If as a retailer you have faced the mind boggling questions on how to remain relevant in the market especially now that people prefer to do their shopping online, then you are not alone. There definitely has to be something that pushes customers to constantly want to buy from you.
An innovative way of appealing to an ever changing market is the development of a co-branded credit card program. A co-branded credit card is a special program developed by a retail marketer and a card issuing institution in which a credit card is jointly issued by a both the retailer and specific network sponsor.
It is actually a credit card, and can be used in the same form and manner that the conventional credit card is used. The purpose served by a co-branded credit card is to incentivize purchases made by the most loyal customers of the retail merchant.
Over the years co-branded credit cards have been on the increase and in 2014, it amounted to 31% of the total credit card purchases made in America alone.
There are numerous card issuing companies out there in the market, but of relevance to this article is the Mastercard co-branded credit card. Mastercard is a leading card issuing company with millions of outlets worldwide and there are ample benefits of partnering with MasterCard to co-brand your business. The benefits are endless and some of them include
Amongst the most notable benefits are Advertisements are easier and more personal since all Mastercard co-branded credit cards would also come with the logo of the particular retailer. Thus he has the opportunity to advertise himself to the customer anytime the co-branded credit card is used, hereby informing the customer of the retailer’s services.
More Personal Conversation with Customers. By partnering with MasterCard on the MasterCard co-branding card program, you have the opportunity to inform your most loyal customers of your promotions and advertisements and there is an opportunity to introduce some of the new products being offered.
The customers get to have a card that is valuable. This might be attributed to the fact MasterCard is a universal brand and as such there is nothing a customer has to lose if he gets a Mastercard co-branded credit card. MasterCard can be used anywhere in the world, and this in turn makes the MasterCard co-branded credit card more valuable with each use.
This would enable a retailer review his marketing plan, and have a more effective marketing strategy.
Greater Card Value. Bearing in mind that Mastercard is a worldwide brand and with millions of outlets globally, it can be said that your Mastercard is very valuable. To this end its universal appeal and acceptance would lead to more customers shopping even overseas with their Mastercard co-branded credit cards.
There are a host of benefits of partnering with MasterCard and for the sake of brevity these few have been articulated. It is hoped that they would serve to convince anyone of the immense benefits MasterCard has to offer.
In light of the above, there is little advantage why everyone would not request for a MasterCard co-branded card. The cashbacks are more than exciting, they are to opt for. Credit Card Programs are unique in the world now.