Perks and the Marketing Mix
A large number of customers are using credit cards because of the related perks. For example, customers can get cashback offers. Many online retailers also offer discounts. Market research will compile details of the perks provided by competitors. It enables banks to come up with similar or better perks.
The Return on Assets (ROA) for credit card issuing banks are usually high. Research shows they are far higher than compared to conventional banks. As a result, issuing banks can afford to invest more in FinTech.
About Credit Card Market Research
Conventional banks should hire an experienced and professional market research firm. It’s the best way to get the latest information on the credit card market. They can plan their marketing strategy and improve customer service if required.
It’s easy to dismiss the importance of Credit Card Market Research. But, banks and other financial institutions need to research the credit card market. It shows them the target market, where to reach the customers, and where their interest lies. It also ensures a steady stream of customers. It’s a way for credit card issuers to check in with current and potential customers. In that way, the issuers will know if they’re still meeting the needs of their customers.
There are many other reasons why credit card issuers need thorough market research. It helps them decide what text and images to put on their website flyers and social media accounts. It’s also important to know whether customers see credit cards as a luxury or necessity. This knowledge can help issuers to design their brochures and other marketing materials. The age range of customers can tell issuers what type of language to use in their promotional materials.
SIS International Research provides services to credit card issuers such as Focus Groups, Surveys, Ethnography, Online Communities, and Consumer Lifestyles Research. We also do Customer Touchpoint Design, Customer Acquisition Consulting.