TAKING

OF A STALE CREDIT CARD PROGRAM

AND IMPRESSIVE RESULTS THAT SPEAK FOR THEMSELVES

Just because your customer has your credit card, it doesn’t mean they’re using it. Plastic can sit idle in wallets, meaning the revenue you expected from

them isn’t coming in. That’s because the incentive your customers perceived when signing up for your card has grown stale, and someone else’s program is outshining yours. That’s where Kobie comes in.

SITUATIONTo maintain a competitive advantage in the marketplace, we had a major client seeking ways to expand and enhance their existing rewards program. Their credit card product offering had remained virtually unchanged for years. Meanwhile, the competitive landscape (and customer expectations) evolved. It was time for an overhaul.

Our client came to us for help with engaging customers through personalized lifecycle strategies, enhancing rewards and the overall value proposition, and leveraging preference insights to maximize customer lifetime value. Some metrics of success included: Average Outstanding Balance, Purchase Volume, Purchase Transactions and Active Accounts. SOLUTIONWe wanted customers to dust off that credit card and start spending again. And we were going to incentivize them to do so. Using our client’s rewards program as foundation, we developed a new strategic program designed to engage our client’s customers early on – through onboard messaging, welcome kits, and promotional offers. Paired with

Charge

727-822-5353Find us at www.kobie.com or drop us a line at info@kobie.com to learn more.

Copyright © 2016 Kobie Marketing, Inc. All rights reserved.

lifecycle management, a more robust card offering, key milestone identification and our state-of-the-art proprietary technology, our goal was to impact each moment of interaction with the customer – no matter how small.

Our client’s brand needed to be top-of-mind and their card top-of-wallet. They also wanted to drive acquisition and awareness of program changes. Utilizing a multi-touchpoint communications plan, we easily communicated our client’s loyalty program conversion – and the enhancements it brought – to each and every customer. We wanted them to feel comfortable and confident with this transition and that it was happening to benefit them with a more simplified web experience, better customer service, and a smoother reward redemption process.

Eye-catching imagery. Exciting yet conversational copy. A complete credit card redesign. And beautiful welcome kits. This was just the beginning of the journey for these customers. Special touches included thank you notes and custom packaging with all merchandise awards. We wanted to wow them at every opportunity.

Many rewards programs in our client’s competitive arena are cold, stale and purely transactional. Our goal was to break through the clutter and change the entire industry’s perception. The immersive experience we created using

strong visuals, bold colors, warm imagery, high value props, easy Single Sign On (SSO) integration and focused customer communications, gave our client an inviting, friendly persona – one that customers could trust and embrace.

Their new rewards program gave customers more options than ever to earn points and redeem them for exciting products and travel experiences. Better yet, we were able to dramatically reduce the turnaround times on those redemptions. We found ways to win big with every tiny detail. RESULTSNumbers don’t lie. It worked. Prior to conversion, 70% of redemptions were made by customers calling in and only 30% were executed online. Within 3 months after conversion, redemptions shifted to 75% online redemptions and 25% via the call center for a significant cost savings to the bank.

With nearly $85 average spend per transaction and over $5,500 average spend per account. Total revenue increased over 215%. Additionally, nearly half of new accounts completed their first purchase within one month and over a third had a second purchase within those 30 days, too. To say it simply, we had a very happy client in a very challenging industry. Now they’re the company the competition is aiming to emulate instead of the other way around.

727-822-5353Find us at www.kobie.com or drop us a line at info@kobie.com to learn more.

Copyright © 2016 Kobie Marketing, Inc. All rights reserved.