Innovation

How Chase Pitches Its SMB Side

JPMorgan Chase & Co. is shifting gears to streamline its SMB product offerings with a new ad campaign that will converge its products into one division, according to The Wall Street Journal.

With the new ad campaign, the bank is steering away from showing success stories of small businesses using its products. Instead, the ads will now focus on showing the effectiveness of its product offerings in helping resolve the problems of SMBs. 

The initiative, the bank said, is aimed at encouraging its SMB clients to make use of several of its products, which offer services ranging from credit cards and payments processing to small business banking. This, the bank believes, will help it unlock a huge market worth hundreds of millions of dollars in revenue.

Currently, less than 10 percent of the bank’s customers simultaneously use its three main services, which are checking, credit cards and payments processing.

This leaves business from a big chunk of SMBs, 43 percent of which have a revenue of $100,000 or more and use multiple banking services, according to a report by business consulting company Oliver Wyman, WSJ reported.

The launch of the campaign comes after Chase hired Chief Marketing Officer Allison Bennett, who is now overseeing the unification of its checking, credit and payment processing product offerings into one big campaign.

The bank, reportedly, hired ad agency Droga5 to revamp its campaign and decided to take a “more risky” advertising approach, Chase Business Banking CEO Jennifer Piepszak told WSJ.

One of the new ads developed in collaboration with Droga5 features a deserted bar with air conditioning troubles. Using Chase’s SMB credit card, the bar buys a new air conditioning unit, which brings the business back to life with crowd and music, according to WSJ.

To check out what else is HOT in the world of payments, click here.

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Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. Check out the February 2019 PYMNTS Financial Invisibles Report

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