Personalization is no longer a perk — customers expect that your business will know their preferences
The benefit of knowing customer interests is no different when it comes to credit card loyalty. Consumers who receive personalized benefits and offers when using their cards are more likely to reach for that same card next time.
In fact, product offerings and recommendations are the most-used card personalization tactic across businesses today, delivering a higher ROI than any other. They're also the top area in which organizations plan to invest by the year 2020.
One way card issuers can take advantage of this trend is to partner with retailers to present customers with personalized offers that are relevant to them. When you do the math, it all adds up: consumers get benefits personalized to their needs, retailers increase sales and customer loyalty and issuers see increased card use.
Contextual Loyalty is Key
Successful personalization starts with timely, accurate data insights. Customers want your offerings to be convenient for them, not the other way around. Leveraging Mastercard's global network and deep expertise, card personalization issuers and retailers can leverage anonymized and aggregated data insights to present consumer segments with customized offers that they already know will interest them.
Retailer-funded offers can increase portfolio performance, but many times, they're hard to obtain and even harder to manage. First, you have to start with the right card analytics so you can better understand cardholder needs. Then, you need resources to oversee the retail relationship. What's more, it's difficult to recruit retailers if you can't connect them with audiences they seek.
Cards their printers and their personalization can be a lot of work sometimes. But that is nothing some time of learning can't fix. All you need is a small amount of time, some amount of concentration, and that's it, you are an expert.
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