Lending

Get a Charge Out of Your Cards

Boost credit card success by controlling expenses, embracing rewards.

June 07, 2011
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Grow Your Card Portfolio

Elan Financial Services—a provider of end-to-end credit card, debit, merchant, and ATM programs; regional and surcharge-free networks; technology leasing; lending programs; and correspondent services—deploys best practices to help clients boost penetration into the member base, and then uses advanced lifecycle marketing tools to ensure cardmember loyalty.

It does so via:

Direct mail acquisition marketing. Elan leverages its state-of-the-art database to integrate member and credit information, and make the right offers to members.
Targeting models predict response rate, risk, and the likelihood that a potential cardmember prefers rewards or nonrewards credit card products.

• Branch promotions. Elan provides turnkey branch promotions that include sweepstakes, prizes, and gift card incentives for top cross-sales performance. The company provides easy enrollment into these quarterly promotions, along with new account tracking.

• Specially priced employee cards. Financial institution employees can apply for a special card available only to them with no annual fee, preferred rates, and rewards.

• Existing cardmember marketing. Engaged card members are more loyal and generate more revenue. Elan employs a data-driven lifecycle approach to manage existing account performance. Accounts are segmented by lifecycle and cardmember behavior to ensure members get the right offer at the right time.

• Ongoing marketing planning and support. Elan provides ongoing marketing planning, as well as regular reviews of portfolio performance and account growth. It works collaboratively with clients to identify opportunities for member penetration and account profitability.

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Great article! Unfortunately, most employees don’t feel valued or appreciated by their supervisors or employers. In fact, research has shown that the predominant reason team members quit their jobs is because they don’t feel valued. This is in spite of the fact that employee recognition programs have proliferated in the workplace – over 90% of all organizations in the U.S. has some form of employee recognition activities in place. But most employee recognition programs are viewed with skepticism and cynicism – because they aren’t viewed as being genuine in their communication of appreciation. Getting the “employee of the month” award, receiving a certificate of recognition, or a “Way to go, team!” email just don’t get the job done. How do you communicate authentic appreciation? We have found people have different ways that they want to be shown appreciation, and if you don’t communicate in the language of appreciation important to them, you essentially “miss the mark”. Additionally, employees need to receive recognition more than once a year at their performance review. Otherwise, they view the praise as “going through the motions”. A third component of authentic appreciation is that the communication has to be about them personally – not the department, not their group, but something they did. Finally, they have to believe that you mean what you say. How you treat them has to match the words you use. If you are not sure how your team members want to be shown appreciation, the Motivating By Appreciation Inventory (www.appreciationatwork.com/assess) will identify the language of appreciation and specific actions preferred by each employee. You then can create a group profile for your team, so everyone knows how to encourage one another. Remember, employees want to know that they are valued for what they contribute to the success of the organization. And communicating authentic appreciation in the ways they desire it can make the difference between keeping your quality team members or having a negative work environment that everyone wants to leave. Paul White, Ph.D., is the co-author of The 5 Languages of Appreciation in the Workplace with Dr. Gary Chapman.

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