In June 2008 Chase launched an innovative marketing program called Chase Exclusive that provided preferred offers to its existing online checking account customers. The campaign promoted "better rates," "more rewards," and "bigger discounts" to this group of consumers. Undoubtedly the aim of this program was to increase customer retention and grow the bank’s overall share of wallet amongst its consumer base across multiple product lines.
Michael Cleary, head of product development and marketing for Chase’s consumer bank stated: "We created Chase Exclusives to deepen our relationship by delivering benefits that are real, quantifiable, and immediate." (Source: Payment News) Cleary later goes on to say that its checking consumers could save $2,000 or more by choosing Chase, rather than a competing bank, for a financial product such as a mortgage, home equity loan, or a CD. The business case for this campaign is predicated on driving high adoption amongst Chase’s customer base for these preferred offers. The cost of providing preferred terms could in fact be less expensive for Chase than the marketing costs associated with driving new consumers towards the bank’s products.
At this point you are probably wondering: Is the Chase Exclusive campaign working? Compete analyzed this campaign from an online perspective. Despite a direct link from Chase’s home page to a dedicated "Chase Exclusives" page (see above), the bank has not yet driven meaningful online traffic to this page. The number of weekly online visitors to the Chase Exclusive page can be seen below.
The campaign is still in its early stages, so it is very likely that site traffic will increase in the future, however at this point the campaign is not driving significant online traffic. This actually might be by design, as visitors to the Chase Exclusives page cannot directly enter into an online application for these preferred product offerings, but rather get redirected to a branch location tool. It appears that shoppers need to go offline to receive the "Chase Exclusives" offers. It will be interesting to monitor whether traffic to this site grows in the future. One could conclude that some visitors to the Chase Exclusives site likely wanted to purchase a product online as opposed to being driven offline. Is Chase losing application volume by not readily enabling an online enrollment process from the "Chase Exclusives" page? Time will tell.