  32. 32. Take the Ride! Dan Stiel Stiel Direct LLC (949) 300-8325 [email_address] www.stieldirect.com

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