Card-linked marketing programs such as BankAmeriDeals, an online and mobile cash back deals program for Bank of America customers, are highly effective in increasing revenue, customer insights and advanced targeting to marketing programs, according to a new survey.
The new report by published by Bank of America and The CMO Club further underlines that despite their high effectiveness, the card-linked marketing programs remains underutilized by chief marketing officers (CMOs).
Nine out of 10 CMOs who had used card-linked marketing witnessed revenue increase from a program, while 98% deemed it an effective solution for reaching their target audience, and 96% are planning to use card-linked marketing in future campaigns.
Bank of America senior vice president and emerging capabilities executive Jason Blackhurst said, "With BankAmeriDeals, we can offer benefits to all of our customers, using card-linked marketing to make it easier for the consumer to earn cash back while driving more engagement for the merchant through careful targeting."
"However, our new survey data underscores that CMOs understand that targeting and customer insights are critical, but very few turn to card-linked marketing to obtain this kind of precision."
The study further highlights that 78% of CMOs say they know what card-linked marketing is, more than half almost 62% have never implemented a program.
Nearly 53% CMOs who have never used it, said they don’t know how it works and one in three (34%) admit that they are unsure of its effectiveness, which suggests that many marketers are missing a key opportunity to connect with and grow their customer base.
Following the launch of card-linked marketing programs in 2012, BankAmeriDeals has offered targeted deals from more than 4,000 national, local and regional retailers and restaurants, serving over 400 million offers, saving customers more than $20m, and helping merchants generate more than $730m in measurable, incremental revenue.
Managed by Cardlytics through its targeted advertising network, the scale of the program makes it one of the flagship implantations of card-linked marketing programs.