Case Studies:
Merrick Bank — P.A.Y.S.® Program
Capturing the essence and benefits of a new product offering to dramatically improve sales lift in an existing market.
Opportunity:
Merrick Bank wanted to move away from its existing credit life insurance policy product offering on its credit products to a new debt cancellation program. The customer penetration for their existing credit life program was very low.
Insights:
With only two major credit card issuers still actively selling credit life insurance, Merrick was poised to move to another upsell product (debt cancellation) to increase revenue. The new product needed to be positioned and promoted in a way that both captured customer attention and sustained the credibility of a credit insurance product.
Execution:
Heinrich developed a branding identity for their new debt cancellation product that would be compelling enough to draw customer attention and would quickly and easily convey the benefits of the new debt cancellation product to the end customer. The identity was developed to quickly convey product benefits in varied channels, including online, via acquisition packages and card carriers, etc.
Following the launch and integration of the new P.A.Y.S. identity and messaging, Merrick recorded a 10% sales lift.
