Question

Topic: Strategy

Selling New Credit Cards Through Franchisees

Posted by corpblue on 12/5/2007 at 9:20 AM ET 125 Points
Hi all...
I work for a leading credit cards provider in India, responsible for franchise channel in a territory. As most of us know that selling a new credit cards (in big volumes) is tough task these days as the credit cards market is almost at maturity. Most franchisees operate on Tele calling and FoS model. Please suggest on how I can improve on new credit card sales, handle customer objections.
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RESPONSES

  • Posted by Jay Hamilton-Roth on 12/5/2007 at 7:16 PM Accepted
    Either you need to find people who don't have credit cards (students) or convince people who have cards to use yours (either adding your card to their wallet or causing them to replace a card with yours).

    A credit card is simply a way of allowing someone to buy something now and pay for the debt later. To replace an existing card, your credit card needs to: 1) be accepted at more merchants, 2) have better terms than other cards, and optionally 3) have better benefits (cash-back, mileage programs, etc.).

    For objections, you need to perform a SWOT analysis for the competition's cards. This matrix can be sent/shown to all prospects showing why your card is better than the competition.
  • Posted on 12/6/2007 at 10:06 AM Accepted
    A "building your credit" credit card...where the limit increases incrementally over time as the holder proves payment ability...good for those new to credit, no credit, bad credit.

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