LITTLE ROCK, Ark.—In a purchasing environment where consumer loyalty continues to be     elusive, how do financial services marketers capture those consumers who     may be willing to make a switch in their primary payment method? A new     Consumer Dynamics study from Acxiom®      Corporation (Nasdaq: ACXM) creates a roadmap for marketers to reach     consumers whose payment choices may be affected by complex economic,      regulatory and technological factors.

This first-of-its-kind, comprehensive Acxiom study, Cashing     in on Changing Payment Preferences: How Cards and Payments Marketers Can     Become Top of Wallet with Potential Switchers,” provides     marketers with concrete, actionable recommendations on how to attract     and retain customers through personalized marketing, leading to better     performance and less wasted effort. Using data and insight into nearly     3,000 consumers’ primary payment choices – credit cards, debit cards,      paper checks or cash – the report identifies their willingness to switch     payment methods and why; and how demographics, life stage and other     personal circumstances affect their decisions.

“The choice of how to pay for a purchase is personal, and is based on a     combination of rational and sometimes irrational decision-making. But     most financial product marketing fails to connect to individual needs     and interests,” said John Albrecht, managing director for Acxiom’s     Banking and Payment Services group. “The study’s findings will help     these marketers influence target audiences by demonstrating how     multidimensional insights across shopping, purchase and attitudinal     behaviors, can lead to greater success.”

The survey, combined with Acxiom’s Personicx® demographic analysis,      produced a wealth of information about potential payments switchers,      including:

  • 25% of respondents, who represent a potential of $700 billion in       annual transactions, would consider switching payment method if       benefits such as “help control spending” or “ease of record keeping”      are highlighted in the messaging
  • The age of your target is important, as most potential switchers are       in the 18-44 group
  • Travel purchasers represent one of the biggest opportunities with 26%      of switchers whose primary payment method is a debit card saying they       use a credit card for travel and 19% use a credit card when making a       big-ticket electronics purchase
  • Understanding specific influences, such as rewards or lower fees,      allows marketers to create a more relevant and personalized offer       tailored to the potential switcher and ideally suited to be made       through addressable digital channels

As a marketer, it is crucial to identify and aim for potential switchers     at the moments when they might be inclined to use something other than     their primary payment method. The study also contains information on     what messages have better chances to influence switchers, how     personalized marketing can attract and retain customers and what     advertising channels are most efficient to reach consumers in various     life stages and economic segments.

For a copy of Acxiom’s latest study, please click here or call 1-888-3ACXIOM.

About Acxiom

Acxiom is a recognized leader in marketing services and technology that     enable marketers to successfully manage audiences, personalize consumer     experiences and create profitable customer relationships. Our superior     industry-focused, consultative approach combines consumer data and     analytics, databases, data integration and consulting solutions for     personalized, multichannel marketing strategies. Acxiom leverages over     40 years of experience in data management to deliver high-performance,      highly secure, reliable information management services. Founded in     1969, Acxiom is headquartered in Little Rock, Arkansas, USA, and serves     clients around the world from locations in the United States, Europe,      Asia-Pacific, the Middle East and South America. For more information     about Acxiom, visit Acxiom.com.

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