How Credit Card Marketing Impacts Our Choices

Ask anyone in the field of marketing and they will tell you that
our decisions are based upon more than what we perceive. Color, product placement, smell and visual appeal all factor into the bottom line when we choose one item over another. That being said, what could possibly influence our decision when it comes to something as mundane as a credit card? Choosing a credit card may not be as exciting as shopping for a new car, but the factors that impact our choices are similar in both cases. It should come as no surprise that credit card companies target us, but you may be surprised to find out how:

How Marketing Impacts You

At most large companies, market researchers look for techniques that will produce the best results when a customer is shopping for their product; while behavioral scientists examine why customers do what they do. Both contribute to the way advertisers identify and analyze consumer needs and provide methods for gaining leverage over competitors.

The Neural Correlates of Behavioral Preferences experiment at Baylor College of Medicine was a simple cola-tasting test performed while volunteers were subjected to an MRI. The results showed that marketing imagery had a deeper impact on the volunteers who selected the product that tasted worse and had the poorer physiological reward. In other words, the impression that Coca-Cola was better overruled the immediate reward of the actual taste. This means that marketing strategies affect the brain without any conscious effort.

Credit Card Marketing Strategies

Credit card marketing focuses on successfully ‘branding’ credit cards in the same way that Coke has branded their cola. Of all the strategies used, the most important factor to credit card companies is the ability to establish an emotional attachment to their products. The snappy credit card jingle, humorous television ads and witty catch phrases are all a part of a campaign to make their products memorable and form an emotional connection with consumers. In doing so, many people may be unwittingly choosing a credit card based on the narrative and mental picture drawn by advertisers instead of the actual product itself.

Credit card companies have made huge strides in branding their products over the years. Considered a ‘luxury’ just a few decades ago, today the average American has 3.5 credit cards and an average of $15,799 in credit card debt.

Capital One has done especially well with it’s marketing campaigns. The phrase ”What’s in your wallet?” has become synonymous with their credit cards. And when it comes to establishing credibility – American Express stands out above the rest. The success of their ad campaigns is reflected in the shear number of consumers who are willing to pay an extra fee just be affiliated with a company that is perceived to be prestigious.