Posted by Steve Parker, Jr. (@sparkerjr)
In the last few months, we have observed a more cautious credit card industry. Since the economy has slowed, so has the marketing initiatives for credit cards. Mintel has reported a large decrease in direct mailers, which could signify an industry-wide move to digital.
Consumers are also searching with caution–looking for better credit cards with lower interest rates. Partnerships like that of Discover and Google Wallet are becoming more prevalent. It seems that the marketing ways of yore have begun to shift. Therefore, it is important to be creative with credit card digital marketing strategy now. Enter the new campaign for teen responsibility.
Credit card companies are now onboard the education train as a way to increase credit card usage in a troublesome economy. It works by parents getting their teens a prepaid or regular credit card and teaching them the appropriate ways to use it. This opens the conversation about the importance of their credit scores (and how to increase it), paying bills and spending within your means–all of which are certainly good things to know in your formative years. Capturing data is essential when beginning a new strategy, as it will help inform business and marketing decisions based on results and analysis. To discuss further what we mean by data mining, contact Levelwing.