Jackson noted that goal-based saving is particularly popular today, so why not embed gaming elements into prepaid products? People’s natural competitive streak may be harnessed for pleasure in pursuit of both short- and long-term financial objectives, whether competing against others or one’s self. The prepaid provider need only furnish an app or launch a community to get people started.
“What if you could compete against your best friend, a sibling or in-law to load a prepaid Christmas card?” Jackson said. “Maybe there’s a broader community, and the first 100 people to load their card—the amount could be set by the community—receive a bonus item or rebate of some sort.” This is often used in holiday promotions and contests now.
It need not be a material or monetary incentive, he added. “It could be a prestige prize: Premium status or access to a special online saver’s catalogue. You saved 10% more than your sister-in-law on the same sweater because you met your prepaid savings goal faster or you beat last year’s saving goal by so much.”“Every parent wants their child to have a college education, preferably without sending the new graduate into the world saddled with a mountain of student loan debt,” said Jackson. “But people have difficulty saving, especially for something so far off in the future.
Marc Dresner is an IIR USA communication lead with a background in trade journalism and marketing. He is the former executive editor of Research Business Report, a confidential newsletter for the marketing research and consumer insights industry. He may be reached at email@example.com. Follow him @mdrezz.
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