Why Should Consumers Use Your Card?

| i2c Inc

Why Should Consumers Use Your Card?

As we said in our last blog, managing churn and
staying top-of-wallet are key to making your
ABOUT I2C
prepaid program successful. Customer acquisition
is one of the highest costs for a program, so you i2c's global
can’t afford to have accounts churning quickly, commerce and
before you’ve recouped that cost.
payment
processing

So how do you make your card that ‘go to’
platform helps
financial tool that keeps getting used and reloaded? The answer is to start with
financial
the basics – doing research to uncover insights about your target customer and
developing a solid consumer value proposition. Lack of a differentiated, institutions,
compelling consumer value proposition (CVP) is one of the most common corporations,
problems we see with prepaid programs. It is not enough to have a standard run brands and
of the mill GPR or gift card anymore. Your product must offer features and governments
services that meet the needs of your core target group or your program will get around the world
killed by churn. launch profitable
next-generation
Developing a Consumer Value Proposition for Your financial products.

Prepaid Card

Once you are armed with the consumer insights, map your product features
against them as well as the product features of competing products. You want to
maximize the overlap of your features with the consumers’ needs – these are SUBSCRIBE TO
your points of difference and are what will make your product stand out in the OUR BLOG
eyes of consumers. Your competitors will have their own points of difference, so
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you will also want to think of how you can neutralize those.
address to get our
posts in your

With needs & features mapped out, next think about the benefits your product
can deliver. Start with rational benefits. These would be things like saving money inbox,

because of a more competitive fee structure or having the ability to create &
manage a budget using the card’s budgeting features. Then think about any
emotional components to your rational benefits to tap into the consumers’
feelings, goals or aspirations. For example, if your card provides budgeting Subscribe
capabilities and features, then an emotional benefit could be that it makes the

http://www.i2cinc.com/why-should-consumers-use-your-card/[1/5/2016 10:47:01 AM]

Why Should Consumers Use Your Card? | i2c Inc

consumer feel more in control or makes them feel like they are being more
responsible.
AUTHORS

These exercises will help crystallize the value proposition of your card. I’ll say it
again – this is a crucial area to get right and think about before launching your
product.

Taking Your Message to Customers Amir Wain

Chief Executive

So what good is a great CVP if you don’t communicate that value effectively? Not Officer
much good!

To help craft a persuasive message that will click with consumers, ask yourself
these questions:

What does your card product offer? This should be presented in terms that will
resonate to the consumer. Marc Winitz
Chief Marketing
Officer
How are you relevant to the consumer? What value do you bring to them
specifically?

How are you different from the competition so that you create preference for
your program?

Why do you matter? This should be stated in words that bring together the Philip Julian
emotional and rational benefits that will resonate to your core audience. Head of Sales,
Australia & New
Zealand

For each of these four questions, think about proof points or evidence to support
your messages and add those in. You now have a solid start on the ‘story’ of
your card program – a key to success in today’s social and content-driven world.
FEATURED
RESOURCES
Staying Relevant & Delivering on Your Promise

It is important to note that developing the CVP for your prepaid card is not a one-
off exercise you go through at the beginning of the program development and use
forever. Customer needs and the competitive market evolve over time so it is
crucial to revisit your CVP from time to time to see if it is still relevant. How? One
great way is to gather feedback from customers regularly. This is a great way to
gauge if you’re still in tune with customer needs.
w can new prepaid

Another thing to consider is making sure that all of your operations, technology chnologies help
platforms and vendor partners actually fulfill the promises as laid out in your CVP nsumers budget
and messages. They have to support these values but also be set up to respond ectively?
quickly to any shifts in your strategy (see my point above about evolving market

http://www.i2cinc.com/why-should-consumers-use-your-card/[1/5/2016 10:47:01 AM]

Why Should Consumers Use Your Card? | i2c Inc

needs). The last thing you want is to know that you’re becoming less effective in ownload Now
meeting customer needs, but be powerless to do anything about it quickly
because of technical constraints. Things can shift fast, so it’s important to be
ready for it.

Having done the work to craft a strong CVP and core message, you’re probably
ready to start making some money. But there are a few key concepts to
understand about the prepaid business model before launching. We will explore
that in our next blog.

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