While Canadian direct mail volumes hit a record low, new opportunities could begin to emerge.
Mintel Comperemedia, a service that provides direct marketing competitive intelligence, saw Canadian credit card acquisition direct mail volumes drop a staggering 57% from the all time high in 2008, of nearly 350 million pieces, down to barely surpassing 150 million in 2009.
“The Canadian recession, which began at the end of 2008, has led to this significant decline driven primarily by the large Canadian banks,” notes Andrew Davidson, senior vice president at Mintel Comperemedia. “However, as the economy begins to recover, there are signs that direct mail volumes are also stabilizing, which creates a tremendous opportunity for banks to increase their marketing.”
Mintel Comperemedia expects to see a rebound in marketing direct mail in 2010.
With the current low direct mail volumes, there is an open door for credit card institutions to gain a competitive advantage with direct mail.
According to Andrew Davidson,
“now is the time for companies to stand apart from the pack with robust direct mail campaigns, before volumes pick up again.”
What are Canadians looking for in their credit cards? Rewards!
One in four Mintel respondents say reward programs with points are most important, while reward programs with miles and wanting to build credit come in at 22% each as the next most mentioned influencers when choosing a card.
In just the last year, the share of Canadian mail for rewards cards has increased from 44% to 69%.
For more information and to view Andrew Davidson’s recent webinar on New Opportunities for Canadian Credit Card Marketing, click the link below.
For free, you can learn what’s happening with:
• Reward card marketing
• Teaser rates
• Information disclosure boxes
• Brand loyalty
• And much more!
Also visit the Mintel Comperemedia Blog to see the Q&A from the webinar: http://www.comperemedia.com/blog/
About Mintel Comperemedia
Mintel Comperemedia provides competitive intelligence for businesses looking to advance and improve their direct marketing strategy.
Tracking direct marketing (including mail, email and print advertising) targeted at consumers, small businesses and insurance agents, Mintel Comperemedia offers a unique perspective on everything from banking trends to insurance trends to credit card statistics.
For more than 38 years, Mintel has provided insight into key worldwide trends, leading the industry for consumer, product and media intelligence.
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Mintel http://www.mintel.com .
Chicago, USA - 1st April 2010