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Payments, "Big Data" & Marketing - the Trifecta?

Exploring the relationship between payments, big data, and marketing, and how they influence consumer behavior. Investigating the concept of idiosyncratic fit heuristic and its impact on consumer response. Examining current challenges in the payment industry such as Visa Checkout, Apple Pay, and Samsung Pay/Android Pay.

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Payments, "Big Data" & Marketing - the Trifecta?

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  1. Payments, "Big Data" & Marketing - the Trifecta? J. Paul Leavell

  2. Cooper-Leavell Matrix

  3. CREDO Idiosyncratic Fit Heuristic: “A general principle of consumer behavior . . . whereby consumers are enticed by offers for which they enjoy a relative advantage.” Ran Kivetz, Itamar Simonson (2003) “The Idiosyncratic Fit Heuristic: Effort Advantage as a Determinant of Consumer Response to Loyalty Programs.” Journal of Marketing Research: November 2003, Vol. 40, No. 4, pp. 454-467. URL: http://dx.doi.org/10.1509/jmkr.40.4.454.19383 Publisher: American Marketing Association, www.ama.org

  4. Caution

  5. PayTunes p = .001 d = 0.59 BCa 95% CI: +/- $151 p = .001; d = 1.1 Campaigns since discovery: 2.6% response rate π ≈ $12K

  6. Life Change Marketing Surname change Jewelry store purchase (2) Bridal store purchase First baby store purchase (2) New individual in HH Turned ages 16, 18, 62, 65 Not new Results: Response rate 2.1% - 5.7%, π ≈ $5,132

  7. Current Areas of Investigation Security systems Grocery stores Coffee shops Fast food Online shopping

  8. Coming/Current Challenges Visa Checkout Apple Pay Samsung Pay/Android Pay

  9. 2013 Smart Fridge Source: http://www.lg.com/levant_en/press-release/lg-to-showcase-connected-easy-to-control-smart-home-appliances-at-ces-2013 Smart Shopping enables online grocery shopping directly from the refrigerator’s LCD panel.

  10. CarPlay https://www.apple.com/ios/carplay/

  11. Questions? J. Paul Leavell pleavell@cmcu.org @leavell_j

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