Tapping Into Unsolicited Consumer Opinion Around Cash Back Credit Cards
With the holidays approaching, and some perhaps thinking about post holiday blues they will feel once they’ve consulted their wallets and their credit card statements, the benefits of cash back rewards credit cards couldn’t seem more opportune. In the brimming market of available cards and options, there are many helpful services and websites to aid applicants in navigating this landscape. There are even sites such as nerdwallet ranking the top cash back credit cards for 2015. But what’s the actual consumer experience with these cards? And what are brands and institutions to do? How can they ensure that they’ll get their products in front of the right eyes so they can convert the most eager applicants this season? And how can they make sure they maintain their current customers?
We turned to the social data to reveal some surprising insights around cash back rewards.
While brands can start to understand their consumers by how they interact with branded efforts, such as retweeting, liking, sharing, or top mentions (as seen above) this is only the beginning. Social insights can delve deeper to get financial services professionals to the more organic, unsolicited conversation and opinions that are driving consumers.
1. Go to the Sources — Don’t Overlook Creative Outlets
Isolating more organic posts that do not originate with the media or with brand efforts, we can see the more isolated opinion conversation that is occurring on social media. Here, we can see that while Twitter leads share of voice in portion of discussion about cash back rewards credit cards for 2015, Tumblr still hosts a dominant portion of conversation with 37%.
2. Address Consumer Pain Points and Prevalent Topics of Interest
Looking to the Tumblr conversation, we can see that prevalent post on Tumblr range from informational posts such as guides and tips, to sharing excitement over being approved, discussing the various ways customers intend to use the cards, and even more humorous and creative visual posts around these cards. This reveals a supportive community of millennials who are interested not only in learning about these cards, but in improving their financial standing more holistically. This is a great opportunity for brands and institutions to jump in and address these concerns, getting creative (and instructional) with content and engaging customers in a more personal way that addresses their unique needs.
Social insights can also reveal trending topics across platforms as they unfold. Below, we can see that in addition to consumers discussing the various cards and services on the market, they are also engaging in general discussion about the cards as a way to save money, as well as ranking the best cards, discussing where and how they use them, and the perks and features that they are attracted to most.
3. Mine Consumer Unique Profiles and Segments to Reveal Actionable and Surprising Insights
By honing in on a particular platform of engagement, social insights can reveal the nuances of the particular audience engaging there, showing professionals in the industry a form of ‘psychographic profile’ which compares high resonating social interests of discussers with the interests of general users of the social platform who are not currently engaging the analyzed topic of discussion. Financial professionals can use these insights to know where to find potential customers, to research the most relevant content that will engage and speak to them, and to uncover new insights about potential features, rewards, or offers to add to their products and services.
For this Twitter analysis high resonating interests are grouped on the left while low resonating interests fall to the right. Above, we can see that the Twitter audience for cash back rewards credit cards is unique from the millennial segment engaging over Tumblr. Beyond relevant interests in personal finance, financial services, and other money-related topics (coupons, deals, etc.) they have 58 times more interest in Food Network, 637 times more interest in Southwest Airlines, 14 times more interest in small businesses, 15 times more interest in celebrities, as well as 8 times more interest in parenting (4 times more in being a mom), and 43 times more interest in topics related to veterans.
These insights not only reveal a more mature audience interested in finances and saving money, but reveals the diverse habits of this audience. This is a source for digital marketers to look for partnerships, craft cross-functional paid advertising strategies, as well as mine influencer opportunities. Diving into any of these segment interests reveals what’s trending in those discussions to enable users to engage in those conversations in the most relevant ways.
Consulting a social media solution that will work and grow with you in the new year is a great way to tap into how your brand is being perceived in the market, what consumers are saying about other relevant topics in the industry, as well as what they’re looking for from various products and services. Not only does this help you effectively target these consumers, it helps ensure you’re making a lasting impression and connection, providing you tools to help improve every stage of the customer experience.
For a deep-dive look into trends in financial services read our case study on disruptions in the industry.