JPMorgan Chase CMO shares its content marketing strategy

  • Banks use content to build trust, win new customers and defend against fintech startups.
  • Carla Hassan, CMO of JPMorgan Chase, views benefits and experiences as a competitive advantage.
  • She discussed the bank’s recent purchase of The Infatuation and what’s next.

Traditional banks have stepped up their content marketing efforts as they try to rebuild consumer trust and attract new customers, while defending their businesses against fintech startups.

These efforts have led to an increase in marketing spend, according to an analysis of financial marketing spend data by EMI Strategic Marketing. JPMorgan Chase, for example, signaled that it plans to return to pre-pandemic levels in 2021, while Citigroup – whose spending fell 20% in 2020 – increased its budget by 2% a year. on the other in the fourth quarter of 2020, EMI found.

JPMorgan Chase has taken a broader view of content than some of its peers, buying restaurant review site The Infatuation in a surprise move last year. It also hired a new content manager for wealth management to attract “mass-affluent” clients to its investment services.

That work continues under global CMO Carla Hassan, who left Citi in October, where she made her mark using advertising to shine a light on social justice issues. It defines content as products and services that benefit both customers and employees. And like many marketers today, she emphasizes the rigor that goes into identifying what customers are looking for and how the content is performing.

“We’re very careful about how we spend our marketing,” said Hassan, whose efforts landed her on Insider’s list of Most Innovative CMOs of 2022. “We have some very sophisticated models. There’s very little that doesn’t go through a rigorous drill and funnel. And in a world with all the digital tools we have, we can do that.”

With The Infatuation, JPMorgan sees an opportunity to provide benefits and experiences for food enthusiasts. At The Infatuation food festival, Eeeeeatscon, Chase Sapphire Card members earned perks such as early access to tickets and entry to a lounge where they were able to sample signature dishes.

Later this year, it plans to launch Chase Travel, a full-service portal where cardholders can book trips. JPMorgan is expected to target high-end travelers and rely on features like access to rare reservations and restaurant guides to set itself apart.

“We know experiences are a way to add value, which can be a competitive advantage,” Hassan said.

With wealth management, JPMorgan, like other banks, has tried to meet the needs of the so-called “mass affluent,” who collectively have a lot of wealth and are looking for more sophisticated investment options. JPMorgan has just hired longtime marketing executive Paul Halpern, a Morgan Stanley vet, to expand its wealth management arm.

To do this, JPMorgan has taken a more conventional approach to content, but with videos and articles that feature friendly bank employees and talk about life moments like buying a home rather than dry financial instruments. . Last July, the bank hired David Moss, who oversaw Robinhood’s content machine, to lead the effort.

“The reality is that our affluent consumers are quite unaware that JPMorgan Wealth Management can serve them,” Hassan said. “They can have a credit card with us, a savings account with us. We talk to them about things that you wouldn’t imagine a financial services company would talk about: we can talk about home loans; they talk about homeownership. It’s a way of doing them another favor as they think about their lifespan and their well-being.”

William L. Hart