Special Event Marketing: Card Forum Update
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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! ...

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 Special Event Marketing: Card Forum Update Presentation Transcript

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