Writing this article about Visa’s new branding initiative, based on a recent conversation with Suzanne Lyons, the chief marketing officer, I was reminded of the old vaudeville joke about the man who said his credit card was stolen but decided not to report it. Why not? Because the thief was spending less than his wife did.
Nowadays, the joke might be viewed as sexist (although, in theory, it should work just as well with the gender roles reversed). Also, the problem of identity theft puts a damper on the punch line (at least for the 3.6 American households that have suffered the consequences). In short, the joke probably played better in 1964.
The article mainly focuses on the launch of Visa’s first new tagline in 20 years and the strategic thinking behind the multi-channel marketing campaign, unveiled just two months ago during the Winter Olympic Games on NBC. But, of course, I couldn’t help but also spend some time talking about precision marketing in the context of the financial services industry.
While most banks could be doing a lot more in this area--using transaction analytics to trigger relevant cross-sell offers, for example, based on indicators of impending lifestage events--Visa seems to be making impressive inroads on the retail front with the recent launch of its Visa Incentive Network. According to the press release, the network helps merchants "offer dining promotions to cardholders who are avid restaurant-goers, discounts to consumers who prefer boutique shopping, or special offers to frequent travelers.”
Whether the Visa Incentive Network does everything it purports to do is a topic for another article. Meanwhile, did you hear the joke about the man who walks into a talent agent’s office with his wife, children and dog, wanting to audition his act …?
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