Question: What is a brand strategy?
Answer: A brand strategy comprises a strategic idea or claim and three support planks that vivify the claim. Three planks, because two don’t always allow for a complete, differentiated story. Getting the idea right is key. Selling it to consumers day after day is the heavy lifting…called brand management.
Chase What Matters.
JPMorgan Chase has a very identifiable idea: “Chase what matters.” It’s a consumer directive from a very big company that knows how to make, save and invest money. Something they already get credit for. The idea has ballast, but so far it is only an idea. Banks have been making promises without backing them up for decades. I’m not getting a read on the Chase support planks yet – the planks that allow me to believe Chase “knows what matters” to me and that they are the bank best equipped to deliver.
One of Chase’s neater tactical ideas lately is the “Chase Loan For Hire” program, through which it decreases small business loans by a quarter point for every new employee hired, up to three. Though I have no idea what Chase’s planks are, forensically, I might assume this tactic supports a plank titled “Meaningful borrowing matters.” I’m not talking buy a hot tub meaningful, I’m talking something that relates to what popular culture views as meaningful. Today that’s jobs. Nice touch.
Banking is a tough category. In my bones I feel Chase has an idea, but the jury is still out on the organization of the proof. I’ll continue to map its planks as they become evident and share them here at What’s The Idea? Peace!