Showing posts with label Fidelity. Show all posts
Showing posts with label Fidelity. Show all posts

5/04/2022

Fidelity Rewards Visa: Bonus Offer Improvement

I recently wrote about a confusing email offer from Fidelity Rewards Visa with a complex bonus statement credit for a specific category of purchases and a failure to reinforce it's basic product benefits. It merited a Fail for Creative and potential Fail for Offer. 

About six weeks later, Fidelity sent a new and better executed offer to the same person.

Fidelity Rewards Visa Bonus Offer

Fidelity Rewards Visa Bonus Offer

The offer is straightforward and simple enough to explain to my mother: Earn 3 points, rather than 2, for every dollar spent online through May 31, 2022. Unlike with the previous email, there's no minimum spend level, and the email clearly explains the $25 incremental rebate cap using icons and simple language to support communication clarity. Below the three icons, the email reinforces the basic product benefit, specifically that the bonus is in addition to the 2% cash back already available for all credit card purchases.

On the other hand, the email still has one issue. To enroll in the offer, the recipient has to click on the "Enroll now" link in the email then enter a promo code (which may be unique to the recipience, so it's blacked out here as potential PII). The code is 13 digits, which is a lot to enter. In user experience jargon, the need for a customer to enter a long code adds traction to the enrollment process.

So, how could Fidelity Rewards improve this email even more? If the promo code is unique to the customer, perhaps Fidelity could offer1-click enrollment, as other companies do. If it is not unique, why make the promo code so complex? Fidelity could go with something easy to transpose, such as "OnlineBonus22."

Lessons:
  1. Your offer should be simple to explain.
  2. Don't forget to reinforce your basic product benefits.
  3. Take as much traction as you can out of customer enrollment -- the easier for customers, the better.


4/04/2022

Fidelity Rewards Visa: Offering Nothing for Something, or simply unclear?

The Fidelity Rewards Visa Signature Card offers a 2% rebate on purchases. Their product home page touts, "Earn unlimited 2% cash back on everyday spending." So, why are they are sending emails to  existing credit card customers offering a "2% statement credit, up to $25?" To me, that sounds like a limit.

Fidelity Rewards email with Home Improvement Offer



Fidelity Rewards Card Email with Rebate Offer


The email headline reads, "Earn up to a $25 statement credit." The offer appears to be an opportunity to earn a 2% statement credit if a customer spends at least $200 at a Home Improvement or Lawn & Garden store, with a maximum statement credit of $25. Huh? So, if a customer spends $180 at Lowe's, the customer gets nothing? And if the customer spends $2,500 at Home Depot, they get effectively a 1% rebate? This seems like eating a doughnut hole. Spend too little and there is no benefit; spend too much and the benefit is diluted. Is this a Fail for Offer, or just strange?

But what about that 2% rebate that is supposed to be available for everyday spending on that very same card? The email doesn't speak to that at all. This merits a Fail for Creative because the email does not explain that the statement credit opportunity is incremental to the 2% rebate. The headline could have read, "Earn up to $25 more when you spring into home products." Or the body copy could have read, "In addition to the rewards you already earn, enjoy an additional statement credit up to $25 when you ..." Then there could be an implication that the effective customer rebate could be as high as 4%.

Lessons:
  1. Your offer should be simple to explain and allow customers to easily benefit.
  2. Don't forget to reinforce your basic product benefits.



Updated 4/7 to remove additional PII from email.