How to Recommend a Premium Card

Introduction

Promoting the benefits of new credit cards as a marketer brings several advantages. By emphasizing the financial flexibility, rewards, and incentives they offer, you nudge users to consider a new credit card for their purchases. By showcasing these benefits, you create a compelling reason for users to acquire a new credit card, providing them with enhanced financial options while benefiting your business through increased customer acquisition and engagement.

In this article, we will use RFM segments, locales, and Push Notification campaigns to recommend premium credit cards to high value customers.

Expected Result

Users receive a Push Notification on their phone to apply for a new credit card:

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Prerequisites

  • Events to track the action of a user spending on credit card and related information such as the platform, accured bill amount, card type. To understand how to track events, refer to the Developer Guide. In this example, we will name the event as “Credit Card Used”.

  • Settings for one or more channels such as Push, Email, or SMS.

  • User properties to track the most common expense category (optional. It can be used to personalise messages). In this example, we will name the property as "CommonExpense".

Create RFM Segments

Before creating our campaign, lets understand what RFM segments are and the process to create the same, which we will use to define our target audience.

The RFM (Recency, Frequency, and Monetary) model provides auto-segmentation and buckets users into categories such as Loyal, Promising, At Risk based on their behavior. You can use these auto segments in different ways such as user analysis, churn analysis, and to target users effectively. To learn more about RFM Segments, refer to RFM Segments.

For our example, let us use this model to find the "Champion" users who spend the most and recommend the premium card with the benefits to them as these people are our high value customers who use our card the most.

  1. Navigate to Segment > RFM segments. image-20240121-065136.png
  2. In the Recency Event drop-down, select "App/Site Opened", the event based on which recency score should be allotted.
  3. We can use the same "App/Site Opened" for Frequency Event as well.
  4. In the Monetary Event drop-down, select "Credit Card Used" and select Revenue Attribute as "Amount". image-20240121-065824.png
  5. Under Show analysis for, select All users to make the analysis run for all users.
  6. From the Analysis Model drop-down, select "RFM".
  7. Click Apply. It will generate a chart like below. You can click on any chart to save it as a custom segment or create a campaign using the segment as the target audience directly. image-20240121-071605.png
  8. For our example, click the Champions box. The Engage Users pop-up is displayed. image-20240121-071650.png
  9. Select Custom Segment.
  10. Enter a name for the segment and save it. image-20240121-071817.png

Now that the segment to target is created, we can start creating our campaign to nudge people about the premium card.

Create a Push Campaign

In this section, let us create a Push Notification campaign that triggers Push messages about the premium card:

Step 1: Target Users

  1. Navigate to the sidebar on the left and click Engage > Campaigns and click + Create campaign or click + Create new > Campaign.
  2. Under Outbound, select Push > Periodic.
    UC-39 2.png
    You are taken to the first step "Target users" of defining your campaign.
  3. Enter the following details:
    • Team: Select a team if your organization has teams enabled for your account. For more information, refer to Teams in MoEngage. For example, "Demo Account - E-commerce".
    • Campaign name: Enter a name for the campaign. For example, "Premium Credit Card".
    • Campaign tags: Select the required campaign tags.
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  4. Under Target audience, select our saved custom segment created above by searching for the same. image-20240121-072539.png
  5. Under Target Platforms, select Android
    4.png
  6. Click Next to move to the second step "Content" where you can define the content that will go into your Push campaign.

Step 2: Content

  1. Select the template that you like to go with. For our example, select Basic notification. image-20231129-213115 (3).png
  2. Enter the required content for the campaign. We can enter the content manually or generate it using Merlin AI. For more information, refer to Generate Push Messages with Merlin AIimage-20240121-072900 (1).png
  3. You can also use locales to convey different benefits of the card that the users would like to know about. For example, using the user property CommonExpense which has the most common expenditure category, you can send different message to each category that the card has benefits on.
    Essentially, you can define a message through this to convey that the credit card has 5% cashback on Apparel expenses to your users who mostly spend for apparels.
  4. To do the same, click +Locale and then click +New Locale. Screenshot 2024-01-21 at 2.48.18 PM.png
  5. The Add new locale pop-up is displayed. Enter a name to the locale and select the attribute that has this information from the drop-down. In this example, select "CommonExpense". image-20240121-091958.png
  6. Click Add to create the locale. Now search for the same again by clicking + Locale and select Apparel and then click Add. image-20240121-092204.png
  7. The Choose content for new added locales pop-up is displayed from where you can decide if you want to copy the content from previously defined locale or from scratch. image-20240121-092400.png
  8. Similarly you can create multiple locales for each category the card has benefits on and one generic default one for users.
    The following is an example of how the content section might look after defining multiple locales based on your need: image-20240121-092915.png
  9. Use the Deeplink section to take the user directly to the page from where they can apply for the new card to avoid drop-offs.
    1. From the Default click action drop-down list, select "Deeplinking".
    2. In the URL field, enter the specific URL.
  10. Click Next to move to the third step "Schedule and goals" where you can define the schedule and goal of your campaign.

Step 3: Schedule and Goals

  1. In the Send campaign section, define when you want to start and end your Push campaign.
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  2. In the Conversion goals section, add conversion goals that you like to track.
  3. Define Delivery controls and Advanced settings based on your requirements. For more information, refer to Create Push Campaigns.
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  4. Click Publish.

Conclusion

In this use case, we used RFM segments, locales, and Push Notification campaigns to recommend premium credit cards to high value customers.

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