Chase Media Solutions: Personalized Retail Offers for Targeted Customers
Discover how Chase Media Solutions links customers to customized retail offers based on their spending habits, all within the convenience of their bank app.
JPMorgan Chase introduced Chase Media Solutions on Wednesday, aiming to assist marketers in reaching customers by analyzing their spending behaviors. This unique platform, the only one led by a bank, links Chase's 80 million customers to personalized retail offers within their bank app.
Rich Muhlstock, president of Chase Media Solutions, explained that the firm's deep understanding of consumer spending has led them to rethink what retail media networks can offer.
He pointed out that while retailers also have access to first-party data and a loyal audience, Chase Media Solutions stands out due to their unparalleled scale and insights from customers. Over the years, Chase has earned a reputation as a trusted advisor for financial decisions.
Muhlstock highlighted that Chase's reach spans across various brands, merchants, and shopping categories, providing valuable insights into consumer purchase behavior. This wealth of information enables brands to personalize their offers effectively, capturing consumer interest and driving engagement.
The bank is not sharing customer data with retailers like Chase. Instead, they are collaborating with brands and merchants to create personalized offers for customers.
With Chase Media Solutions, brands can avoid wasting digital ad spend on ineffective strategies. Brands can communicate their goals, such as attracting new customers or increasing sales, and the bank will then tailor special deals for customers through the Chase Offers section on its app.
When a customer activates the deal within the app and makes a subsequent purchase, in-store or online, a statement credit will appear for the customer.
Chase will only charge retailers when a customer completes a purchase. This allows retailers to directly track their sales back to their partnership with Chase.
Muhlstock mentioned to Wall Street Journal that while larger campaigns will still play a significant role in building brands and awareness, this new approach can effectively boost sales.
Chase Offers previously displayed less focused ads to customers. Moving forward, it will feature offers created by the bank's new marketing division.
During the 30-day pilot launches for Air Canada, Blue Bottle, and Whataburger, the participating brands experienced growth in sales and customers, according to the bank.
In a prepared statement, Scott O'Leary, the vice president of loyalty and product for Air Canada, praised the Chase team for creating a targeted offer that exceeded expectations. He mentioned that two different offer structures helped drive additional revenue and awareness for Air Canada among Chase's cardmember base. O'Leary also expressed excitement about the potential of the Chase Media Solutions channel and looks forward to future collaboration.
The bank has recently launched a new card-linked marketing platform after integrating Figg, which was acquired in 2022. This move is in line with the bank's vision to provide added value to both business clients and banking customers.
Editor's P/S:
JPMorgan Chase's Chase Media Solutions platform represents a transformative innovation in retail media, leveraging the bank's unique position and deep understanding of consumer spending habits. By analyzing customer data, Chase can create highly personalized offers that resonate with customers and drive sales. This not only empowers brands to optimize their marketing strategies but also enhances the customer experience by providing tailored offers that meet their specific needs.
The platform's success during pilot launches is a testament to its effectiveness. By collaborating with Air Canada, Blue Bottle, and Whataburger, Chase demonstrated the ability to increase sales and customer acquisition. This success is particularly notable in the current economic climate, where brands are seeking innovative ways to maximize return on investment. Chase Media Solutions provides a valuable solution by connecting brands with consumers in a meaningful and measurable way.
