Credit Card Development
A major credit card issuer
A leading credit card issuer wanted to optimize the messaging strategy for its value card portfolio by understanding the hierarchy of key features for the respective cards.
Respondents evaluated card products in a realistic and competitive context with a discrete choice conjoint-based exercise, and selected the overall card option they most preferred. Based on this approach, RSG extracted the relative importance of various card features to prioritize for communication. Latent class analysis was also used to determine customer segments with unique needs, which could be reached with highly-targeted messaging.
RSG recommended emphasizing quantifiable benefits such as no late fees for messaging, and identified two core benefits that had not been adequately communicated to consumers. The two unique 3-feature combinations were recommended for each of two cards in the portfolio. Out of two identified main segments, the first was determined to be more interested in one card’s specific features. The second segment, roughly three times the size of the first, was more interested in the other card’s features.
The client team, including Sr. Vice Presidents at the organization, used this research to optimize a go-to-market messaging strategy. Key stakeholders have provided feedback that optimized messaging strategy, along with the increased targetability of the messaging, increased marketing ROI for the value card portfolio.