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Credit Marketing Strategies to Capture Today's Digital Consumer

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Consumers look at their smartphones an average 150 times per day. They are active on multiple social media platforms. Many consistently make online purchases. We live in a digital world, but is your credit-based marketing keeping up with the times? This slideshare reveals the latest trends and insights regarding consumer engagement with credit offers. Are consumers responding to direct mail, email or something else in the financial services space? Learn about insights specific to credit offers and how consumers are responding via various digital channels. Discover the latest channels financial marketers can leverage when delivering firm offers of credit.
Understand best practices to capture eyes on your financial offers and maximize your marketing spend.

Published in: Marketing

Credit Marketing Strategies to Capture Today's Digital Consumer

  1. 1. Credit Marketing Strategies to Capture Today’s Digital Consumer
  2. 2. ©Experian2 Speakers Andrew Davidson SVP/Chief Insights Officer Mintel Scott Gordon Sr. Director of Digital Credit Marketing Experian Reshma Peck VP of Marketing Experian
  3. 3. ©Experian3 Agenda 1.Mintel insights on digital credit landscape 2.New Experian insights and analysis 3.An integrated digital credit marketing approach 4.Q&A
  4. 4. 4 Mintel Reports: In-depth market analysis and consumer trends Asks 30,000 people their opinions each month Mintel Comperemedia: Omnichannel marketing strategy platform Analyzes marketing strategies of over 100,000 companies Mintel ePerformance: Email success metrics in real time Monitors performance of 1 million inboxes Mintel Trends: Leading edge collection of the latest in global innovation Tracks more than 75 consumer lifestyle trends and publishes thousands of observations Mintel Research Consultancy: Custom Solutions for consumer insights and competitive Intelligence Quantitative, qualitative, field research and custom panel solutions THE CONSUMER YOUR FOCUS THE COMPETITION WHAT’S NEXT THE RESULTS MINTEL KNOWS
  5. 5. 5 How Obtained New Card Application Offer Channel Q1-15 Q1-16 Q1-17 Digital 43% 45% 49% Online on Website of Card/Bank 13% 15% 13% Online from Email of Card/Bank 10% 9% 12% Online on Third-Party Website 11% 8% 10% Card or Bank Mobile App 3% 4% 6% Text Message 3% 4% 2% Social Media 4% 5% 5% Mail 24% 23% 22% Mail with ONLY offer/application 17% 17% 15% Mail with Bill/Account Statement 7% 6% 6% In-Person 23% 24% 20% Offer from person in Bank/ATM 10% 10% 8% In-Person at Kiosk/Store 7% 6% 6% Picked up Brochure/Application 6% 7% 7% Phone 7% 6% 7% Offer from Phone Call to/from Bank or Card Company 7% 6% 7% Other 3% 3% 3% Digital Channels Now Account for Nearly Half of All New Applications Q. Which of the following best describes how you obtained the offer for the [Card]?
  6. 6. 6 244 355 247 239 281 302 301 293 258 681 759 644 885 852 854 797 785 627 0 100 200 300 400 500 600 700 800 900 1,000 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Millions Pre-screened ITA Mail Volume at a 4 year low Credit Card Acquisition Mail Volume
  7. 7. 7 Source: Pathmatics 12 months ending 5/9/2017 Chase Tops Amex on The Points Guy in the Last 12 Months Chase spend: $3.7M in the last 12 months Amex spend: $1.5M in the last 12 months
  8. 8. 8 Dynamic Ads Plus “The Future of Travel” Video Series “Travel’s changing. Carry the only card designed to stay ahead.”
  9. 9. 9 Chase Slate on Snapchat
  10. 10. 10 Source: Mintel ePerformance/eDatasource as of 3/5/2017 Chase Launches Huge Email Cross-sell Campaign April 7th: 4.9 million emails sent Sapphire Preferred: 1.5M emails Multi-card: 1.4M emails Slate: 1.2M emails Freedom Unlimited: 796k emails April 29, 2016 Mobile App Home Screen
  11. 11. 11 Opportunity: Pre-screened Email …but just 3%of acquisition emails were pre-screened in Q1 2017 7% 8% 9% 9% 10% 44% Credit One SunTrust Citi Navy FCU Wells Fargo USAA Issuer Share of Pre-screened Acquisition Email: Q1 201712% of new card applications were obtained via email in Q1 2017
  12. 12. 12 US Bank Altitude Reserve Invites Include a VR Experience
  13. 13. 13 Application Channel Q1-15 Q1-16 Q1-17 Mail (Paper) 8% 9% 6% Digital 66% 65% 72% Online on Website 36% 32% 31% Online on Tablet 11% 12% 12% Mobile 19% 21% 28% Mobile Website 11% 11% 16% Mobile App 4% 6% 9% QR/AR/Mobile Code 4% 4% 4% Phone 8% 8% 7% In-Person 18% 18% 15% Q: How did you or another member of your household submit the application for the [Card]? A Record Percentage of Applicants Applied via Digital Channels in Q1 How Submitted New Card Application 40%
  14. 14. 14 The Importance of a Seamless Application Experience Wells Fargo’s Mobile Application Experience
  15. 15. 15 Source: Mintel Comperemedia, Offers with No Application Forms, April 2017 Capital One Drives Digital Applications via Direct Mail 0 10 20 30 40 50 60 70 80 90 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Millions American Express Bank of America Barclays Capital One Chase Citibank Discover First National Bank of Omaha U.S. Bank USAA Wells Fargo Others Volume of DM with No Paper Application Form
  16. 16. ©Experian16 Experian insights and analysis
  17. 17. ©Experian17 Evolving consumer media preferences 1990’s 2000s 2010s Consumer spend more time on mobile apps than mobile web: 86% vs. 14%
  18. 18. ©Experian18 Marketers respond… How has ad spend shifted? Mobile ad spend surpassed digital display in 2016 Mobile to account for over 70% of digital spend by 2019
  19. 19. ©Experian19 Analysis – How we did it VantageScore® GenerationTrend ViewSM Consumer credit data Consumer behavior data Mobile users  Email engagement  Online display  Mobile display  Direct mail  Broadcast cable TV TrueTouchSM segment  Mobirati  Social connectors  Pragmatic adopters  Basic planners  Mobile professionals  No mobile phone
  20. 20. ©Experian20 About the sample: Scorable vs. consumers
  21. 21. ©Experian21 These mobile users are your Prime audience… 0% 5% 10% 15% 20% 25% 30% Mobirati Social Connectors Pragmatic Adopters Basic Planners Mobile Professionals No Mobile Phone VantageScore® for mobile users Deep Subprime Subprime Nonprime Prime Super Prime
  22. 22. ©Experian22 Mobile users are mainly revolvers and transactors 0% 5% 10% 15% 20% 25% 30% Mobirati Social Connectors Pragmatic Adopters Basic Planners Mobile Professionals No Mobile Phone Mobile user Trend ViewSM segments Consolidator Rate Surfer Revolver Transactor Mixed
  23. 23. ©Experian23 An integrated digital credit offer
  24. 24. ©Experian24 Experian’s prescreen solutions support this integrated vision  Cross channel targeting / retargeting in :  - Direct mail  - Email (1st party and Acquisition)  - Digital Display  - Measurement Supports PreScreen and PreQualification
  25. 25. ©Experian25 Digital channel dynamics and consumer expectations drive pressure to be a steward of identity information DATA INTEGRITY TECHNOLOGY CUSTOMER EXPERIENCE REGULATORY
  26. 26. ©Experian26 Data Integrity Who are you? Are you who you say you are? Is our transaction a legitimate one? Are you still who you say you are? DATA INTEGRITY
  27. 27. ©Experian27 Cookie vs. people-based Cookie-based targeting People-based targeting DATA INTEGRITY
  28. 28. ©Experian28 Marketing Technology and Expertise “As FCRA marketers, we’re held to a higher standard – a small price to pay for the benefit being able to use regulated data sets to reach our perfect consumer.” TECHNOLOGY
  29. 29. ©Experian29 Consistent Consumer Experience  1. Have real-time data  2. Serve the right offer to the right consumer  3. Ensure ads and communications are complimentary CUSTOMER EXPERIENCE
  30. 30. ©Experian30 Regulatory Compliance  1. Honor consumer opt outs across all channels  2. Ensure you have audit rights with media publishers  3. Have checks and balances along the way REGULATORY
  31. 31. ©Experian31 1. Try new acquisition channels 2. Develop omnichannel strategies that integrate across channels 3. Lead with the mobile application experience 4. Look for new ways to pre-screen consumers 5. Maintain checks and balances 6. Above all, be compliant! Best Practices
  32. 32. ©Experian32 Q&A

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