Challenge:
First National reached out to BKM to improve marketing effectiveness for a co-branded small business credit card offering, focusing on healthcare segments. The credit card portfolio lacked a number of data elements that could create better targeting, visibility and profitability to the direct marketing efforts to these prospects.
Solution:
BKM worked with the First National product team to outline portfolio drivers to test that could be impacting a plateauing response rate. In that the core offer was consistent across all segments, BKM worked with First National to identify optimal sub-segments based on industry, revenue potential and loyalty factors to the co-branded company. Based on the analysis, BKM was able to develop a targeted and personalized direct marketing strategy with new timing for touchpoints which decreased overall program costs while delivering response rates at or above previous campaigns.
Program Elements:
- Product Positioning
- Market Segmentation
- Creative Services
