Commonwealth Bank of Australia: Lousy Pen

BMF Advertising

ENTRY INFORMATION

Category: Financial Products and Services
Country where program ran: Australia
Date program started/ended: 1st November - 31st December 2009

Product Description: The Commonwealth Awards Program gives customers the opportunity to earn points with their credit card and then redeem their points for Awards such as merchandise, gift cards, cash and travel. It is the largest credit card rewards program in Australia.

Advertiser/Client Name: Commonwealth Bank of Australia

STRATEGY

Marketplace Challenge:

The way customers redeemed Commonwealth Bank Awards Program points for Qantas Frequent Flyer (QFF) points was about to change. Qantas was forcing Conmmonwealth Bank customers to choose between the Bank's Awards Program and QFF's. If the customer chose to go with QFF, all their Commonwealth Bank Awards points would be directly and automatically converted into Qantas Frequent Flyer (QFF) points and they would no longer be able to use their points with the Commonwealth Bank's Awards Program. It was clear that with QFF forcing customers to choose between these loyalty programs, the Commonwealth Bank needed to step up its offering in terms of rewards, or it would risk losing these customers to the QFF scheme.