Limited Time Offer: Save 25% on PRO with code JULYPRO »
Become a Member
Guides and Reports
Show All »
Metrics & ROI
Search Engine Marketing
More Marketing Topics »
Corporate Training Solutions
See All »
Schedule of Events
Virtual Conference Series
Speak for Us
Products and Services
Post a Question
Quick Start Guide
Find and Post Jobs
Real-World Education for Modern Marketers
Join Over 600,000 Marketing Professionals
Ask your question ... sign up today! It's FREE!
Just for Fun
Search more Know-How Exchange Q&A from Marketing Experts
This question has been answered, and points have been awarded.
Selling New Credit Cards Through Franchisees
12/5/2007 at 9:20 AM ET
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.
12/5/2007 at 7:16 PM
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.
12/6/2007 at 10:06 AM
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.
12/6/2007 at 10:17 PM
First of all, pardon my ignorance, but what exactly do you mean by "FoS Model"?
Assuming that you are talking about the Credit Card market in India, based on my limited understanding, there is no way one can call this market "near saturation" - there is still a long way to go for Indian consumers for the credit card market to be termed as "saturated".
Having said that, I agree with you that there are a lot of players in the market - who are enamored with the "consumer spending" boom per se, with no idea of what to offer and whom to offer. If you notice, majority of the market has been commodified, leading to stereotypes in the mind of the consumer. So much so that there is widespread antipathy towards "Credit card calls" in the market.
In this scenario, from what I understand, you are not in a position to change/customize your offerings, and are responsible for the sales only in your territory.
Few suggestions -
- Corporate partnerships, where discounts / cashbacks could be provided to members
- Local partnerships with entertainment zones, like movie halls, malls, pubs, restaurants, etc.
- "Community" promotions, where members feel as if they are part of an elite club
- Kiosk-based promotions at key touchpoints, rather than open promotions (restricted/targeted promotions)
- Awareness programs, involving risk aversion details as well (no risks involved in credit card usage - biggest apprehension in the market)
There are some of the ideas I could think of. Feel free to discuss/debate any points, in case required.
Hope this helps!
BACK TO TOP
Post a Comment
Five Lessons for All Marketers From the Departure of Coke's CMO
by Sam Melnick
The Indispensable Social Media Cheat Sheet [Infographic]
by Laura Forer
Seven Content Types That Will Increase Leads and Conversions
by Andrew Gazdecki
The Business Case for Behavior-Changing Content: Five Rules of ...
by Tara-Nicholle Nelson
119 Facts About Email Marketing [Infographic]
by Laura Forer
See more marketing articles »
MarketingProfs uses single
sign-on with Facebook, Twitter, Google and others to make subscribing and signing in easier for you. That's it, and nothing more! Rest assured that
provide your social data to 3rd parties
contact friends on your network
post messages on your behalf
interact with your social accounts
Your data is secure with