According to Dr. Patricia Sahm of the Auriemma Consulting Group, credit card companies have changed very little in how their marketing to their consumers.
Rewards credit cards are still the most frequently solicited card offer with more than half of the survey respondents indicating they opened a new account for a rewards program.
2/3 of the people surveyed said they responded to a “special acquisition offer, most often an introductory period of low interest rates.”
Most importantly, the survey indicated a stark change in the type of communication that consumers now prefer: multiple-channel communication. Customers don’t want the same old traditional marketing communication that card issuers have always relied upon. “There’s a tendency to talk about consumers as if they were committed to only one channel,” Sahm said.
The same customer may read a direct mail piece, compare offers and apply online, check statements on their smartphone, and call customer service with a card statement inquiry.
“Multiple-channel communication is the new norm.”