Optimize Credit Card Affiliate Targeting to Increase Approvals

Specialized targeting methods can increase conversions, applications, and approvals. As an experienced digital marketing and affiliate agency, here are some of our favorite tactics.

There’s a common misperception that affiliate programs lack the targeting capabilities and sophistication seen in other paid media.

Naturally, this is an archaic, outdated view, and modern financial services marketing tactics make that evident.

This article reviews several popular financial affiliate tactics and how we leverage them for our clients’ affiliate marketing programs.

Why is targeting so powerful for affiliates promoting credit cards?

Consumers often feel a certain degree of shame when confronted with a rejected application. When this happens, the likelihood of prospects reapplying for a credit card with the bank that turned them down is low.

Naturally, banks and credit card issuers want applicants who will be approved when they apply.

In response, top publishers in the financial space have developed powerful targeting capabilities. Their aim is to connect potential customers with the most relevant offers. This leads to higher conversions and a greater likelihood of acceptance with each application.

These capabilities allow for advanced approaches to affiliate program management. They’ve also led to impressive results through our own clients’ affiliate partnerships.

Use credit scores.

The most common way to target financial customers is by credit score or other data found via a consumer’s credit report.

In affiliate marketing, the funnel might look like this:

• The bank shares high level “knock out” criteria with a partner. In short, they specify attributes of a customer they would not
• An affiliate partner provides a user with the opportunity to see and track their credit score. At the same time, they’ll also present them with relevant card offers.
• The customer will only see offers that meet each bank’s “knock out” criteria. This leads to increased approval rates.

For example, say a consumer has a credit score of 750. This makes them a prime customer, likely to be approved for most cards.

Someone with a prime credit score can generally qualify for cards with more favorable terms and perks. This includes cashback rewards, travel benefits, or a lower APR.

What wouldn’t make sense here is offering a secured card or subprime card with few benefits to a prime customer. Knowing a user’s credit score allows for this level of personalization.

Of course, the publisher wants to present offers for which the customer is most likely to apply and be approved. This creates a better customer experience and increases conversions for the publisher.

The best, most successful affiliates in the financial space are aware of this. They use a more detailed, nuanced approach compared to general affiliate marketing sites in other verticals.

Financial content creators also have more information on target audiences and use various avenues to reach their customers. This includes targeting through their authenticated space or email campaigns.

Use customer data and behavioral analysis.

Both publishers and issuers have a wealth of customer data, and that data becomes more valuable when shared.

In some cases, credit card issuers may securely share data resources such as a customer or direct mail lists. The affiliate can match up that data to their own customer base. Then, they can optimize the offer rankings or payouts based on the issuer’s preferences.

Customer data and behaviors can also be used to create hyper-targeted, personalized offers.

Here’s another example:

• Customers can receive real-time APRs specific to their qualification criteria instead of a range of APRs.
• Two customers applying for the same offer might receive different APRs or rewards based on their respective credit histories.
• This is especially helpful when customers are applying for mortgages or personal loans and comparing rates from multiple lenders.

Another example could be an offer that’s better than an issuer’s base offer. The objective? Improving conversions, of course!

• A customer might receive a direct mail offer with 100,000 bonus points upon signup.
• When they go to the issuer’s website, the offer is only for 50,000 bonus points.
• To get the full offer, they must input the unique code that came with their direct mail offer. Alternatively, if the partner has a way to authenticate the user, they could show eligible users for the 100,000 bonus points offer.

Capabilities like these can be set up through affiliate partners, offering issuers a world of possibilities. The end result is better prospect targeting and more appealing offers with greater value for consumers.

Transform your credit card affiliate marketing strategy with advanced targeting tactics that boost approvals and conversions.

Prequalify customers.

Some publishers offer sophisticated integration options where they connect with a card issuer’s API or third-party provider. This means a customer can fill out a form and trigger a soft pull on their credit report to pre-qualify for offers in real-time, allowing the bank to connect with the affiliate.

This connection can trigger relevant offers that match the customer’s specific criteria, and the affiliate can display only those offers to the customer.

It’s a process that builds the consumer’s confidence when applying for a credit card. Based on their responses in the form, they will see only the offers for which they are most likely to qualify and apply.

This process can work for multiple issuers working with the same publisher. One form can connect to multiple APIs and, ultimately, increase the number of offers the publisher can present to the customer.

Let’s say a customer fills out a form. Their response goes to ten different issuers, then qualifies for anywhere from zero to 10 offers from those issuers. The consumer receives a range of choices and an encouraging message, “You have great approval odds for this credit card!”

It’s not guaranteed approval, but this process instills confidence in the user, as their chances for approval are increased. This, in turn, gives them more reason to engage.

Likewise, for the publisher, it helps drive up the relevance of the offers being presented. This can increase application volume and approval rates while reducing declines.

Improve conversions for your financial affiliate marketing program.

At the end of the day, financial institutions want the right type of customer for the specific types of card they offer.

While publishers can target their audience based on credit scores, transaction data, customer behaviors, and prequalification, it isn’t a perfect science. Nevertheless, it can increase the relevancy of offers and the likelihood of customer approval.

There are a finite number of publishers that offer this level of sophistication for financial affiliate marketing strategies. Working with a skilled agency with a specialized financial services practice gives banks and issuers access to these outlets. This includes those that appear “off the menu” if you approach them on your own.

No agency has more experience and deeper publisher ties in this space than Gen3 Marketing. Our finserv affiliate tactics are the strongest in the industry.

Let us leverage all that on your behalf and find the best ways to maximize your affiliate success.

You want an affiliate marketing agency who knows the space. Contact our team to learn how we can put these relationships to work for you.

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