Media Planning and Buying, Public Relations, and Conclusion of Discover Financial Services
By Jennifer Grant and Chad Lacey
Integrated Marketing Communications
Montana Tech of the University of Montana
March 7, 2013
Media Planning and Buying
In an effort to maximize effectiveness of our media planning and buying strategy, we are targeting the following consumers:
1. Adults with a credit score of 750 or higher that seek a rewards program that wishes to maximize returns on use of credit cards.
2. Adult, college-aged students who have no credit that desire to build a credit history.
Geographically, we are targeting these consumers in the United ...view middle of the document...
The Discover Card Orange Bowl is a perfect choice and should continue to be sponsored by DFS. Further, we also recommend clear communication of the Discover Card affinity relationship with associated retailers that give cash rewards and endorsements.
4. Internet – Ensure that affinity business clearly show their affinity with the Discover Card brand. Social media should be used to interact with consumers continuously that may also facilitate the mitigation of customer complaints and recognition of customer compliments.
5. Direct mail – The acquisition of up-to-date marketing lists for our intended audiences will increase the conversion rates of our direct mail credit card offers that communicates to the customer that we want them because of their savvy financial status and we want to reward them with cash back rewards.
We propose the use of our advertising budget in the following way:
We believe that this is a great use of our budget that is on-par with achieving our media objectives and goals. Television is often expensive but quite effective in reaching our target customers through the use of clever and quirky commercials. The internet receives a quarter of our budget because the cost of internet marketing allows us to do more for less. Direct mail also receives 25% of our budget due to our ability to send advertisements and applications to our target audiences with a higher rate of conversion. Magazines and product placement will receive a smaller portion of our budget at 10% each due to our inability to effectively target customers as well as other media vehicles.
Discover Financial Services (DFS) main problem that can be addressed through public relations is the idea that we are predatorily chasing after college-aged students who are known for their lack of financial knowledge and resources. Many credit card companies blast students with credit card offers via mail or on campus directly with little or no follow-up in regards to educating these typically naïve customers. Our PR objectives to mitigate negative press include:
1. Developing a comprehensive program that will convert college-aged students from naïve debt carriers to financially savvy consumers.
2. Position ourselves as the leader in credit cards for students that consider the financial health of the student prior to the financial health of the company.
3. Reinforce our position through several media tools and, if applicable, communicate with the guarantor (usually a parent) how the student is managing his or her finances with the Discover Card.
4. Reward students for good financial behavior.
Our targeted audiences for this PR effort will be parents, college students, Discover Cardholders, colleges, and the general credit card consuming audiences. By directly stating and demonstrating our...