what a supermodel can teach a bank president about credit
DESCRIPTION
American Bankers Association's Seminar for PresidentsTRANSCRIPT
Larry Chiang, CEO
What a Super Model Can Teach A Bank President
About Credit
Larry Chiang, CEO
Problem: CARD Act
made selling a college student
a credit card diffi cult
Larry Chiang, CEO
I want this presentation
to be a recipe for
“How to Create Your Own Duck9”
without having to hire UCMS or Duck9
Larry Chiang, CEOEnd Result
You should have tactics that you can
copy-paste
Larry Chiang, CEO
CARD Act Curtails Credit Card Marketing
CARD Act Cripples Youth-at-Risk’s FICO score
CARD Act Compliant Marketing Is Possible
State of the Industry
Larry Chiang, CEO
Catch 22 of young adult marketing. . .
What comes first: the FICO score or the
credit line?
State of the Industry(cont.)
Larry Chiang, CEO
1. Read the 1.5 page CARD Act when it specifically addresses college
2. Engineer a catch-22 solution
3. Engineer a system where you migrate the account from a $100 credit line (securitized by quasi-assets) to a $2000 line of credit when they graduate
22 Years Boiled Downinto 3 Tips & 1 Chart
Larry Chiang, CEO
FICO Score Preparation * SSGFICO Contests * BLOG * Tabling *
UGC Wiki * Text Message Mentoring *Direct Mail * email mentorship * CSS
A
Apps, Lead Gen, Loans, Goodwill
3. Activation 4. Retention1. Pre-Lead
2. Application
$ 5. Revenue $
2nd stage premiums24 mos to
FICO over 700SMS &
eMail alerts
Bite sizethe C.A.T.message
Coupon tocut waitlist
Larry Chiang, CEO
Deep Underground Credit Knowledge 9 is not a patented program. Copy it.
Duck9 sends SMS reminders to college students to hack credit score - copy it & use a 5-digit short code service
Reminders to manipulate your FICO score to 750 - copy it
Duck 9 in a Nutshell
Larry Chiang, CEO
Copy-Paste a Consumer Advocacy Truth (CAT)
Get Emotional Copy-Paste our Educational
Angle to Promote Your CAT Cut It into Bite-Sized Pieces
(Cut & Paste) Make It Temp–Come Grow Go Become Their #2
(Second-Supplier Gambit)
Mentor MarketingDuring the “Pre-Lead” Phase
Larry Chiang, CEO
Levels P1 to P10
Level P7 = application!
Prospect Heat Maps
Migrate by Mentoring
Prospect level vs. cost per lead Prospect level vs. revenue per lead
Ranks & MigratesP R O S P E C T S
Larry Chiang, CEO
CAT helps you with your SMS marketing
Never pay more than $8 per cell phone number
Mentor as if you don’t have a monopoly
Leveraging CATin Mentorship
Larry Chiang, CEO“Well, . . . you smell honest.”
Larry Chiang, CEO
Pre lead, lead generation
Easy to do
Tie your contest to brand activation
Work your lead funnel by… …ranking
Converting Cell #’s into CARDAct Compliant Applications
Larry Chiang, CEO
P2: jeopardy user (contestants enter here)
P3: registered web user
P4: logged back in once or interacted with Duck9 email
P5: conveyed credit data, debt data, etc.
P6: does something
Prospect Ranks
Larry Chiang, CEO
P7: buys something
P8: refers
P9: writes, blogs, invites, hosts
P10: buys something as an adult
P1: trying to unsubscribe P0: hates Duck9
Prospect Ranks
Larry Chiang, CEO
Reinforce your “truth”
Enter late, leave early
Make it easy to recite
Holy grail is becoming a second supplier
Newsletter Your C o n t e s t a n t s
Larry Chiang, CEO
Contestants win in stages
Migrate up the prospect ranks
Drive them into your CAT
Holy grail is becoming a second supplier; set aside your need to sell them something
Good News: You’ve WON
Larry Chiang, CEO
Larry Chiang, CEOWho Is the Super Model?
NY Times best-selling author, “What They Don’t Teach You at Stanford Business
School”
Larry Chiang, CEO
Larry Chiang, CEO
Connect with the real world (seminars)
Do a contest (schwagin stages
Rope contestants intodoing somethingeducational
Hone your uniteconomics
Keys to CopyingDuck9’s Program
Larry Chiang, CEO
Larry Chiang, CEO
.edu only
Ring cell before they leave with pizza
Contest Form
Larry Chiang, CEO
Contest that collects name, email & cell phone in person, on campus
Provide immediate service, reminding student to pay bill
Simultaneous SMS/email increases user task urgency
Second supplier gambit. Get to be the #2 supplier!
Duck9 Campus Process
Larry Chiang, CEO
Make it temporary
Keep it short
Don’t sell anything
Keep to your mentorship message
Danger, Danger, Will Robinson!
Larry Chiang, CEO
Danger: notecredit app & beer
Larry Chiang, CEO
Unlike 5-digit shortcode, 650-566-9600can be called back
/
Give them “light atthe end of the tunnel”
– “this is 17th of 24”
Get In. Get Out.Let Them Get Back
Larry Chiang, CEO
Keep it simple
Get their pen to paper
Reward with pizza after they show SMS
Pick a prize (they win all 3 but we profile them) No debt, some debt & I don’t get it.
Contest Form
Larry Chiang, CEO
“We can takeyou off our listof successful
people.”
“We’re building a list of 1 million
college students with a FICO
of 750”“Don’t ya
wanna be a part ofthis?” (Service your unsub with1 more service)
Take It
Personally!
Deal Emotionally with Unsubs
Larry Chiang, CEO
P2: jeopardy user (contestants enter here)
P3: registered web user
P4: logged back in once or interacted with Duck9 email
P5: conveyed credit data, debt data, etc.
Refocus onProspect Movements
Larry Chiang, CEO
P6: does something
P7: buys something
P8: refers
P9: writes, blogs, invites, hosts
P10: buys some- thing as an adult
Refocus onProspect Movements
Larry Chiang, CEO
Age of email, quality of lead
Match email to social networks subscriber list
Age of cell phone number
Match with issuing carriers
Assume no transport by college student
Are they friends & family?
Add LeadValue by Weeding
FRAUD (Part 1)
Larry Chiang, CEO
Non-typical profile of debtor
High-tech competent fraudsters:
• SMS from a landline!
• Semi-automated genius
Add LeadValue by Weeding
FRAUD (Part 2)
Larry Chiang, CEO
On the Internet, Nobody Knows You’re a Dog
Larry Chiang, CEO
GigaOm VentureBeat TechCrunch
BusinessWeek
http://500hats.typepad.com
http://redeye.firstround.com/blog
http://4info.typepad.com/blog
http://rafter.wirelessink.com
Bibliography
Larry Chiang, CEO
iMedia Connection
Ad:tech Podcasts forhttp://www.imediaconnectioncom/content/16113.asp
http://500hats.typepad.com
http://redeye.firstround.com/blog
http://4info.typepad.com/blog
http://searchengineland.com
http://rafter.wirelessink.com
Bibliography
Larry Chiang, CEO
Moviography“Mentorship”
Larry Chiang, CEO
Moviography“Treasure Management”
Larry Chiang, CEO
I hope thatthis
presentationhas been your
ROI for thisconference
