Three weeks ago, Chase launched a brand new credit card: the Chase Sapphire Reserve. The card has exploded in popularity since its launch, to the point that Chase can't produce the metal cards fast enough. But Chase isn't using any of the traditional marketing routes. Instead, they are using specific strategies to market to millennials directly.Blogger BuzzChase has strategically used industry bloggers to help create the online hype for the new credit card. By disseminating information about the card through key travel bloggers, Chase is reaching their target market through trusted, niche websites that millennials are already visiting and reading.For example, The Points Guy is an extremely popular online blog about maximizing your credit card points for travel. The blog has more than 1.5M unique hits per month, 1.3M likes on their Facebook page and 235K followers on Twitter. The founder of the blog, Brian Kelly, is frequently quoted in many leading news outlets. The blog has posted about the card nine times since August 22, covering topics such as how to apply, FAQs, how to get approved, unwrapping the card from the mail, etc.Additionally, Chase has complimented their presence on these blogs by running targeted banner ads:Social Media SponsorshipsChase has teamed up with celebrity endorsers to post about the new card on their social media accounts. By targeting celebrities who are already followed by millennials on social channels that they already frequent, Chase is using the power of social media and celebrity status to extend their reach.For example, Chase has paid Chrissy Teigen, American supermodel, TV host and wife of John Legend, to endorse the card on social media. Chrissy shared the following post on both her Instagram and Twitter accounts:
Chrissy is already widely followed on both platforms with 2.73M followers on Twitter and 8.4M followers on Instagram. Who are the fans of Chrissy Teigen that already follow her on social media? You guessed it-Millennials. Reaching your targeted generation through social accounts of celebrities they already know and trust is one of the best ways to find success with hard-to-reach consumer segments. Knowing Your AudienceThe success of the Chase Sapphire Reserve, in spite of its $450 annual fee, can also be credited to Chase knowing what their audience wants-travel perks. Chase is rewarding their customers like never before with benefits like:
- 100,000 reward points with an estimated value of at least $1,500
- 3 points per dollar on all travel and dining, including Uber and Airbnb
- Automatic $300 annual rebate for travel expenses
- No foreign transaction fees
Chase is successfully marketing to Millennials by knowing what is important to their customers. They have honed in on the fact that Millennials are drawn to credit cards that offer high rewards and are providing a new product that targets their audience's desires.Generational marketing can seem like a difficult road to navigate, but you can learn from what Chase is doing. By using outlets that your targeted generation frequent and knowing the ins and outs of what is important to them, you can market to any generation, not just millennials. By knowing what is important to your target audience, you can create products that you don't have to push out to the public-they will come to you.Want more information on Millennials and Generational Marketing? Check out our blog post 5 Tips for Working Alongside Millennials.