Task

In 2016, our client’s credit card product portfolio was on its head; the always-reliable prestige credit cards with glossy benefits had lost its appeal, putting these high-margin products at risk. No longer did customers understand the exclusive benefits available to them. With such low awareness and utilisation, any credit card with a lower fee could do.

A decade-long erosion contributed to a >10% decline in brand value in the B2C space. Our task was to bring back value and save the high margin offer.

This is the story of a pilot program to change behaviour in the luxury credit card category.

Pilot

Data showed that existing credit card users’ interactions on social media could be used to demonstrate a card’s benefits in action (for example, social media posts announcing checking into airport lounges). Not only would this aid recruitment, but these interactions would also provide existing customers tangible reminders of the value derived from ongoing membership. This circular strategy became recruit to retain and retain to recruit: the basis for our innovation strategy.

We created a frictionless and seamless approach informed by geo-location and content curation technologies. Moving forward, the Company notifies cardholders of benefits as and when most valuable and actionable. Similarly, the Company can sponsor and amplify customer behaviours.

For example, customers are offered premium tickets to the hottest Broadway show when they land in New York City. The only action required to claim the tickets is a single click. This acceptance click also generates social content for contextual micro-targeting of prospects. The proper optimisation strategy supports these campaigns.

Transformation

We built the new recruitment platform on the back of an intuitive cardholder app to demonstrate higher potential – a proven metric for brand value. The pilot and modelling showed an increased conversion rate of 49%. The engagement included curating and recommending mar-tech, data, and content partners to deliver across markets and collaboration with marketing agencies.

This methodology has become the gold standard for recruiting and retaining customers.