This Week's Herman Trend Alert

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  The Herman Trend Alert

May 1, 2013

PIndPoint Marketing---What's Next for Credit Cards?

Last week, our author Joyce Gioia attended a panel session at the Executive Travel Conference, sponsored by FlyerTalk and moderated by its president Randy Petersen, himself. On the panel were the key players in the co-branded travel credit card field. Some examples of these credit cards are Barclay's US Airways, Citi American AAdvantage, and Chase Marriott Rewards. The discussion ended with Petersen's question "What's the next Big Thing?"

Their answers at the end were unanimous. Here's what the panelists described: "We're going to mine the Big Data we have and look at the goods and services on which people have spent their money" (as individuals). "Then based on those purchases, we will market to those individuals."

This description was what 30 years ago we called "Database Marketing", however that name doesn't really describe this type of marketing anymore. The panelists didn't have their own name for it, so Gioia offered "Personalized Marketing". However, she soon realized that descriptor is used to apply to people sending emails that include names, when what these financial professionals were describing was significantly more sophisticated.

So thinking deeper, Gioia came up with "Pinpoint Marketing", and they liked that term a lot better. Then she realized that the descriptor left out the "people aspect". Thus we have the title of this Herman Trend Alert: "PIndPoint Marketing". This name takes Pinpoint Marketing to the next level and describes the concept of zeroing in on the individual.

So here's how PIndPoint Marketing works in practice. Credit card companies have records of everything you have purchased. For example, I have purchased a red dress and a red handbag and a red umbrella. The company also knows that I like clothing from Jones New York. So knowing I like red, the financial institution and Jones send me a joint marketing effort to sell me a red coat, red gloves, and red shoes.

Or you're a customer who has purchased a series of travel accessories, e.g., electrical plug adaptors (for Asia), a copy of the valuable book "Kiss, Bow, or Shake Hands for Asia", and guidebook for Shanghai. So you, as an individual, are a great prospect for a translation application.

Amazon is already making suggestions for customers on other items they might want to purchase. The difference is that credit card companies will be information to aggregate purchase behaviors from a variety of different merchants.

We have only seen the beginning of marketers mining the Big Data they have at their disposal. We have the technology, we have the products, and we have the individual information. It's only a matter of time, before marketers get their acts together to market with PIndPoint accuracy.

As we go to press, the well-respected consulting firm McKinsey has just released a report detailing how the next level of PIndPoint Marketing might work: http://www.mckinsey.com/insights/marketing_sales/the_coming_era_of_on-demand_marketing?cid=other-eml-alt-mkq-mck-oth-1304


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