When Billy McFarland, of the black Magnises card went about in devising a product, he knew his niche market. He knew precisely what his niche market—that being, the Millennials desired. One thing is certain: professional Millennials were interested in being locked into varying areas of the city. They wished to be connected to the cultural aspect of the city.
They enjoy great dining and entertainment experiences. They prefer a sense of theme or ambience when they visit their preferred venues. They like to socially connect with persons which they can easily relate.
Billy McFarland, also knew his niche carried with them a bank card or debit card. He wanted to add a magnetic strip to his product-offering so his niche market could easily tie it to a debit or bank card in order to pay for purchases. He sent his card to China wherein he found a place that put this idea into motion.
Next, he wanted to connect his co-peers to activities in the city. He came up with a host of ideas. He was able to partner with the city’s trendiest venues.
The partners agreed to provide McFarland’s with great discounts; and McFarland promised to bring these partners the business and disposable income of the Millennial.
Billy McFarland then looked at the competition: Was there competition? Well, sort of. . . he thought of the Amex black card with an annual fee of $2,500. Of course, the Amex card was a credit card, and his card provided a handy pay option with the tie-in of the user’s bank account card or debit card.
According to Fortune, since Billy McFarland was thinking of making his card as economical as possible: he came up with a membership fee of $250.00 annually. Two-hundred fifty dollars ($250.00) compared to $2,500.00–Yeah: he was on the right track here.
He next considered his discounting opportunities: his idea was to make the entertainment provided to his niche audience as cool as possible–since his theme-based card was all about cool. He eventually provided a penthouse location with an open bar and a means for his Millennial audience to easily connect, within a high-end hotel.
He next arranged for custom discounted packages for some of the city’s most premier and trendiest locations, in the way of dining, live entertainment, late night DJ sets, private concerts and more.
McFarland mentioned that the Magnises company is constantly thinking about ways to expand upon the amenities they provide. He wants to assure the Millennial set, which he is dedicated in serving, receives the best, benefit-wise, in the way of unique social and cultural activities–activities that may have a price sticker too high for some–if they did not carry a cool metal Magnises bold black card.
The amenities list is endless and there is truly something for each and every “cool” enthusiast: thanks to Magnises CEO, McFarland, and his vision.