Join in the community forum! The thINK blog is a place for community members to share their opinions, best practices, successes, and challenges. Add your comments to the blogs published here or write a blog and we’ll post it for you.
Cobrand Credit Card Landscape: A Flee From Fees
Comperemedia’s recent report by Marisa Frys, “Cobrand Credit Card Landscape: A Flee From Fees” provides insights surrounding cobrand credit card marketing strategies across the top ten spenders, a high-level look at messaging strategies and opportunities to grow moving forward. In short, it’s your playbook for helping your financial services customers create powerful cobrand credit card marketing strategies for their direct mail campaigns — and it’s a free download for all Canon Solutions America production inkjet customers.
As a print service provider, it's essential to understand the nuances of marketing strategies for cobrand credit cards to effectively produce marketing materials for your Financial Services customers. By understanding the key insights and opportunities in this space, you can create effective print collateral that drives engagement and loyalty among their customers.
One critical consideration when printing marketing materials is the messaging strategy. Cobrand card issuers have recognized the power of "spend & get" offers to attract customers. By aligning these offers with their partnered brand's value propositions, they entice potential customers and strengthen the narrative that their card can be a valuable asset in consumers' wallets. Therefore, it's essential to ensure that these offers and value propositions are clearly conveyed in any print marketing materials.
Another crucial factor to keep in mind is the target audience. According to Mintel reports, Gen Z and Millennials display a greater willingness to pay a higher annual fee than older generations, as long as it translates into superior rewards and benefits. This presents an opportunity to create marketing materials that speak to younger generations and effectively communicate the value-add of premium-tier cards. By understanding the preferences and behaviors of the target audience, you can create print materials that resonate and drive engagement.
It's also important to consider the channels through which cobrand card issuers are communicating with their customers. While most brands favor direct mail, some, like Apple and Venmo, more actively leverage digital channels to reach younger audiences. By understanding the channels being used, you can create print materials that effectively complement and integrate with these other communication channels.
Finally, as a print service provider, it's important to help cobrand card issuers strike the right balance between providing exclusive benefits and rewards while ensuring that their card is straightforward enough to use as a primary payment tool. This can be achieved through clear and concise design, copy, and messaging in print materials that showcase the value-add of the card while also providing easy-to-understand instructions on how to use it.
By understanding the marketing strategies and opportunities in the cobrand credit card space, print service providers can help their Financial Services customers create effective marketing materials that drive customer engagement. By effectively conveying the value-add of the card, speaking to the target audience, integrating with other communication channels, and ensuring simplicity and ease of use, print service providers can help their customers stand out in this crowded market.
Download the Comperemedia report, “Cobrand Credit Card Landscape: A Flee From Fees” to use as your cobrand credit cards marketing strategy playbook. You’ll find insights surrounding marketing strategies across the top ten spenders, a high-level look at the industry and its implications within the product line, messaging strategies, and opportunities to grow moving forward. Consider this report as your playbook for all things marketing strategy in cobrand credit cards.