Archive for December, 2009

Don’t spend a Mint!

Thursday, December 31st, 2009

2010 might be the year for online money management. Mint.com, a free online money management and budgeting website, is poised for success. The concept is timed particularly well given consumers’ desire for greater financial literacy and better money management as a result of the recession.

Since the summer of 2007, Mint.com has attracted a growing stream of customers. Today the company says it has 1.5 million users tracking nearly $50 billion in assets, has helped people track $200 billion in transactions, and has found its users over $300 millions in savings. Mint.com analyzes users’ finances, spending habits, and demographic information, then suggests money-saving accounts and financial products that may be suitable.

The company has taken a grass roots approach to advertising, acquiring customers at almost no cost. Nine months before the service launched, Mint.com began to ask consumers for their email addresses so the company could notify them when the service was available. As the company grew, it placed targeted print campaigns and also used search-engine optimization, press, and word of mouth. Mint.com uses email to connect with customers, sending tips, bill payment reminders and money-saving opportunities.

So what are the obstacles to Mint.com’s growth? Security and identity theft concerns are one potential obstacle, but can you think of any others? What if banks started offering similar online money management tools? And do consumers have the time and energy to devote to services like Mint.com? I’m curious to see what others think of Mint.com and its place in the market, both now and in the future.


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Ringing in the New Year

Thursday, December 31st, 2009

Are you interested in ringing in the New Year without breaking the bank? (Aren’t we all?)

A few companies are hoping to capitalize by providing people a way to celebrate New Year’s Eve without spending too much money. This is especially relevant considering that the recession has deterred people from frivolous spending.

As seen recently in the Mintel Comperemedia database, Priceline is currently promoting special hotel deals in places like Times Square, Miami, Orlando, Boston, San Francisco and Chicago to those interested in celebrating New Year’s Eve someplace other than home. Since individuals can name their own price on Priceline, booking lodging can be quick, easy AND affordable.

Have you considered traveling somewhere this New Year’s Eve or taking a “staycation” in your home city? If so, you may want to consider using Priceline or checking hotel websites for “too hard to pass up” deals this year.


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True mobility: Telecom industry steps up netbook marketing efforts

Thursday, December 24th, 2009

We live in a mobile world. From iPhones to BlackBerrys and Wi-Fi to mobile hot spots, our population is becoming increasingly mobile and increasingly dependent on mobile devices. Leading the mobile revolution is the telecommunications industry, which more than any other sector, has helped facilitate the world’s growing desire to be mobile, wireless and connected.

Now, telecommunications providers are further expanding the mobile movement, promoting netbooks as yet another method of staying connected on-the-go. Previously, computer manufacturers were the primary companies to promote netbooks, but promotions among telecommunications providers are on the rise. Netbook promotions were included in 8% of industry direct mail sent to consumers in Q3 2009 (up from 1% in Q2 2009 and less than that in Q1 2009).

Verizon is leading the charge, often bundling netbook promotions in with acquisition campaigns for bundled internet, TV and phone services. In these direct mail offers, Verizon offers prospects a free netbook when they sign up for the bundled package. Other companies, including Comcast, Qwest and AT&T, have followed Verizon’s lead in promoting netbooks through direct mail.

In offering customers netbooks, telecommunications companies have capitalized on the opportunity to provide customers an additional means to stay connected and to fuel their ever-increasing mobile appetite. What other products can telecom companies “bundle” to help sell their services and appease the quickly changing needs of today’s consumer?


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The Battle for Holiday Spending

Wednesday, December 23rd, 2009

The National Retail Federation (NRF) continues to forecast that this season’s holiday sales will decline 1% from last year. With tighter budgets and consumers looking for discounts, credit card issuers’ battle for holiday share of wallet is fiercer than ever.

Issuers have been gearing up for the holiday season by mailing a range of seasonal promotions to existing customers, including discounts on merchandise, accelerated rewards and additional cash-back. A look at some of the more interesting pieces we’ve seen this year:

• Discover sent some customers a holiday card, offering the opportunity to sign up for a Double Cashback Bonus on up to $1,000 of holiday purchases through the end of December
• Bank of America, Chase and U.S. Bank are three issuers promoting Visa card usage for the holidays. Visa cardholders can receive a 20% discount on purchases of $50 or more at Gap, Banana Republic and Old Navy between December 1 and December 24
• MasterCard has Citi and RBS in its camp. Some Citi MasterCard and RBS Citizens MasterCard customers received a “Holiday Savings for You…to help you prepare for holiday entertaining, gift giving and more”
• Additionally, some card issuers are promoting their own gift cards in seasonal promotions, like State Farm Bank describing its Visa Gift Card as the “perfect gift”

As usual, holiday shopping is intensifying this week and will continue through next week with returns, exchanges and self-gifting. There is a lot more seasonal shopping to be done and card issuers continue to fight for their share.


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