Challenge:
Acquire new customers for a Staples credit card.
Background:
Staples, the leading provider of office supplies to businesses, had an excellent
opportunity to leverage its brand with the introduction of a credit card. However,
the card had an unusually high interest rate - dictated in part by the credit
scores of the businesses applying for the card. Still, it was determined that
the convenience of the card could offset the problem - given the proper positioning
and marketing strategy.
Solution:
By focusing on the real needs of small businesses, we developed a carefully constructed
grid of offers, messages and rates that addressed the concerns of small business
owners in specific vertical markets, with specific credit scores.
