Personalization: Responding to Consumers with Relevance
Heinrich Marketing
The “R” word is pretty hot these days. Whether it’s your blog, your book or your tweet, it’s gotta be relevant to today’s consumer. But when it comes to marketing, it’s about getting it right on multiple levels. The right message, the right channel, the right timing and the right features. When you do this, consumers feel like your offer has been designed specifically for them, and that’s real relevance.
Credit cards are a perfect product to lead the charge, so to speak. Consumers are spending again, albeit cautiously. Mintel Compremedia, a direct-mail tracing company reported that lenders sent out 398.5 million credit card offers in Q4 of ’09 — a 46% increase over the third quarter.
As you start marketing again, keep in mind that consumers are calling the shots in a whole new way. In an age of choice, they know they can find a product to suit them perfectly. Amidst economic chaos, they know they can demand a deeper level of communication and trust. But perhaps convenience is their highest priority — keeping it all at their fingertips with smart tools is absolutely crucial. Because if you don’t deliver, someone else will.
Three Points to Personalization
1. Crack customer intelligence. Whether it’s an urban single who buys dry clean-only suits and organic dog food, or an empty-nester who relies on your line of cosmetics, anticipate their activities and be there when they buy.
2. Identify benefits in a new light. Make features and benefits speak more directly to your customers and deliver rewards in a more meaningful, relevant way. How can your tools work for the engaged girl who needs a low interest rate on her gown, text message alerts reminding her about the deposit for the caterer and rewards points to cash in on for the honeymoon flight to the Poconos?
3. Create a connection. This means marketing to a smaller set of customers, but when it feels more 1:1, they’re more likely to listen. This is where innovative CRM tools such as print on demand come in.
Recognizing Your Customers. Responding to Your Customers.
Like putting a face to a name, personas translate numbers into needs. They inspire genuine empathy for the people who buy your products and force you to prepare multiple approaches. At all levels, your response says: We know you, we understand you, we’re there for you. Three personas here show you the way:
Frugalista: Ready for Benefits, Rewards and Real Value
This hip chick is still shopping, but she’s now far more attuned to maximizing rewards. She avoids annual fees, but earns points like a pro. Frugalista puts energy into finding the best price-value match. For her, there’s even a sense of pride to her task. When making a decision, she breezes right past the standard messages in search of bonus benefits. We know she shops. Make her want to shop with you.
Watchful One: Prudent and Waiting for the Perfect Offer
Like a late adopter, this consumer is cautious, but observant. He’s focused on keeping his credit score, building his savings account and staying smart, so he’ll likely respond to a low interest rate and honest, direct messages. A solid sign-up discount or first-purchase reward presented at just the right moment could help him ease into smart, yet steady card usage. Slow and steady wins this consumer. He will spend again.
A Couple of Leisure: Liberated and Living Well
These two have worked hard and feel like they deserve the rewards, vacations and an occasional splurge that come with retirement. They pay off their credit card monthly, so low interest rates aren’t important. But purchasing power is huge. Miles, points and access to upscale spas and hotels encourage the Couple of Leisure to choose your card. If luxury at a low cost is available, they’re interested.