How Paying Attention to Customers Worked Wonders For JPMorgan
Among the many changes that define this generation, online and mobile app transactions have become major channels for young people today. In a world where the security of the credit card often comes into question, JP Morgan’s ‘Chase Sapphire Reserve’ credit card was an instant game changer, attracting an astounding number of millennials to rush to apply for the card. There were two major features that stood out in JP Morgan Chase’s plan: The card’s practical benefits and its social appeal.
While most banks overlooked or ignored the millennial population, JP Morgan Chase strove to understand the millennial lifestyle and focused on designing a card suited to them. They directed their resources to create the Chase Sapphire Reserve Card, launching it without any noteworthy advertising, trusting their young consumers would do it for them. Those who were happy with the card generated buzz around the card on social platforms like YouTube and Reddit. Popular bloggers like ‘The Points Guy’ promoted the card through blogs and videos, further capitalizing on the power of social media.
It was touted for good reason: The card offered many special features. The primary bonus were the travel and dining perks that had never been offered on such a large scale. With a sign-up bonus of 100,000 points and multiple options for redeeming travel rewards, the card became the ultimate travel companion for adventure-oriented users.
Targeting this “points-and-miles” obsessed audience, JP Morgan understood that this was a generation with its own unique set of priorities and offered them a card that validated their specific interests. While millennials were found to be largely comfortable with renting instead of owning their own homes, or using public transportation and services like Uber to minimize costs, they also enjoyed saving their earnings to travel and explore the world.
The Chase credit card provided them more robust opportunities for travel , dining and accommodation options, giving them the chance to transform their whimsical travel fantasies into concrete plans.
Having satisfied those who wanted a realistic reason to make an investment with the card, JP Morgan went one step further, adding a special feature for those who weren’t yet convinced of its benefits. Aside from the practical perks, the company also struck gold with the card’s packaging and design. The target group was one that enjoyed attention and used social media to keep their friends in the loop with their latest “live” updates.
Keeping this in mind, what better way to sell a product than by offering millennials a chance to show off! The game changer was turning the card into a fashion statement. The style factor was ensured as the credit card was delivered in a beautiful, blue box, delighting recipients with its simple elegance. The card itself was sleek, embedded with metal to make it heavier, providing a different feel from other credit cards, the small detail adding to the air of luxury and exclusivity that engaged customers.
Building up the card’s identity as a premium, must-have commodity, translated perfectly to the social media sphere, as people receiving their cards began to upload ‘unboxing’ videos online. These videos featured customers unpacking their card from the box, on camera, and showing it off to viewers, serving not just the niche audience interested in unboxing videos, but also influencing a wide range of viewers to see the appeal and perhaps even apply for the card themselves.
The card’s popularity grew so quickly that the inventory they forecasted would last 10-12 months was depleted within a few short months. JP Morgan also temporarily ran out of the metal used to create the card, a clear sign that even the company hadn’t realized the power of their targeted marketing.
The popularity and the large-scale adoption of the Chase Sapphire Reserve Card shows what can be accomplished when a company focuses on the needs and wants of its customers.