The case of the Chase Sapphire Reserve launch is of interesting and unique nature and rife with practical lessons that every shrewd entrepreneur can acquire and employ in business. First, managers should focus on creating a distinguishing product, that is, the product possessing distinct, valuable qualities, including special innovative design, exclusive packages, and options different from competitors. In particular, the product design should be appealing, memorable, close to the tastes and preferences of millennials, and, most importantly, have nothing superfluous. Initial offerings should be impressive and competitive, proposing value that crashes rivals and transcends clients’ expectations.
In this regard, it is critical to conduct comprehensive market research to understand a specific market segment, its competitors, and consumers’ needs, attitudes, values, and even problems. Moreover, this can help identify vacant, frequently unnoticeable areas that usually turn into substantial aid in winning consumers’ attention and loyalty. In the Reserve Card case, the corporation examined and considered the millennials’ prevalent concerns and spending habits, namely, significant student loan debt and their inclination to reward capitalization (Santana et al., 2018).
The second indispensable consideration while producing a new brand product is creating a unique image associated with and popular among the youth. The product should bear youthful features and attributes that call liked among this group population. It can also serve as a badge of honor or a sign of prestige for young individuals to increase their popularity and desire to obtain. Furthermore, not only should the product’s characteristics be attractive but also allow a company to play a long game to form a loyal customer base tending to remain with a brand for long. That is, the benefits of the product should stretch far beyond several months or even one year since most customers appreciate it when their long-term perspectives are considered and rely on durable cooperation.
Besides, using the example of the Chase Sapphire, to build a cult brand, entrepreneurs should think broadly, go beyond templates, labels, and established opinions, and start testing something new. Specifically, it is vital for managers to choose the right communication channels to popularize the product among millennials. In this respect, social media platforms, such as Facebook, Twitter, Instagram, YouTube, WhatsApp, and many others, present powerful, integral instruments for deploying vast marketing and PR campaigns. Nowadays, social media sites undeniably cover a much larger young user base than other communication means, including broadcasting, radio, and newspapers, which will guarantee product promotion success. It is worth adding that companies can engage different famous personalities and enlist their support to enhance advertising efforts, especially those most youngsters love and trust. Currently, popular music or sports stars and bloggers have substantial weight in millennials’ opinions, and their feedback about the product can boost its popularity.
Nevertheless, managers should be cautious and not overdo advertising activities but provide potential customers with slightly limited information to create a sense of exclusiveness. Secret and mystery can urge people to be interested in the product and learn about it more. Herewith, all related information and actions should be transparent to instill trust in clients. For instance, companies can launch user-friendly websites that contain all necessary data about all transactions, actions, premiums, and bonuses, connected with credit cards. Finally, all these efforts should be wrapped with excellent 24-hour customer service that provides clients with an unforgettable experience and a feeling of appreciation.
Reference
Santana, S., Avery, J., & Snively, C. (2018). Chase Sapphire: Creating a millennial cult brand.Harvard Business School.