Home Smart 100 2011 Mozo Rewards Revealer (SMART 100)

Mozo Rewards Revealer (SMART 100)

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The following SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity. More about the SMART 100.

Mozo Rewards Revealer

This innovation initially came to life when…

We conducted some analysis of the rewards credit card market for our website and discovered that the vast majority of rewards credit cards fail to deliver real value for Australian consumers. We were gobsmacked to learn that some cards even put consumers in the red, charging more in fees than they deliver value in a year. It was time someone made it easy for the average person to compare rewards cards and rewards types, and to expose the sneaky marketing tactics banks and financial institutions have long used to promote ‘rewards’ cards.

WHAT & HOW

The purpose of this innovation is to…

…provide Australians with ranked results which detail the best and worst rewards credit card for their situation.

It does this by…

Users enter their annual credit card spend and preferred rewards type (flights, cash back or shopping vouchers) into a simple online form. Mozo’s Rewards Revealer technology compares this against the hundreds of rewards credit cards in the market. Users get an instant summary of the best and worst cards for their situation.

PURPOSE & BENEFITS

This innovation improves on what came before because…

Without Mozo’s Rewards Revealer, you’d be spending countless hours trawling though banks websites and credit card terms and conditions. And… you’d probably need a doctorate in applied mathematics (and a love of Excel) to work out what Rewards Revealer does in seconds.

Its various benefits to the customer/end-user include…

What’s the point in getting a card that has great shopping rewards when you’re only interested in free flights? Mozo Rewards Revealer is easy to use. It makes sure you get real value from your hard-earned spending.

COMPETITIVE LANDSCAPE

In the past, this problem was solved by…

It wasn’t. Banks relied on the fact that this level of comparison was virtually impossible for consumers to do themselves. The increased visibility that online tools like Rewards Revealer provides consumers has directly resulted in increased competition among banking products.

Its predecessors/competitors include…

Some of our competitors publish sponsored listings of rewards cards. None take into account a user’s personal situation to provide them with a ranking of the best and worst cards for their situation, with full numerical calculations.

TARGET MARKET

It is made for…

Any Australian who currently has or is looking for a rewards credit card. Rewards Revealer highlights just how important it is to find the right card for your personal situation. Many people think that with rewards cards, the more you spend the more points or rewards you earn. But this is not the case. Our analysis shows that there are good and bad cards at each spend threshold and that no one credit card is best, so it’s important to shop around.

DISTRIBUTION STRATEGY

It is available for sale through…

We strongly believe this information should be available freely, and it is. There’s no need to sign up or register; users simply go to Mozo (open 24 hours a day, seven days a week).

Our marketing strategy is to…

Use public relations and social media to spread the unrewarding truth about rewards credit cards. We’ve received coverage in national print, online media, TV, talkback, via Twitter and Facebook. To date an impressive 20,000 Australians have used Rewards Revealer to get a better deal, and that’s a reward far greater than any rice cooker or one-way flight to Canberra!

SUPPORTING IMAGES

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