Among the many changes that define this generation, online and mobile-app transactions have become major channels through which the youth spend today. In a world where the reliance and trust in credit cards seems to have decreased significantly, JP Morgan’s ‘Chase Sapphire Reserve’ credit card was an instant game changer, attracting an astounding number of millennials to rush to invest in a card for themselves. There were two major features that stood out in the bank’s plan, the practical benefits of the card and the social appeal JP Morgan built around it.While most banks had left the millennial population unattended, JP Morgan took it upon themselves to understand the lifestyle of the youth, focused on designing a card suited to their interests.
They directed their resources to create the Chase Sapphire Reserve Card and introduced it to the public without any noteworthy advertising campaign, rightly trusting in their audience to do it for them. Those who were satisfied with the card workwed to generate publicity around the card through social media platforms like YouTube and Reddit. Popular bloggers like ‘The Points Guy’ promoted the card through blogs and videos, reminding us once again abou the power of social media.There were many special features the credit card offered, the primary reason to get the card being that it came with travel and dining perks that had never been offered on such a large scale before. With a large sign up bonus of 100,000 points and multiple options for redeeming travel rewards, the card became the ultimate travel companion for the adventure-oriented youth. Targeting this points-and-miles obsessed audience, JP Morgan understood that this was a generation with its own unique set of priorities and presented them with a card that validated their specific interests. While the youth today was found to be largely comfortable with renting instead of owning their own house or using public transport and services like Uber pool to minimise their expenditure, they did instead enjoy saving up their earnings to explore and see as much of the world as they could.
The Chase card provided them with the chance to have access to a wider range of travel, dining and accommodation options, giving them the opportunity to turn their whimsical road trips 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 flair to the product for those who weren’t convinced with its benefits.Apart from the practical perks, the company also struck gold with the packaging and design of the card. The target group was one that enjoyed attention and used social media to keep their near and dear ones in the loop with their latest life updates. Keeping this in mind, what better way to sell a product to them, than to give the millennials a chance to include it into this daily ritual and make the card itself a fashion statement. The style factor was ensured as the credit card was delivered in a beautiful, blue box that delighted its receivers with its simple elegance.
The card itself was sleek, embedded with a specific metal to make it feel heavier and provide a different feel from other regular 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 into the social media sphere as people receiving their cards began to upload ‘un-boxing’ videos online. These videos had the uploader unpacking their cards from the box on camera and showing it off to their viewers, serving not just the niche audience interested in unboxing videos but instead influencing a large range of viewers to see the appeal and purchase the product to try out themselves. The card grew to become so popular that the inventory they believed would last 10-12 months was exhausted within a few months. JP Morgan temporarily ran out of the metal they were using to create the card, a clear sign that even the company hadn’t realised the power of their targeted marketing.
The Chase Sapphire Reserve Card was a prominent example of what could be accomplished when a company successfully focused on and understood its customers, the loyalty of the consumer guaranteed if their interests are taken care of.
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