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A financial services company offers its credit card as a financing option at more than 200,000 healthcare providers. The card works much like a regular credit card, but with two distinct differences: It can only be used for services at participating providers, and cardholders can get no interest financing every time they use the card.
Research showed that cardholders had a positive view of the card. However, of the 8 million-plus cardholders, half were considered inactive without a balance on the card. Further research showed the three primary reasons cardholders were not actively using their cards was because they were not aware that:
- Build customer awareness
- Demonstrate the product’s value
- Address the three customer issues and challenges above
The ultimate goal was to move inactive customers to active users, helping the company gain more share-of-patient financing dollars.
Turning Inactive Cardholders into Ambassadors
The resulting e-newsletter created by CCG and called CareCheckup combines consistent, key messaging about the financial services credit card benefits and features, with value-added articles that relate to the areas served by the credit card.
By providing cardholders with interesting, engaging and relevant articles and information they can use, CareCheckup is designed to not only enhance cardholder relations and boost lifetime usage of the card, but also help drive repeat transactions. For added relevance, the marketing team leveraged data to incorporate dynamic content so that cardholders receive content related to their most recent transaction.
Specifically, the newsletter focused on:
- Establishing the financial services company as a trusted information resource
- Encourage repeat usage and cross-usage between provider areas
- Increasing cardholder knowledge of services covered
- Validating a cardholder’s decision to select the card as the best choice for financing
- Driving the brand to every cardholder top of mind
- Generating word-of-mouth referrals
- Encouraging two-way dialogue and interactivity, as well as visits to the cardholder website
- Allowing the financial services company to invest less than with acquisition marketing
Results: Higher Engagement Leads to More Active Cardholders
With CCG’s help, the CareCheckup newsletter resulted in the financial services company seeing an increase in cardholder awareness and loyalty, meeting investment-saving goals, generating referrals and gaining share of patient financing dollars.
Specifically, a recent survey of cardholders who received the newsletter showed that:
- 96% found the information useful
- 88% visited the cardholder website
- 66% opened the email and clicked through to read one or more articles
- 65% saved the newsletter in their inbox to read later and/or forwarded a copy to friends and family members
The survey also showed that CareCheckup has influenced cardholders to seek care for themselves or their family members. A significant number of readers said that they plan to use their credit card within the next six months.
In addition, the financial services company has seen a 29% increase in the number of cardholders receiving CareCheckup since its inaugural issue — from 653,000 to more than 1.9 million readers.
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