Know-How Exchange : Strategy

I really don't think asking for more information would cause you to lose the client. Shooting blind and coming unprepared or totally off base will.

I'd be hip but not too hip. I don't know if youth regards banks that make student loans as fuddy duddy. Especially if you are talking to my daughter, a current 21 yo student that is a finance major. She is very aware the weight of those student loans and treats every detail very seriously. While by most standards she has little disposable income-- but it is the only money she has. When there is an issue, she doesn't want some "dude" on the phone. She wants respect as if she had 7 figs in there.

Things she dropped her old bank for-- not being able to withdraw her money soon enough. New bank lets her deposit cash in the ATM, some how its smart enough to read it. (Think student jobs like waiting tables) It has a "stuff happens" forgiveness for one overdraft and free bill pay. And their environmental statement -- including letting her choose an offset when she chose electronic statements.

As you present to the bank, I would demonstrate your knowledge of their target market. I would list the differences in their thought process from the previous generations. And, I would suggest a series of campaigns built around these differences.

It seems to me your best chance of success in pitching the project is to convince the customer of how much he doesnt know... With you being the expert.

Good Luck...

Create a loyalty program for the card. For example, every $ spent earns a point towards a gift catalog, or can be converted to frequent flyer miles, or cash. Having your paycheck direct deposited into your account earns points as well, as does having a higher balance savings account, etc.

Offer a debit card with a front image that your client can completely personalize - think MySpace wallpaper.

Don't you think you'll lose the account if the program fails? Wouldn't it be better to get the info now..and push he issue?

Michael

Jay is on target...I remember getting a bank visa when I was 21 b/c it had my college team on it, regardless of the interest rate. I think in the age of technology, how cool would it be for someone to be able to get online and using preset templates, or uploading their own html codes to come up with their own 'cover' or design for their card?!! That would be really cool! Not only would you show other people, which is name recognition and personal recommendations, but would also cause the user to want to actually USE it more! Id want to pull it out all the time! Take the Capital One credit card to the next level (they currently let you select the cover from Van Gogh, Monet, or zoo images). Good luck!

I can think of two different ways to approach this. Number one - Capitalize on the "fuddy -duddy" side and offer financial education to go along with. Sort of like - "things you need to know but don't want to sit through the lecture with Dad approach. (Grandpa in your pocket)Obviously you want to bank on what these students will have and need in the future and develop that loyalty now. It would be worth it if you help them keep their finances in line to be better prepared to face the real world ready to make wise decisions for their lifetime. Since nostalgia is so hot right now, why try to be something different? I would do everything in black and white and empahsize the basics. Use grandparents and parents in the whole campaign. You could also capitalize on the "traditions" of the school without having to pay royalty fees to the University.
The other approach could be to partner with one or two of the hottest places on campus. Is it a certain pizza delivery? A certain bookstore that not only sells books, but the hottest college wear? It would be worth the cost of several pizza's to get you material in the students hands. Something that has worked well with one of my clients in a major University town, is picking three student not for profit charities and donating a percentage at the end of the semester. In my case, it is a bookstore that consistently secures the most "buy backs of used books" and actually have the local student presidents record the radio spots.
Hope those ideas help.
Brneda.