June 6, 2008 | written by James Van Dyke
Rewards and the Economy: Timing is Everything
Wachovia’s way2save(sm) program is receiving peak promotion at the right time, given all the economic uncertainty. The offering is receiving top billing one Yahoo! and billboards in urban areas. The company’s focus on rewards for activities that must go on in any economy (paying bills, making routine purchases with a card) should appeal to consumers’ interest in making that dollar go just a bit farther. We’re at work on a couple of reports for issuers that will go deeper into this topic, the first focused on immediate rewards strategies for issuers and the second on general issuer strategies for navigating in a challenging economy (look for these two reports to be released in the next thirty days). Bottom line, people will be watching their pennies closer than ever and rewards are a great way to meet that need.