Client Impact: Financial Services
Overview
Visa is a multinational financial services company that holds a substantial portion of the credit card marketplace and more than half of the debit card marketplace. Visa provides banks with credit and debit cards to be issued to customers. Additionally, Visa provides prepaid cards for purchase at certain retailers.
The Opportunity
Visa sought to improve the efficiency of their loyalty programin order to incentivize customers to use their cards over other cards and payment methods. Starting with over 100 ideas, QualPro consultants identified 17 key ideas to undergo screening experimentation in order to calculate the specific impact of each idea, individually and in combination with other ideas. QualPro tested ideas related to messaging, timing, and incentives.
Bottom Line Impact
Activation rate improved by 30%, spending lift by 25%, and transaction lift by 150%.
The Approach
Following screening and refining testing, QualPro identified the combination to improve the efficiency of their loyalty program. Testing revealed that 35% of the ideas helped, 24% hurt, and 41% made no difference. QualPro recommended different optimal combinations based on the customer segment being targeted. Implementation of segment-based factors led to large-scale improvement.