Premiums - Freebies from the Financial Side (1,436 words)
But by far, the most enticing premiums we saw were offered by Bank One and First USA to their Platinum Visa prospects. For acquiring and activating the card, some cardmembers were offered a pound of Godiva chocolate, others a Sharp electronic organizer. Both have a high perceived value and well known brand names to strengthen the First USA/Bank One Visa offer.
In the mailing that offers a pound of Godiva choclates as a premium, the brochure states:
We choose Godiva chocolates as our special gift to you, because like the First USA Platinum Card, Godiva represents excellence unrivaled.
Godiva's reputation as a fine chocolate adds to the desirability of the offer and gives the card an added boost of exclusivity. The offer makes the prospect feel like a member of the elite and the additional touch—the indulgent gift of chocolates—makes a cardmember feel pampered.
In another First USA package, the Sharp Electronic Organizer is offered to professionals. This letter clearly employs a different tactic:
You know better than most that successfully managing a hectic professional schedule requires organization and discipline. So to help you keep control, we'll send you the Sharp Electronic Organizer...
This effort speaks to the professional with words of understanding and offers the gift as a way to help them manage their busy schedule. In addition, this premium is desirable because it is a fairly new gadget, an electronic toy for adults that they can add to their other "toys"—such as their cellular phone and beeper.
MBNA and First USA also offer premiums to affinity card prospects. These packages have the advantage of offering premiums that are related to the affinity card that is being offered.
For example, MBNA offers hockey fans a team hat. First USA offers Philadelphia Phillies' fans a Phillies' windbreaker. MBNA offers a stadium blanket to University alumni. With these offers, like the ones above, the card must be used before the premium is sent.