Campaigns are an excellent way to drive engagement for your financial institution because they incentivize your cardholders to spend more, increase transactions and improve category performance in exchange for extra points that can be redeemed for rewards. At ampliFI Loyalty Solutions, we offer various types of campaigns and promotions to help drive spend and usage, and ultimately improve cardholder retention with earning and redemption satisfaction. With a cohesive campaign strategy, your financial institution can find success in improving your loyalty program performance, engage your cardholders more frequently with higher spend, and gain greater cardholder satisfaction for long-term relationships.
Develop Well Timed Usage Campaigns To Drive Seasonal Spend
When it comes to cardholder engagement, it’s all about getting in front of your cardholders at the right time to increase their card usage and drive payment volume. It’s imperative to schedule creative promotions around your cardholders’ needs and wants to help fuel cardholder spending and transaction volume. For example, the new year is a great time to give your cardholders bonus points on merchant category purchases, such as grocery stores and fitness clubs, due to many consumers starting a more rigorous health regimen as part of their new year resolutions. Additionally, you can target your cardholders in the Spring with a promotion at home improvement stores as they begin to prep their gardens, outdoor living spaces and homes for warmer weather.
Reward Cardholders For Institutional Loyalty
When a consumer is already a cardholder at your financial institution, they are more likely to participate in other services and products your financial institution offers. Reward them for further engagement with cardholder retention campaigns. One example is offering 10,000 points when a rewards cardholder opens a new mortgage or 2,500 points for referring a friend who opens an account. These types of promotions will help you to build your customer base, increase your portfolio revenue and gain greater satisfaction among your consumers for rewarding their everyday needs.
Drive Spend and Transaction Volume With Performance Campaigns
Encourage cardholders to spend more on their rewards-linked card by creating spend and transaction campaigns. You can set a threshold for spend or transaction quantities that rewards them with bonus points once they achieve them. If you tend to see a lull in spend or transactions during a certain period of the year, such as Fall, you can create a promotion that rewards cardholders for spending $1,500 or more on their rewards card in exchange for 500 bonus points. Set the threshold above your typical cardholder spend levels or transaction quantities, and watch your payment volume and consumer engagement increase as they work to meet the promotion thresholds and improve your financial institution’s portfolio revenue.
Create a Year-Round Promotions and Campaign Strategy
It’s important to think of campaigns and promotions as a strategy and not just a singular tactic in your marketing and engagement plan. Study your loyalty program and cardholder data to understand the times in which your cardholder engagement is lower than average and target these periods with qualified campaigns that meet your cardholder demands, building year-round engagement. With a year-round strategy, you can address challenges from the start and continue to generate revenue year-round with optimized cardholder engagement.
Promotions and campaigns are a great way to build value for your cardholders by educating them on the benefits of their loyalty program and being rewarded for engaging with your financial institution. Not sure where to start in developing a cohesive annual promotions strategy? Click here to download our free Spend and Usage Campaign and Promotion Ideas for 2022 downloadable, featuring seasonal and annual promotions to drive cardholder retention and usage with your cardholders!
Want to learn more about ampliFI Loyalty Solutions’ marketing and promotion support? Ask our experts at firstname.lastname@example.org for more information today!