Published on February 4, 2014
CREDIT CARD Segmentation, targeting, positioning and Pricing strategy Group members: Sukanya Barman Jatin Setia Neha Bindal Subhrasankha Bhattacharjee
A SHORT GLIMPSE OF CREDIT CARDS IN INDIA According to a new research report “Indian Payment Card Market Forecast to 2012”, Indian Payment Card Industry presents enormous growth potential for market players in various segments. Despite a decline in credit card base, the industry has seen huge growth in terms of cards transaction as debit and credit card transaction by value has increased at a CAGR of around 46% and 9%, respectively during FY 2008-2011.
OPERATIONAL STRATEGY Member of both major payment system: Visa and Master card. Relationship Cards: An umbrella Strategy for a number of card related services which eventually offers consumers access to funds through domestic and international credit and debit function payments. Focusing each credit card offer on a distinct consumer need, we garner both the ability to present more effective value propositions to consumers that behaves as predictably as possible. making it easier to forecast card profitability as well as adjust marketing strategies based on early returns.
MARKET SEGMENTATION Social class Upper Social Class Middle Social Class Lower Social Class Businesses Class Age Group Young adults aged 1825 Adults aged 25-30 Senior citizens over 60
TARGET MARKET: YOUNG ADULTS AGED 18-25 It is known that people develop their first brand loyalties when they are between the ages of 18 and 25. Accordingly, college students as an important part of the youth market offer great opportunities for credit card companies. Less credit history/experience Small credit limit Cash back as incentive Extra cash, or points for paying on time No extra membership fees or annual charges 5% cash back on up to purchase of 5000 INR in particular categories
TARGET MARKET: ADULTS AGED 25-30 Uses cards more regularly for everything: Groceries, Entertainment, Gas, Luxury goods Rewards programs, usually offered for an annual fee Value of rewards only exceeds fee if card is used enough, arousing consumers’ loyalty Given the cost of maintaining the programs, these cards are generally reserved for users with better credit
POSITIONING “Premium Services for Young”
MARKETING STRATEGY Appeal to former debit card users Leave no customer empty handed Secured Cards Selling credit-based products to consumers, such as credit insurance or credit monitoring Contracts with Hotels, Restaurants and other merchants for special offers. Distribution of Card Readers to small retailers, Groceries, Luxury good shops having permanent. Customers could use their existing card instead of having to apply for and carry another card.
PROMOTIONAL STRATEGY A welcome pack to every customer. Theme Song or tune for the Brand. Television campaign and advertising in the national press. Card reader plays notes from the theme song: creates a sense of an upbeat shopping experience. Loyalty Scheme
PRICING STRATEGY Temporary low interest rate, frequent-flier miles or free balance transfers. No annual fee, low rates, with grace period, free air time for cell phones, free fuel for car & bikes and cash back are some of the competitive advantages that can be provided depending on the target group. Effortless rewards – which were easier to earn, easier to use and easier to redeem Rewards to be featured in rupees and dollars rather than in points, to make it easier for the customer to see the value of what they had earned.
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