by Jack Hojnar
Within 30 days, Chase bank ran out of the metal material used to create its new Sapphire Reserve credit card. Consumer interest in the benefit-rich credit card had overwhelmed the production process. Demand outran supply.
Still, those that were approved were patient and largely unfazed. The card was worth both the wait and it’s $450 annual fee.
Because this card, unlike any card ever offered by any bank, contained travel and retail benefits that were unprecedented.
From increased benefit coverage on trip cancellation services to free airport lounge access, the Chase Sapphire Reserve credit card was creating a new benchmark in consumer benefit products. And consumers were eating it up fast.
Yet, that’s not the interesting part of this story.
It cost Chase nothing to get customers.
Only a few years ago, the marketing team at Chase would have probably spent thousands - if not millions - on a massive marketing campaign utilizing email, direct mail, online advertising and more.
Instead, the leadership at Chase posted a message on Reddit. One message. A simple message that told readers that Chase was accepting applications to its amazing new card.
The word spread like a virus, the kind marketers love.
If you’re a marketer today, you are practicing your craft in an era where you have more choices to reach consumers than ever before.
So then the question is: how should you spend your budget?
Chase was able to avoid spending thousands if not millions of dollars on an acquisition strategy, and was instead able to focus money and energy on the customer experience (CX).
Be always examining SnapChat, Reddit, Instagram, YouTube, WhatsApp, QQ, LinkedIn and more.
Be always testing different mediums.
Be sure to fully integrate your Customer Experience processes; those means reinforce your brand more than any other means to grow your business.
It's no longer about using big ad budgets on mass marketing campaigns. Rather, today's marketer has more than enough tools to use the budget more efficiently.
Engage. Connect. Reach.
So much easier today.