Thursday, May 1, 2008

Build Your Prepaid Brand

In a recent article at, they took time to sit down with the top prepaid card retailers of the world, along with marketing and branding companies in order to figure out what was the best way to build your prepaid brand for the long term.

The overall need is to develop a long-standing relationship with your customers, not just a one-and-done situation. The relationship that has to be formed between the company and the customer must be reflected in both the advertising and the way the card is presented. After the discussion, they came up with six ways to develop this long term relationship:

1. Know your customers – Knowing their demographics such as where they live is not enough. Find out why they use the card and what they use the card for and offer services according to their needs.

2. Choose your name wisely – In order to be noticed, differentiation is essential. And since your brand name is the first thing a customer will notice, it’s important to give the right, long lasting impression to your future buyer.

3. Listen to your customers – Tailor your marketing campaigns to their needs. Appeal to them, and make your product relevant. College students do not need the same thing as older, established households, and let your marketing efforts reflect that.

4. Be consistent -- With both the products and services you offer and with the partners you select to influence your campaigns. Since long term is the goal, your message needs to stay the same.

5. Make an emotional connection – Yes, you will attract your customers according to your pricing, but appeal to them in other ways. Make sure your marketing campaign reflects this.

6. Stay in the process for the long haul – This involves dedication from senior management. Keep up the brand development and stay consistent with your product.

Establishing a consistent marketing and branding presence for the long term should be the goal for every company getting into the prepaid segment. But tailoring this message to the unique requirements and perspectives of your audience is an essential component of longevity.

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