Redefining The Brand
By the mid-2000s, Visa had become synonymous with credit cards in consumers’ minds, with accompanying associations with both the fast-spending, ‘have what you want’ credit economy of the 80s and 90s and with the spectre of unmanageable debt.
The business needed to strengthen its position against its traditional enemies of cash and cheques, as well as claim ground in the burgeoning debit card and online payment markets, so they called The Value Engineers.
Our vision for Visa was to make the use of payment cards more permissible; the norm in everyday purchases. We created a brand repositioning strategy that redefined the brand in consumers’ minds from a monetary transaction provider to a financial management tool. It shifted the emphasis away from encouraging spend on credit towards helping people control their finances to their advantage.
Alongside the repositioning strategy, we conducted a pan-European segmentation of consumers, based on their attitudes to spending and financial behaviour. We then worked with the senior management team to identify target purchase occasions and develop a compelling growth strategy that would engage and motivate member banks.
The Value Engineers facilitated Visa teams in proposition creation, aligning different financial management tools against the different audiences. The most forward-looking and influential of these became the targets for the highly effective Visa Flow communications activity, shaped and guided by our quantitative and qualitative research.
The results of the repositioning have been impressive. Supported by new propositions such as Visa Contactless seeing the business gain a 14% share of all European PCE by 2012, with €1 in every €7 of consumer spending being on a Visa card, up from just €1 in €18 in 2000.
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