Chase Safiony Essay

Elevated Experiences: Chase Sapphire Market Positioning and Future Steps

Though Chase Sapphire currently represents one of the most coveted and respected credit card brands on the market, its position was only obtained after years of significant research and innovation. Since its introduction in 2009, the Chase Sapphire Preferred and Chase Sapphire Reserve cards have been developed in order to better meet the needs of the target consumer base, as indicated by market research. The company’s marketing strategies over the years are well-worth detailed analysis. The purpose of this essay is to provide an overview of Chase Sapphire’s market position and how it is affected by both internal and external factors via multiple forms of analysis. Furthermore,

For example, Chase has access to a large pool of consumer data analytics, which it could use to provide more personalized offers and benefits in order to specialize even further and generate more personalized brand loyalty. Even if the same offers were available to everyone, this could look like a marketing and communication initiative to help affluent consumers select a custom benefits plan within the broader umbrella of Chase Sapphire. Secondly, providing unparalleled customer service is another way to win over consumers, especially affluent consumers who may be looking for more than simple monetary value. Research suggests that “customer experience has a positive effect on the four dimensions of brand equity,” namely “brand awareness, brand associations, perceived quality and brand loyalty” (Biedenback & Marell, 2010). Chase should re-evaluate customer service workflows and maximize the personalization of the consumer experience. In addition, from the beginning, Chase Sapphire rightfully noted that its affluent clientele of interest tend to value experiences over money. That characteristic is one that could be leveraged to retain interest over the years. Chase has partners with many influential businesses and people; by offering VIP customer experiences like meetings with celebrities or high-value season sports tickets, Chase could offer experiences that money could not buy, and other card

Although Chase does rarely offer credit retention offers when members request to cancel their cards (Horbrook, 2023), there is currently very little incentive for remaining loyal to the brand over the long term. Instead, members reaching five year anniversaries could receive annual fee discounts, for example, or increasing tiers of benefits. Crucially, this initiative should be marketed not only by emphasizing the monetary incentives, but with additional social incentives for being a long-standing member of the Chase Sapphire community. Certain gatherings and events could be held and made exclusive to those with a certain number of years. Local chapters could be initiated to build a sense of community that would discourage members from canceling their cards and losing their progress towards becoming long-standing members. Transitions to the next tier of membership could be celebrated at annual in-person ceremonies. Just as investing for the everyday consumer is considered by many to be most profitable the long run (Warren, 2014), the annual Chase Sapphire fee (after the first sign-on incentives) could be increased, with promises of overall consumer benefit over a longer term. Loyal customers would benefit more from this practice, while new customers might be incentivized to keep working towards the point where they would “break even” relative to the previous