By Jason Medick, VP, Marketing, Advisors Plus Consulting
The “most wonderful time of the year” is almost upon us — before you know it, holiday décor will be lining the shelves of stores. With Amazon announcing a “Prime Big Deal Days” sale in early October, the traditional holiday spending period will essentially start one month sooner. But, with careful planning and strategic execution, card marketing campaigns can flourish during this very merry time of year.
To help your financial institution make the most of this opportunity, here are the top 10 best practices for successful card marketing during the holiday shopping season.
- Leverage Segmentation and Targeting. One size doesn’t fit all when it comes to card marketing. Divide your audience into segments based on spending habits, demographics and preferences. This segmentation allows you to craft personalized messages that resonate with each group, increasing the likelihood of engagement and conversion.
- Create Personalized Campaigns. The power of personalization cannot be overstated. Utilize customer data to create tailored marketing campaigns. Send emails, SMS or app notifications that suggest credit card offers or rewards based on each individual’s previous spending patterns and interests. In an era of personalization, consumers appreciate tailored experiences more than ever. Capitalize on this trend by using data-driven insights to offer targeted promotions and personalized offers. By understanding your customers’ spending habits and preferences, you can create marketing campaigns that feel uniquely attuned to their needs.
- Remember that Timing Is Key. Create a sense of urgency by introducing limited-time promotions and offers. Showcase exclusive benefits like cashback rewards or bonus points for holiday purchases. These time-sensitive incentives can prompt potential cardholders to take action sooner rather than later.Also, don’t wait until the last minute to launch your holiday marketing campaign. Capitalize on proactive shoppers who plan their purchases in advance. Early-bird promotions can entice these cardholders and drive sales ahead of the holiday rush.
- Utilize a Multi-Channel Approach. Meet your customers where they are by employing a multi-channel marketing strategy. Utilize email, social media, mobile apps and direct mail to ensure consistent messaging and brand presence across various platforms.Social media platforms are a playground for consumers during the holiday season. Financial institutions can engage with customers through interactive contests, sharing useful financial wellness tips and showcasing special holiday offers. Your customers spend a significant amount of time on social media — make sure you are active on those channels to connect with your audience.
- Ignite Emotions through Creative Content. Visual appeal is crucial. Design eye-catching visuals and craft engaging content that not only highlight the benefits of using your credit or debit card, but also capture the festive essence of the holiday season. Graphics that evoke the holiday spirit can make a lasting impression, while emotional storytelling resonates with consumers. Craft marketing campaigns that highlight how your financial institution’s products and services can alleviate holiday stress or contribute positively to customers’ lives. By striking an emotional chord, you can create a deeper connection with your audience.
- Elevate Loyalty Programs. Holidays are an opportune time to enhance loyalty programs. Consider offering extra rewards or discounts for cardholders who actively use your financial institution’s services for their holiday spending. By recognizing and rewarding their loyalty, you can strengthen customer engagement and satisfaction.
- Promote Safety and Security. Address the security concerns that often accompany online shopping. Highlight the robust security features of your card, including fraud protection and contactless payment options, to instill confidence in potential cardholders. As more consumers are leaning into using contactless payments, tap into this trend by promoting mobile wallets, tap-to-pay cards and other contactless payment methods —making sure to highlight their safety benefits. By offering safe and convenient payment options, you’re not only meeting customer expectations but also enhancing the security of their holiday shopping.
- Craft Online Shopping Experiences. Holiday shopping is becoming more and more dominated by online transactions. This shift presents a fantastic opportunity for financial institutions to bolster their online presence. Ensure that your website and apps are user-friendly and secure. Promote digital payment solutions and online account management options that will make the holiday shopping experience seamless and convenient for your customers.
- Spread Joy through Charitable Initiatives. The spirit of giving back is strong during the holidays. Financial Institutions can harness this goodwill by partnering with local charities or community organizations. Encourage your customers to participate in charitable initiatives and consider matching their donations or organizing volunteer opportunities.
- Extend the Post-Holiday Magic. Don’t let the holiday magic fizzle out when the season ends. After the holidays, consumers often seek deals on items they didn’t receive as gifts or look to consolidate balances from other higher-rate cards. Financial institutions can keep the momentum going by offering post-holiday promotions or discounts on selected products and services, keeping customers engaged even after the festivities.
The holiday shopping season presents a unique opportunity for financial institutions to stand out, engage with current customers and even attract new ones. Not sure how to implement these card marketing best practices? Consider partnering with a fintech that offers marketing consultation, such as Advisors Plus Consulting. Whether you partner with a fintech or not, follow these best card marketing practices to create compelling and effective holiday campaigns that shine bright and spread the cheer of convenient and rewarding shopping experiences.
Jason Medick is the VP of Marketing for the Advisors Plus organization. In his role, Jason is responsible for utilizing data-driven insights to define marketing strategy and optimize the customer experience to deliver card portfolio growth and profitability. He is passionate about merging the science of data analytics with his twenty-plus years as a marketing strategist to truly understand the voice of the consumer to produce results-oriented customer engagements that consistently generate impactful KPI measurements.
