Firms know what to look for when it comes to target marketing

An example of street markets accepting credit ...
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Some firms are very good and know what to do when it comes to target market selections.  Target market adapts the marketing mix for one or more segment.  Credit card companies for instance target young college students like me.  They hope to influence the way I buy things. Just yesterday, a credit card company called me to tell me that I have been selected to receive a certain credit dollars from the company even though they know that do not an income right now. Because, I am a college student they are banking on me getting a good job with good disposable income.

The credit card companies take big risk but it must pay off because they have been doing that for many years.  Sometimes, I wonder if they make profit this way. Because, I believe and I am sure that not every credit card holder is able to pay off their loan. Credit card companies continue to do this so the data must support their decision.

Credit t card companies are not doing so well these days; it is interesting to see if they will change their tactics.

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Quoted – – What to do if your retail credit card issuer goes bankrupt

Circuit City Stores, Inc.
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What to do if your retail credit card issuer goes bankrupt.

Circuit City cardholders hold cards that were underwritten by Chase Bank. Any payments, liabilities or issues pertaining to the card must be taken up with Chase. “If you have a negative balance with Circuit City, or with most retailers who have gone out of business, you have to pay the balance,” warns Scott Testa, a professor of marketing at St. Joseph’s University, located just outside of Philadelphia. “It’s Chase that assumes the debt as it’s the bank behind the Circuit City credit card.”

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Rebranding of Commerce Bank to TD Bank

Those of you that are familiar with the Commerce Bank chain which had branches in the Philadelphia, New York and Florida area know they were bought and were rebranded TD Bank.

TD is Canadian based and had a small footprint in the Philadelphia area previous to the Commerce aquisition.

They rebranded every branch within a really short time and my gut is this was a mistake.

First the Commerce brand was well liked in the areas it served by most people (with the exception of rival banks).

Secondly, history tells us that at least in the Philadelphia area they really like familiar bank brands.
Example, approximately 30 years ago Mellon Bank of Pittsburgh purchased Girard bank of Philadelphia and rebranded all the branches immediately. Girard had a good reputation in the Philadelphia area, was around forever and did not call their ATM’s . .ATM’s they cutely named them. . “George”. . . (Lets go to George to get some money! You mean “4 finger” George who will give you a payday loan at 50%. No silly . . George the machine that allows you to get money 7/24/365!).

Disaster. . confusion ensued. . deposits went down. . you know the rest of the story.

Mellon learned their lesson. When they bought another institution in Philadelphia. .PSFS. .they wisely cobranded them Mellon/PSFS.

TD kept the Commerce spokespeople Regis and Kelly. . good move. . kept the tag line. .America’s most convenient bank. . good move. . Changed sign colors from red, black and white to green, black and white. . . not a good move.

Time will tell.

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