Visa Integrated Marketing Solutions (VIMS), a newly launched marketing platform for small and medium businesses, aims to help those businesses attract new customers and hold on to them.
The service is designed to help businesses identify their best customers, promote engagement, drive sales, and foster cardholder loyalty.
At the launch event, Doug Leighton, head of community accounts at Visa, explained the strategy behind the platform. “This new offering leverages the power of the Visa network to enable our issuing partners to more effectively target and market to customers, members and prospects.”
Clients will be able to look at information about their customers and combine it with insights from the over 100 billion transactions that Visa handles every year. Third-party information like demographics, lifestyle, and economic data are also available to paint a bigger picture of the customers using their services.
Card issuers will get detailed reports analyzing their return on investment, with data to help them market more effectively to their key demographics.
VIMS offers assistance at all stages of business, including customer acquisition and management as well as retention. These services include:
• Campaign design and strategy that helps businesses market more effectively.
• List development, as well as customer targeting and segmentation, to identify current and potential customers.
• Campaigns across many channels, including social media, direct mail, and email.
Any Visa issuer in the United States can now take advantage of VIMS, which is still in the process of growing globally. Multi-lingual marketing will begin in 2016, as well as a full digital and social media marketing campaign.
Credit, debit, and prepaid cards all remain popular
Although mobile payments, smartphones, Apple Pay, and Google Wallet are all getting lots of attention these days, many people still want a traditional card to carry in their wallets. Credit cards, debit cards, and prepaid cards are all popular payment options, and will likely continue to be, even as digital payments become more accessible.
Like cash, plastic cards may seem outdated to some, especially Millennials, but they will never go out of style completely. Businesses that offer credit cards with rewards see better customer engagement and loyalty, and VIMS will help them build on that.
“Visa is committed to helping improve performance and profitability of each of its financial institution partners,” said Visa’s Hasan Malik. “Our team draws upon Visa’s extensive payments industry experience and the latest marketing best practices to come up with solutions tailored to clients’ needs.”