Compared to many financial services and products, credit card marketers have a limited opportunity to convert customers, who increasingly rely on digital sources for research and often spend less than a week researching before applying for a card. We studied these online behaviors and their implications to help today’s credit card marketers drive more ROI from their marketing programs. Here’s what we found:
People submit credit card applications seasonally. Prospecting activity is highest ahead of the summer, while applications peak during the holiday shopping season. Consumers are also more likely to apply for a credit card during the week compared to the weekends.
Millennials are a growing segment for credit card advertisers as they make up nearly half of the applicant pool.
They are mobile centric and are unlikely to be receptive to direct mail offers. Millennials are also concerned with smartly managing their credit, and avoid carrying balances and seek out cards with low fees and interest rates allowing them to build their credit.
Rewards are the primary factor that drive applications among affluents and unique offerings are one of the few triggers that will get them to switch cards.
- Adjust budgets and flights to align with application trends: For example, marketers can increase visibility and frequency early in the week to coincide with high application volume or deliver offers during the holiday season and summer to capture increased demand for credit cards.
- High-impact takeovers draw attention to an offer and increase visibility during target periods.
- Deepen brand awareness with online video and content that touches on applicants’ interests. Advertise around topics that matter most to applicants – current events, politics, travel and weather.
- Use mobile retargeting to reach millennials who are more likely to research and convert via the channel.
For more information on this study, reach out to your Yahoo representative or contact us today.